It’s easy to beat up on people for borrowing too much.
Problem is, much of the commentary I’m reading seems misplaced. Most people didn’t borrow to emulate Imelda Marcos and buy as many shoes as possible. It wasn’t materialism and instant gratification run amuck.
No, they borrowed to move to a safer neighborhood with better schools, to send their children to college. In a sense, much–although not all–of the borrowing boom reflects private efforts to overcome public policy failures, especially when it comes to education. But the private cost–borrowed money–was too much for the average household.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
