Financial – Debt Is A Four Letter Word

August 11th, 2010 Tags: David Duane Wilson | debt | get out of debt | financial problems
Posted in Financial

Debt is a four letter word.  By that definition it is something that should be avoided.  In today’s economic climate it should be avoided at all cost no pun intended.  Know this, “Debt is Economic Bondage” and will cause you to work for the banks instead of yourself.  The best rule of thumb to use in purchasing an item is, “If you do not have the cash to buy a product, then you may not have it”.

There are only a few times that you should consider using debt.  One, to purchase a house when you are ready.  Two, a college education, but only if your major is in demand in the work place. Three, a vehicle such as a used low mileage one to start with.  For all of your other needs, use cash not debt.  For your wants, you just may have to wait.

Would you be interested in an investment that will pay you 10%, 15% or even 20%.  I would be, and all we would have to do is become a credit card company.  That is what they are doing to you.  They lend you X amount of dollars at a high interest rate and reap the profits from you.  The key is to get out of debt and take back you financial freedom from the creditors.