In the 21st Century we are living in a world of debt and there is nothing in history to guide us because of its scale and nature. In the past there have many examples of large scale debts but nothing on the scale of the present.
Also, we live in a world when the theory is that all should have some kind of education. In the developed world there has been a major shift into education systems that entail study commonly into the early 20′s. Which raises the question of how the nature of student debt embroils the older generation as well as the younger students.
When people become involved in credit and debt and it goes wrong then almost inevitably trouble occurs, family or no family. The fact that is might be family and therefore some sort of higher obligation could be assumed may only make it worse.
The potential complications are all bad. Imagine a family where the parents have assumed debt liability for one child only eventually when probate occurs any other children or family losing any possible inheritance. If this includes family who are carers this will add to the trouble.
We are already stumbling into a situation where a lot of younger people are looking at older generations who have done well out of the rampant inflation of the late 20thCentury and the easy lending on property, never mind those who have gained decent pensions.
They are looking at the level of the debts they incurred for study and perhaps being gulled into taking on extra consumer debt as part of the bad boom created by the older generation for their own benefit. On top of that many now have little financial future as the post boom squeeze continues and the jobs market goes sour.
John Mortimer, the late writer, began his career as a barrister specializing in probate and related cases. It was his view that when it came to wills and inheritance and family money this was the boundary where civilization ended and the survival of the fittest began.
There was a time when with my family we used to play the traditional game of “snap”. No more, since they realised I was playing with a pack of marked cards inherited from a thoughtful uncle.
How long will it be before peoples, states or even population groups decide they no long want to play the games of debt, or we have not realised that they are no longer playing according to the old rules?
Source:
http://thecynicaltendency.blogspot.com/2019/01/piling-down-debt.html
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