I know some people will disagree, but the psychological effect on those who use or depend on debt is more important than any financial calculation. For example, when McDonald's started accepting credit cards, they found that their average transaction increased by 50 percent because it was easier for customers to justify spending more money when using a credit card. I don't have the statistics, but I believe that those who have always been debt free tend to accumulate much more wealth than those who regularly borrow money.
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