I think it cuts both ways. The ability to take on debt earlier in life can come with a lot of benefits, basically enabling someone to borrow against their future to take a risk on themselves. That can pay off big in the long term if leveraged well.

crenshaw

bitcoin

Bitcoin: "A system built for wealth extraction and concentration"

> Credit is a mechanism that allows people to access money before they have actually had the capacity to earn it all in advance and save it. It is a tool for the young to access capital before the old are willing to give it to them

Debt is also a mechanism for the olds to extract money from the young before they die. Borrow from future generations. 

That's something worth all the mental gymnastics in the world to argue it is actually a good thing for the young. /s