Does the debt system help people gain wealth?

The debt system, in the context of personal finance, typically does not help individuals gain wealth. Instead, it often leads to a cycle of financial burden where interest payments on debts can consume a significant portion of a person's income. This can hinder one's ability to save and invest for future wealth accumulation.

For most individuals, using debt to finance purchases—especially consumables or depreciating assets—means that they are spending future income today, which can drastically reduce their financial stability and growth potential. Rather than creating wealth, this system often results in a trap where paying off debts takes precedence over investing or saving, which are key components of building wealth over time.

In general, wealth creation is usually best achieved through saving, budgeting, and wise investment rather than relying on borrowing. While there are certain scenarios where debt might be used strategically (such as taking out a mortgage on a property that appreciates over time), for the average person, being debt-free and accumulating assets is typically a more direct path to creating wealth.