I don't partake. I don't even like the idea of christmas being about buying shit you don't want or need, instead, it should be about a big-ass dinner involving ham, mashed potatoes and assorted sides.
Not to mention lulz with one's family.
That being said I don't turn down gifts. hey, free shit.
That's pretty much the textbook definition of debt. An obligation to pay the debtor a sum of money
He's referring to unneeded debt. Interest, for example, is an unneeded debt only put on because it's free money for the lender. It's not actually paying for anything. Layaway avoids that quite nicely.
In case of consumer electronics saving and getting a later price often saves more money, depending on the specific product and saving duration of course.
You can put aside a few bucks every paycheck without the store. You could even - omg - put it in a bank and get low interest on your money.
I'd rather not have the bank spend my money on a new S-class thank you very much. If I want my money going to Merc I'll send it there myself. Also, that interest is so pathetic it's not even worth mentioning, you might earn a couple of dollars if you put a C-note in at age 16 and withdraw it when you retire at 65. Some banks have it set so low you actually lose money, they'll charge you more in fees maintaining that account than you make in interest on the contents.
idunno, maybe in Germany the banks are respectable, but Stateside the banks are run by douchebags, pillocks and assholes. The only thing they can be trusted to do is think of ways to screw the public out of as much money as they can get away with, and are 50% of why the economy is in the shitters in the first fuckin' place. You can't blame someone for not wanting to use one.