Comments on: The Culture of Debt

By: kreiz

kreiz — Fri, 25 Jul 2008 13:20:00 +0000

Nice piece, Michael. Apparently ideas do have consequences, from top to bottom. Our casual acceptance of debt has eroded much- on a micro and macro level. Ya think the federal government hasn’t been bitten by the bug? No doubt. It mirrors back our cultural embracement of debt.

By: Kevin H

Kevin H — Tue, 22 Jul 2008 18:33:37 +0000

I agree that this is a pervasive problem in the US which has gained some form of social momentum. The question is, of course, what do we do about it? The Freakonomics blog touched on this issue recently, and their answer was better financial education in school. We can’t really control pop culture or marketing, so education does seem like one of the few available avenues for making a difference.

By: Tom

Tom — Tue, 22 Jul 2008 14:56:43 +0000

Though any discussion of debt needs to focus on more than credit cards.

Home loans, for example: Perhaps in the past it was possible to save for a house, but given the great run-up in prices something like that is simply not possible for the vast majority.

Or student loans: In the past it was possible to work part-time and have all tuition and living expenses covered. Not anymore, that’s for sure.

By: Jay_C

Jay_C — Tue, 22 Jul 2008 14:50:09 +0000

I totally agree with the 3rd option. However, the conservative viewpoint of where the "blame" lies in my opinion, is correct. People cannot be "taken advantage of" unless they sign on the doted line.