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When people speak of debt it usually carries with it a negative connotation which is perfectly understandable because many of the things we hear in the media today are about how harmful debt is to us as consumers We often see articles online or hear on the new about those evil credit card companies that want to seize all our money However we obviously cannot rely solely on what the media says due to their tendency to stretch the truth So this brings up the multi-million dollar question of just how harmful debt actually is to our country and economy Preet Banerjee spoke on TEDxUTSC about how harmful having debt and unpaid credit cards are however during the fourteen minutes that he spoke about debt there are many aspects of the economy and benefits of having consumer debt that he did not mention Things such as how debt can be useful in many ways to pay for necessary things in life as well as how debt can be considered as an investment and provide personal gains and how the economy benefits from consumption and spending through the theory the paradox of thrift I am proposing a different theory where people start realizing that debt itself is not the core issue and come to an understanding that the problem lies with people and their own ability to delegate finances accordinglyFirstly the ability to incur debt is very useful in many ways such a making a big purchase in case of emergencies and taking advantage of special retail pricings at certain times Its obvious that many families are not in a financial situation where they can pay for a new house or a new car or even new furniture up front with cash and theres often a limit on debit cards In these situations the ability to use a credit card or negotiate a monthly payment plan such as a mortgage is often beneficial and useful
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