Consumer Debt

Consumer Debt

High school students should have mandatory coursework (maybe a year of each course) in personal finance and consumer economics. People need to learn how to minimize debt. Instead of having big houses, expensive cars, expensive lifestyles, and all sorts of things, and accumulating debt to pay for it all, people need to learn how to place a priority on minimizing debt.

One major reason excessive debt is bad is because it causes a lot of stress on the people who have it. This can rub off on other people, in various ways, such as at the workplace. For example, if someone has an unpleasant boss, this can make things much worse. Some people make things like debt other peoples' problems.

Debt causes a lot of stress. Someone should do a study to determine how much the effects of debt related stress drive up the costs of healthcare. However, these costs would be very hard to measure.

Debt causes stress. Stress drives up healthcare costs. Healthcare costs then cause more stress. It's a vicious cycle. Things just go smoother without a lot of unnecessary debt.

Student loan debt is a growing problem that needs to be addressed. Two ways to reduce this debt are reducing the number of students that end up with degrees they can't use (supply and demand), and increased funding for higher education.

The problems associated with excessive consumer debt are exacerbated when there are large market corrections (another reason to minimize them). Most of these issues can be addresses through education, but this may run contrary to the interests of several major financial institutions.

My other blog: Bicyclist, Pedestrian and Motorcyclist Rights  


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