MoneyMagpie

Nov 20

Can we have a world without debt?

Could we really have a world without debt?

If you’re in debt now you probably think a world without debt would be a great solution.

Right now, one in every eight people in the UK has problem debts, according to the Money Advice Service. This is what Jasmine had to say about it on Channel 5 News recently


Of course some debts can be easily written off, like those between friends and family, but what about debts from financial institutions or between governments?

In those instances it’s not so easy to just wipe the slate clean.

And even if the debts could be written off, is that a position we want to be in?

The whole concept of money is built around a model of debt. A world without debt would require a really drastic change, both economically and morally. It could spell financial ruin for smaller countries and would dramatically impact our everyday lives.

PayPlan have put together this very interesting infographic which explores the history of debt, how debt functions in the world today and asks the big question – ‘Can we have a world without debt?’:

 

Can we have a world without debt?

Can we have a world without debt? [Infographic] by the team at PayPlan

 

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WHAT DO YOU THINK?

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