The debt reliance in Western societies

The cultural, economic, & psychological impact

“Rather go to bed without dinner than to rise in debt.” — Benjamin Franklin.

It may be surprising, but in certain regions, the concept of credit and credit cards is met with skepticism and disapproval. Instead, individuals prefer to save for their necessities, relying on the strong support network of their community or “The Village.” This approach emphasizes consistent saving over credit reliance. As someone from such a background, I want to share insights contrasting the prevalent credit dependency in Western societies, which I believe can lead to long term financial instability for many that can also become a generational challenge.

The celebrated ideals of such aspirations as the American and Canadian dreams, often upheld as paragons of success, strike me as illusory ideals deserving of critical examination. And, as someone who has experienced life both in the Global South and the Global North, I find myself in a unique position to contrast these experiences and address the ubiquitous Western penchant for debt. I urge a thoughtful reassessment of the pervasive impacts of this debt reliance, an analysis that explores its cultural, economic, and psychological consequences.