For some reason American’s love to live with borrowed money. Whether it’s the govt. or the citizens. The debt burden is huge. To get a quality education you need to be in debt, unless your parents can afford the cost of education. Still debts like student loans and mortgage are good loans. at least the purpose of taking out those loans is good. you are actually investing the borrowed money, either in your future or on an appreciating asset, your home.
But the moment you start borrowing to buy things, like car, TV, appliances or just your daily expenses, it becomes nasty. Since the invention of credit cards and loans, to get goods and services through credit has never been easier. People owe money to not only banks but also, friends, co-workers, family members as well. These are the habits, you need to train your mind to avoid!