Debt

Debt is as old as our society itself, rooted in the resource scarce era of our origins.

Debt can be meaningful, and a valuable tool to your success or it can be a disaster, leading to your unrecoverable downfall.

We have grown accustomed to spend more than we earn or at times just below the marginal threshold, mostly on avoidable spends leading to unsustainable financial disasters. There was a time when folks in debt were loathed upon by the society and was a matter of great personal shame. This lead to folks being frugal and very careful in taking on debt on the first place.

This changed slightly with the realization of limitations of individual risk-taking ability and hunger for greater rewards for collective prosperity. From trade explorations to territorial conquests were backed by debt throughout history. Giving out debt became business, thoe risky, a very profitable one. This lead to a more prosperous society due to the increased trade. This also gave birth to wealthy and powerful banking families, often in the corridors of political power with much sway in the decision making of the rulers. Every business wants more customers and greater profits from their customers, so did the lenders.

But there was a clearly visible obstacle, the stigma of debt in the society. For this, the religious institutions to the literary institutions needed to be changed. This was done very systematically, via the command of the powerful. We don't need to discuss the subject too deeply as only the end result (folks conditioned to take on more and more debts and becoming spendthrifts) matters. This lead to our current market driven capitalization which promotes overspending, if not kept in check by individuals and society at large.

Reasons behind such behavioral change and some preventative measures for individuals