Whether it’s a personal loan or a short term payday loan, the ability to borrow money is a key factor in every day life and a necessary tool. Even the most basic borrowing power in the form of a credit card is essentially a loan, approved every time the card is swiped. So when one doesn’t have the ability to leverage the power of money lending, it can literally put a person a very small box. Modern life is essentially entwined with borrowing today, and it’s a necessity to get ahead towards one’s life goals.
Granted there are a few folks who enjoy “living off the grid,” but most folks need a loan at some point to be able make a big leap in life. That can include buying a car, affording college, or even handling a trip or the need for groceries at a cash tight point in the month. So while people can argue from advice columns all day long about how folks should be debt-free, the reality is people need to learn how to be debt smart instead. That’s a far more realistic approach that matches real life and real demands everyone faces in today’s financial world.