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<p>Seems to me it was the ‘sophisticates’ who caused the problem.</p>
<p>Those who just plodded along obeying old-fashioned common sense rules like ‘buy less than you think you can afford, pay it off quickly to get out of debt, and then stay out of debt’, and ‘don’t risk more than you can afford to lose’ did not contribute to the problem. </p>
<p>Sophistication is over-rated.</p>