What does that mean? Well, it essentially means that you are in debt for the rest of your life, your children are in debt for their whole life and the children of your children are in debt for their whole life.
And you might say well that is normal, that is how this economic system is supposed to work, you have to have debt in order for it to work. Well let’s see what other people that were more into the matter had to say about that.
Esteemed Economist Ludwig von Mises stated the endgame brought on by reckless expansion of credit (debt): “There is no means of avoiding the final collapse of a boom brought about by credit (debt) expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit (debt) expansion, or later as a final and total catastrophe of the currency system involved.”
“I place economy (saving) among the first and most important virtues, and debt as the greatest of dangers to be feared.” Thomas Jefferson
“Growing domestic and international debt has created the conditions for global economic and financial crises.” Bank for International Settlements June 2005
“No generation has a right to contract debts greater than can be paid off during the course of its own existence.” George Washington to James Madison 1789
Even if that didn’t impress you much now ask yourself: Did you ever LIKE having ANY debt? Case closed.