We still have an obsession with debt. It is seen as an absolute necessity, an accepted norm, even a good thing, when it comes to further education, property ownership or business start-up. It even drifts into “good thing” territory with reference to mobile phones, vehicles or even furniture.
It really isn’t. Eventually any Ponzi scheme is bound to collapse like a stack of dominoes. Fall far enough, and they’ll even break the table!
Countries like Germany manage perfectly well without stacking up such debt. People work as they are educated, rent until they can more easily afford to buy, and use investment for business. It is a more austere world, but also a more stable one – and one in which the very notion of things like “store credit” is alien. What is more, it is a more equal society and the wealth is not all stacked up in one corner while everyone else subsists on credit.
We need to change our entire attitude to debt. I do not know where we start, but it is clear we should.