In the US, we are given conflicting advice on a daily basis. We're told to save while also being advised how important consumer confidence (spending) is for our collective future.. Home ownership, with its mortgage, became proof that you were a productive member of society and not a drag on it.

Now there are riots abroad over food shortages. Evey nation si trying to figure out how to look out for its own, but that often has a negaitive impact on the next nation.

There is no collective wisdom that I can discern.

I was always frugal (we paid cash for cars or we didn't buy) until my husband's catastrophic and 10 year long illlness made me appreciate credit cards and borrowing on the house equity. Now, I'm not sure how things will turn out.

I think the whole world is worried sick about how things will turn out.

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Credit is all about pleasure vs pain. Now that I'm in law school, I live well below my means but I've always seen the value of living within your means. And while my friends all had BMWs and $500K mortgages at 26, they are all now in horrible debt or losing everything. I could have afforded it then as well, but debt is more painful to me than driving a Chevy Malibu.