Debt is a wonderful tool more akin to a double edged sword. If used correctly it is a great financial strategy to better one's life. The problem is that most people, and some countries, treat credit like free money. They should be treating it like fee money.
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Certainly like a home which offers much leverage, it also carries a large burden. If someone is careful, they can make a lot of money but if not, they will end up like the subprime crisis and how that spread rapidly.