August 22, 2011 admin

Debt – Is it okay to have it?

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Like everything in life there is a positive and negative to many situations and the same is to be said about debt.

Debt has a time and a place in all our lives. The question to ask yourself is – whether it is in alignment with your goals? And whether this is a positive or a negative situation?

If it is a student loan and it will help finance you to finance your qualifications then this is good debt = positive debt.

If it is a bond to help finance your home then this is good debt  = positive debt.

If it is a loan to help your parents through a tough financial patch then this is an honourable and worthy debt = positive debt.

However if Credit Card debt is financing your lifestyle and you are overspending accumulating new clothes, furniture and trying to keep up with your friends spending this is bad debt  then this is bad debt = negative debt.

Wisdom is knowing whether you are sacrificing tomorrows needs in service of today’s desires!

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