Television commercials with slogans like "Buy now, pay later" are everywhere.
A tropical vacation, a wide-screen TV, or a new car do not require you to save your money.
It is an expensive habit that may lead to financial later on in life.
By using that type of slogan, financial institutions are doing borrowers no favors.
Loan sharks will be avoided like a person who has tested positive for covid by those who understand even the basics of personal finance.
Some people go into debt to impress their friends, thus the champagne lifestyle on a lemonade budget. The modest lifestyle they lead does not suit them.
An expensive lifestyle is costly in the long run.
The parable of the prodigal son offers an excellent example. His lifestyle led him to live in poverty due to the waste of his inheritance.
His inheritance was blown and he probably lived on credit.
By borrowing, one actually kills their chances of success financially. With an interest rate like that, you're losing money; you're wasting your time.
Additionally, paying interest on stuff you bought on credit adds to the cost, and a lot of stuff bought on credit is worthless once you have it.
Only choices matter.
In certain circumstances, such as when you're getting a student loan, borrowing may be wise. Whether or not you get a high-paying job depends entirely on your skillset. Otherwise, you will be wasting time and money.