Americans are enamored with debt. We can’t stop ourselves from buying things even if we don’t have the money to pay for them.
This is bad for obvious reasons. Paying off debt crowds out other spending, so that you don’t really get to spend your money on what you want anymore — you spend your money on what you used to want. In essence, you are trading an immediate purchase for an ongoing payment stream, reducing your financial flexibility. Almost every terrible financial situation I have seen has been a result of overindulgence in debt.
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