Simon Squibb Critiques Debt-Driven Society on LinkedIn

In a recent LinkedIn post, Simon Squibb discusses the pervasive nature of debt in modern society and argues that it has become a barrier to basic life functions, rather than a tool for advancement. Squibb, who detailed his return to England after two decades abroad, found himself unable to perform simple tasks like renting an apartment or securing a phone contract due to a lack of credit history.

The Debt Trap and Access to Life

Squibb highlights a paradox: despite achieving millionaire status, his absence from the credit system rendered him unable to participate fully in everyday life. He contends that private companies have engineered a system where accumulating debt is presented as a prerequisite for normalcy.

“Private companies have created a system where debt is the entry fee to normal life.”

This system, as Squibb points out, reframes debt not as a burden, but as a sign of responsibility. He criticizes the common perception that financial instruments like mortgages and credit cards are inherently positive or normal.

Building Wealth Through Debt Avoidance

The entrepreneur contrasts the societal pressure to incur debt with his own success, which he attributes to actively avoiding it. Squibb shared his personal strategy:

“I built everything I have by avoiding debt completely. I rented when everyone told me to buy and that flexibility is why I’m free today.”

According to Squibb, this approach, while challenging, offers a path to financial freedom. He acknowledges the difficulty individuals face in opting out of debt, noting that it often feels unavoidable.

Challenging the Notion of “Good Debt”

A central theme in Squibb’s post is his outright rejection of the concept of “good debt.” He asserts that the framing of certain debts, like mortgages, as beneficial is a misconception that traps individuals.

“There is no such thing as “good debt””

Squibb’s insights offer a contrarian view to mainstream financial advice, urging readers to question the necessity and benefits of debt. He concludes by strongly advising avoidance of debt, framing it as a critical step toward genuine financial liberation.