a couple of generations ago our forebears had to work and save in order to buy what they needed or wanted. Cash was king. Then came loans to buy things which were paid back with interest. By the time that the loan was paid off You needed a new thing and got another loan to buy it. Hire purchase and all the other fancy names are for the same thing. You buy now and pay later.
However it reached a point where people only worried about having enough income to make to payments. Whatever they owed didn't matter as long as the payments were made on time. But loan givers had to borrow to lend to you. So it snowballed until now.
Nowadays what ever figure is actually owed don't matter because people can't even make the payments !!!
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