A broken credit system.
Making a living for yourself can be very difficult. The modern job market is very competitive and automation may even threaten the job market even more. As people lose jobs or struggle through their lives, debt sometimes becomes inevitable...
But never let it rule you!
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Bad Debt
One of the major problems I have encountered with banks is that each bank has a business model driven by profit. The problem is, banks are businesses! What this means is that banks are very eager to 'sell' their product. Every time you open a credit card account, the bank ties another rope to you. The more debt you have the more you become tied to the bank...
Live without debt where you can! This is easier said than done because of the system created. Sometimes a loan is exactly what you need in order to start living your life. To make a loan, people generally need a credit history. This means personal debt. The best way to build a credit history is to start with a phone contract. Avoid clothing accounts or other credit.
When life happens...
Part of living your life means that there will be times that you require money. Buying a house or putting yourself or kids through college may be opportunities where debt can be beneficial. This is risky debt however as it binds you to a certain responsibility. Not only to pass your college education but to also pay off debt.
Sometimes people need to make some debt after losing a job. In these cases, try to use your debit or loan to make an income!
Bankruptcy
In certain extreme and desperate situations, it becomes possible for business and individuals to declare bankruptcy but this is the worst end result possible as this puts you in a dangerous situation. It will push your credit score to the bottom of the proverbial barrel and you are then at risk of property seizure.
Interesting side note, student debt is the only kind of debt for which it is impossible to declare bankruptcy...