But that isn't true
Credit is a necessary part of capitalism. It is how we pay for things now that we know will make money in the future. (Eg Getting an education, moving from renting to owning a home, getting a car when that transportation is needed to hold down a job.) The ability to translate into the present that which you have good reason to believe that you can earn allows people to take advantage of opportunities that result in us all being better off.
The problem is that excessive credit is a Bad Thing. A loan at the right time is a great enabler. When it enables economically productive activity, this is Good. It is also good when it allows us to weather minor crises that we didn't have resources set aside for. But when we have a lifestyle based on credit, there is an enormous hidden cost. When we have an economic system where credit is overextended, there is risk to our monetary system.
Cheers,
Ben
