USA millennials spooked by credit card debt
How Millennials Became Spooked by Credit Cards, http://www.nytimes.com/2016/08/15/business/dealbook/why-millennials-are-in-no-hurry-to-take-on-debt.html, Aug. 14th 2016
Ravi: I think it is a good thing that millennials in the USA (and elsewhere hopefully) are somewhat spooked by credit card debt. Some analysts say that it is credit card binge spending and other debt beyond their means that many USA citizens took over years (decades perhaps), that precipitated the Financial Crisis of 2008. Some level of debt may be necessary for young people to move on in life (especially those who start a family and need to buy a home). But taking on debt irresponsibly (beyond one's means of paying back) and making a habit of it, is terrible, not only for the individual but if many people behave similarly it is bad for the community and even the country as a whole.
Ravi: I think it is a good thing that millennials in the USA (and elsewhere hopefully) are somewhat spooked by credit card debt. Some analysts say that it is credit card binge spending and other debt beyond their means that many USA citizens took over years (decades perhaps), that precipitated the Financial Crisis of 2008. Some level of debt may be necessary for young people to move on in life (especially those who start a family and need to buy a home). But taking on debt irresponsibly (beyond one's means of paying back) and making a habit of it, is terrible, not only for the individual but if many people behave similarly it is bad for the community and even the country as a whole.
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