This! I could have paid for my home in cash but I would have cleaned out 99.9% of everything I had. Instead I got a mortgage and kept a good chunk of money which I invested. Total earnings off those investments was 14k and change in 2019. That's more than my mortgage and property taxes cost me in 2019!
It very often is not taught in schools.
I moved in middle school and moved into a school district that had a pretty robust civics class that spent a quarter going over the basics of personal finance, budgeting, investment and stuff like that.
Later one year of health class was personal finance and retirement planning.
Outside of getting into more advanced math they were pretty solid. When I went to college I met back up with some of my friends prior to moving. They did not get the same kind of coverage of such subjects.
There is absolutely nothing wrong with properly managed debt...
A majority of people cant buy a house or car with out it. Or receive a good education with out it. Provided all of these debts end with valuable assets which allow you to earn more in the long run, and the interest paid doesn't out-weight other factors. If you are saving to buy a house, and paying rent.. does the rent cost more than the interest if buying one? If so, you stand to lose money buy avoiding debt. In 30 years, the people who rented and outright bought their home can very possible have less net wealth.
I can pay off a car and house, at extremely low interest rates, while compounding interest in investments as the economy grows.. earn dividends.. utilize my own free crash to work for me.. instead of not having any being due to it tied up in liquid assets
So debt CAN BE GOOD, and can actually increase your net worth over time. Especially if that debt leads to valuable assets. That requires working both side of the market.. and investing your surplus not spending it. And doing it smart.
Why would I put all my money into a house to save 3% a year when I can use it to earn potentially 10%? The house eventually gets paid off, and I have a fat retirement account with a major asset like a home.
Regulations can go either way... deregulating mortgages led to the housing crisis.. Clinton's dream that every American would own a home.. So they are very important in establishing who can get a loan, ESPECIALLY if we are to bail out dumbass banks for handing out LEGAL predatory loans because people are stupid.
Any regulation that makes it harder to borrow money is IMO good, but when we need a way out of a recession.... we print money and loan it out. We make it easier to borrow and start the cycle all over again.