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So as a banker for over 20 years of my life this article is pretty one sided. With the exception of a house anything you finance will depreciate in value it’s all about leveraging risk. If I buy a 100k coach and put 10k down even though I could afford 50k that in many cases is the best option. Cash is king as long as I don’t waste that money. If I lose my job I still have reserves to pay my bills versus trying to sell the coach and hoping I get money in return. Anytime you add debt you should be adding life insurance to cover the new debt so in the case of the woman in the article they should have added more insurance in case something happened. It’s true people are taking advantage of but like it our not we are a debt society and that’s what makes our economy work.
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