A new attitude towards debt

Why has getting yourself into debt become the latest trend in Romania? Sorin Ionita, a political scientist, asks in the Romanian daily Evenimentul zilei: "In my grandfather's day owing money to friends or to the bank was something to be ashamed of. Such a situation was looked upon with disapproval. This is not to say that people did not borrow back then, but social pressure prevented them from flinging themselves headlong into adventures, real estate speculation and the like. Everyone pointed at a neighbour who had gotten into debt. Yet he was still treated like a good friend with a passing illness who needed to be closely monitored until he recovered. ... Nowadays being in debt is by definition a sign of having mastered the intricacies of modern capitalism. After 1990 the Romanians were quick to realise that it's not cool to have no debts. Like the Americans they preferred to swim on a huge wave of cryptic and apparently safe loans ... No doubt among your own circle of acquaintances there is a successful shop-owner who lives according to the well-known aphorism: Brothers, only the poor have their savings in the bank, the rich have loans."

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