Does Pride Keep Us In Debt?

Brian wonders if pride is our biggest problem when it comes to debt. Dave agrees that it’s a problem, but the biggest problem is immaturity.

QUESTION: Brian in Illinois from My Total Money Makeover wonders if pride is our biggest problem when it comes to debt. Dave agrees that it’s a problem, but the biggest problem is immaturity.

ANSWER: It’s right up there. I’m not sure it’s the biggest problem. I would say the biggest cause of debt is not pride—it’s immaturity. One definition of maturity is learning to delay pleasure. When you can’t delay pleasure—when you can’t wait to buy the Wii, the iPhone, a car, a couch—that’s a sign of immaturity. Pride might be the biggest reason people keep debt.