So I found a site that was espousing that “… if you have to, you should borrow money when you are young, that way you have longer to pay your debt off…”. Now this site seems to be from the author of a book who thinks this is a valid piece of advice, and when I made the following comment:

“… Your argument seems to be the same as that country and western song that went, ‘… if I’d killed you when I wanted, I’d be out by now…’, but be that as it may, this is possibly the most dangerous advice you can give other than, Smoke while you are young, that way you can recover later in life…”

Surprisingly the author seems to have deleted my comment (don’t blame them really).

How can anyone with a conscience say that this is anything other than dangerous advice? Building up debt when you are young is not the right methodology, and telling young people you shouldn’t live:

“… like a pauper until you are 45 and then go out and buy yourself a BMW because you can afford it then…”

is reckless. Why not tell young folk to eat like pigs, and don’t exercise until you are 45, because your health does not matter until then?

Having More Time Does not Necessarily Make Debt Repayment Any Easier

Why not just build up debt? Now the author of this ignominious piece of advice seems to be implying that the borrowing should be for a house or an education (not for a BMW), and I can see the point, but it does seem to espouse that if you have long enough all debts can be paid off, but if you haven’t lived a lifestyle conducive to paying off debt, paying off the debt is that much harder to deal with. (Remember the Top 5 Reasons You Are in Debt).

The concept that with a lot of time, it should be easier to pay off a debt has some truth to it, but the easiest way to pay off a debt in a timely fashion, is to never incur the debt in the first place.

Am I completely missing the point? Is it better to build up massive debt in your youth so you can have it hanging over you in your retirement years?