[DManA]

Debt if fine if it's used to buy assets that return more than the cost of borrowing, and not just consumed. If there was no body borrowing, what good would savings be to anyone?

I do agree with you that it's a myth that extravagant overspending is what keeps the economy going.

[HamiltonJay]

Agreed, but the typical household is not using debt as a prudent tool in building wealth... THere is a huge difference between borrowing money to buy a truck for your business that is going to make you an extra $100k a year, but cost you $25k a year in payments.... and buying a large screen TV for 2500 on credit at 18%, and paying back $5k for it.

I am not arguing that debt can be used to create wealth, but I am very much arguing with the Myth that debt spending is good for the economy.