Have you ever been in debt? Have you ever borrowed money or bought something on credit and promised to pay it back later?
If so, you have a lot of business today. Never in the history of the world have so many people gone into debt.
The same goes for companies, cities and entire nations. They all have a lot more debt than ever. Consequently, the current burden on all types of debt in the world is not only billions of dollars but also trillions of dollars!
By others
Therefore, debt has become an accepted "normal" lifestyle. And more and more millions of people are doing this. However, this current attitude towards debt is in sharp contrast to the attitude of previous generations.
At that time, most families found the debt almost embarrassing, which should be avoided, if possible. People tend to give up a lot instead of going into debt.
Obviously, the lifestyle was not as complicated as it is today. And for most people around the world, a lifestyle prevailed in agriculture.
For example, houses were much simpler at that time. There are many forests in many countries; Therefore, log houses could be built cheaply. In some lands, clay or clay was mixed with straw and used to build simple houses. In tropical countries, they work with palm leaves or straw. There were no high costs for these houses.
Walking was often enough to get there. If you want faster transport, you can use a horse or a donkey or even a camel. An ox, foot or horse carried heavy loads to a cart. Few families have had to borrow large sums of money to buy these items.
Dramatic changes
All this has changed dramatically today in industrial societies and even in cities with agricultural land. Following the old cheap and simple lifestyle is now almost impossible.
In these places today, houses are much more complicated and expensive. It is transported in expensive cars, trains or airplanes. Trucks and wagons carry heavy loads, but they are expensive. The same applies to office buildings, machines and other units used by companies.
The nations are armed with modern and highly developed weapons of war. Well, a new type of submarine can now cost about a billion dollars! And governments offer many services to their citizens: policing, fire, waste collection, sanitation, road maintenance, water supply, social security and social benefits and many more. All this costs a lot of money in modern society.
Few people, few companies, few cities or countries can save money in advance to pay for all these things. So they borrow and go into debt.
Another reason
In the case of individual debt, loss of jobs or other financial hardships can put a person in debt. It is also understandable that most people do not have the money to buy large items such as houses or cars.
But a large and growing number of people are getting into debt so it is not necessary. For example, just a few decades ago, there were no televisions, no expensive two-way radios, no gadgets and other products. But now they are considered a necessity.
To get these things now, more and more people are willing to go into debt hoping to pay them off later. The one who first saves money to pay cash becomes a rarity.
But can global free spending and high debt continue? Can you collect debt in addition to the debt without having serious consequences? Has global debt already reached a danger?
Debts are bad