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Good Debt vs. Bad Debt
- Differentiate between good debt (low interest, appreciating assets) and bad debt (high interest, depreciating assets).
- Prioritize avoiding bad debt, especially early in your financial journey.
Debt's Insidious Nature
- Debt is insidious and easily accessible, especially with options like "buy now, pay later."
- These options encourage bad spending habits and can lead to a debt spiral.
Changing Lending Practices
- Peter Matthew recalls a time when obtaining credit was more difficult, involving direct interaction with bank managers.
- He contrasts this with the ease of obtaining credit cards today, citing his daughter's experience with Monzo.