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21 sats \ 1 reply \ @SpaceHodler 7 May 2023 \ parent \ on: How US banking system pushes people into debt bitcoin
This is messed up. Your parents deserved a mortgage more than most who uses a credit card. They had good financial discipline.
I never really understood the idea of a credit card. Debit cards are for paying for your everyday expenses, most people have no need to take out a loan to buy groceries. Loans are for things like buying a home or startup businesses that need funding and you don't use a credit card for that.
Well, they ended up getting that mortgage with help from my dad’s clients. Everything worked out in the end.
Most people living in the US and Canada were never taught financial management in school, and if their parents did not teach it to them, they don’t have a clue. These people, however, are always incentivized and encouraged to consume with debt; it’s probably why Americans and Canadians have very high household debt in general.
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