Has anyone ever noticed anything in the teachings of Buddhism about the need to avoid financial debt?
There’s a great financial advisor in the US who really gives a lot of good practical and Biblical reasons to avoid debt, and I was wondering if there’s something similar in the Buddhist teachings. (He often brings up several quotes from the Bible, such as “The borrower is slave to the lender,” and “One who cosigns for another is stupid.”)
As a monk at a large center in Korea, debt is one of the three main reasons I see people coming here in crisis. (The other two are health and spiritual crisises).
My own teacher really comes down on debt as well, I suspect because of the suffering it causes. She doesn’t talk about it much, in part because avoiding stupid things may seem too obvious, and in part because most people may not want to listen.
I’d like to know about any deeper, Dharmic connections related to debt that anyone may have heard of as well.
The financial advisor I mentioned has a favorite saying “Broke, Desperate, and Stupid are three brothers that always hang out together. When one shows up, the others aren’t far behind.” From what I’ve observed that’s really true. Nearly all of the truly stupid (non-alcohol related) things I’ve seen have been a result of financial desperation.
with palms together,