Describe your philosophy on personal debt. POLL: ?

Question

Describe your philosophy on personal debt. POLL: ?

Answer 1

personal debt does not nessesarily have to do with money.you may put a value on it ,but it may come as a returned favor.what comes around goes around so to speak.as far as money goes?never had any dont want it.

Answer 2

I would personally like to be near debt free. Unfortunately, I am buried in debt from going to university and just having to cope with various physical illnesses. But I still think I can work myself or think myself out of debt. My wife does not share my confidence.

Answer 3

...be responsible for your words, thoughts and action...good luck...

Answer 4

Live without it if possible. If necessary acquire as little as can be gotten away with and pay it back as soon as one is able to.

Of course for the right franchise I would acquire it in order to get an income stream!  

Answer 5

Buy only what you need.  Live within your means.  Put some money in the bank.

Answer 6

It's okay only for long-term assets, like a home. Especially since there are tax advantages over renting.

But borrowing for living expenses or non-necessities like recreation... That'd be a no.  

Answer 7

its bad. i only use cash except on online purchases. the only exception is buying a house. i think its ok to take a mortgage out on a house.

Answer 8

it allows to have more now and less in the long run.

sometimes, it is necessary, like buying a house or a car, since for most salaries saving up for those things would be impossible. in these cases it would be worth it to have the product now, and pay more for it in the long run.

but other than that it is wise i think to put yourself in debt only in terms of investment, that way you come out ahead. school loans are different than regular loans though, and though, they would be investment you should research them, because i remember hearing that like, the banks can change the terms of these loans without notice, and for instance increase the interest rate, which basically means the bank owns you.

being in debt kind of gives someone else power over you, it kind of puts you into slavery, in some countries this is much more pronounced. like in india some girls are born with their mother's debt, who is working for those that the debt is owed to, and they don't pay enough so that the debt can be repaid. so basically these girls are slaves, and so will be their children.

Answer 9

AS we evolved in a capitalistic society, the wealthy, and powerful needed a guarantee that the masses will continue work on a regular basis, especially after the war. Hence, credit was exploited so people purchased more than they could really afford. Present example; the availability of credit to college students, even though they don't have a job yet. It is the new type of american slavery.

Answer 10

I avoid it at all costs.  I prefer to save up for whatever I want and buy cash.  (though there are exceptions to this)

By the way I don't consider a mortgage a debt because you have equity in the house and are not squandering away your money (if you play your cards right).

Answer 11

pay with cash. always. end of story.

Answer 12

I do not feel as though I owe anybody any money, but I suppose there may exist those that would disagree.