I don't like borrowing money because I don't like owing people money, and it usually entails high interest rates. Unfortunately, I know that a lot of people still do it, and just kept on paying the interest which hurts them in the long run. What's interesting though is that even the rich borrow money, but instead of buying things they need, they reinvest it or start a business. They make their money grow, and earn more than the interest. I think borrowing money just for a FOMO or a whim is insane, and I hope they just invest their money so they use it for the future.
Precisely! Their debt is a calculated risk to generate wealth. The average person's debt is to get something they desire, even if it has no real value.