Taking on Debt to Keep Up with People Who Took On Debt

I was already frustrated by the lack of financial sense shown in my fellow Canadians by this article but this is crazy.

Canadians are under social pressure that is pushing them into debt, with 91 per cent of millennials admitting in a new survey that they have taken on debt to keep up with their friends.

That means you took on debt, then your friend took on debt to keep up with your lifestyle. So you took on more debt to keep up with their lifestyle.

My wife and I worked hard almost 8 years ago to pay off all debts and the freedom this has brought us let's me pursue business stuff that I want to and let my wife take courses to become a figure skating coach again. None of what you see in my life would be possible if I hadn't paid off my debt.

I would have likely declared bankruptcy or been homeless with my family a few years back when I changed my business and my income took a big dive. It was hard without payments, I don't see how it would have worked at all with payments.