You really hit on something here! Debt is a silly game that we play in so-called rich countries. The ones who have a lot can benefit greatly and the ones who don’t get screwed.
I used to hate the idea of owning a credit card but after a lot of arguing with my parents I agreed to keep one just for emergencies. I see how my mother spent $350 on a $200 jacket because she always paid the minimum credit card fee every month and accrued interest. It seemed so dumb to me. She fell into the is trap over and over. Another trap is when you buy stuff you can’t afford and the government takes your house or assets as collateral.
Now I realize there are ways to play and win though. If you have a steady income and lots of savings or investments, you can leverage those and use credit to live in order to take advantage of inflating currency. There are loans that are low interest, I don’t know much about them but there are games to play where you can win, but basically you have to have money to play them.
I wish we’d just obliterate this whole debt system though. I think crowdfunding and government assistance should be more readily available as a last resort but less easy to abuse and then fuck all these traps.
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This is so scary to me. A whole lot of people would suffer if we lived like that here.
It's only favourable to the mid and rich people then. It's just a huge debt trap for the lesser privileged.
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