Yes, I agree 100%.
Unfortunately, many people seem to think that living with debt constantly hanging over their heads is “normal”. Perhaps that is the way that they were brought-up, but that is absolutely NOT the way that I was raised.
Back in the days when credit card interest was deductible on one’s 1040–the same way that mortgage interest is deductible–I wasn’t fazed when it was announced that this deduction was coming to an end, simply because I never paid any credit card interest in my entire life. I was fairly early in my working career, and my boss received a salary that was easily twice my salary. Additionally, his wife was employed, so their household income was probably close to 3 times what my personal income was.
Well, my boss was on the verge of going into a panic attack when he heard that credit card interest would no longer be an income tax deduction. He then revealed that he typically paid ~$2k per year in interest charges on his credit cards. Even though it didn’t appear that he lived a lavish lifestyle, he was clearly unable to live within his means. Go figure!
Incidentally, this was the same strange guy who only bought gasoline $3 or $4 at a time. When I asked him why he didn’t just fill his tank, he gave me some convoluted, bizarre “explanation” of how the gas station could cheat him if he didn’t specify an exact amount.
The result of his gasoline buying habits was that he had to buy gas daily for his big Buick.
Yes, he was a very strange guy.
See how I brought this back to cars?