Dear Dave: Would you agree that pride is our biggest problem when it comes to debt?
That's a really interesting question. I think pride is definitely toward the top of the list, but I'd say the biggest cause of debt is immaturity.
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One really good definition of maturity is learning to delay pleasure. When you can't wait to buy the video game, or the car, or the iPhone, then that's a sign of immaturity. It's like a 4-year-old fussing and whining, "I want it right now!" Give me a break! That kind of stuff makes me sick.
But you know, pride may be the biggest reason people keep debt. People who walk around worrying about what everyone else would think if they got rid of the big house or the fancy car-worrying that everybody else would think they're broke-now that's pride. But it definitely enters into the equation.