Wednesday, September 29, 2010
This is one of my favorite blogs in my Google Reader, called "Frugal Dad". Here is a guest post on "debt".
Debt is one of the most aggressively marketed products in the world. It has permeated nearly every aspect of our lives. Even many churches are willing to accept offerings via credit cards, and Monopoly TM accepts credit card branding in their games.
The primary consequence is that debt is so ingrained into our culture that it hard for many to even conceive of purchasing a car or going to school without a loan. Unfortunately, consumer debts (i.e. student loans, credit cards, and car loans) such as these are exactly the worse kinds of debt to get into. These debts are designed to ensnare consumers into lifetimes of leveraged consumption.