Debt Is All Around Us And Getting Worse Every Day. Recently congress enacted a tougher law on bankruptcies sponsored by the banks and companies. It is designed to make it much harder for you to get out of a debt. Instead ways will be made so that you can and do pay off your debts. What ever happened to the wise sayings of our grandparents and elders saying things like, Do not use credit cards, Do not buy what you cannot afford, If you cannot pay cash then you cannot afford it. Yes there are medical emergencies and unexpected things like that, but according to studies the Consumer Debt Council, 98 percent of debt is avoidable and even wasteful and extravagant. Also most of the debt we have can be removed with careful planning and patience.
First we have to define debt into two categories, good debt and bad debt. Good debt is an item like a house or mortgage that will increase in value. Bad debt is that 50 inch flat panel TV you bought on your and are paying the minimum balance on. In most areas except Los Angeles and NYC where houses are so astronomically priced that you have to be a millionaire to afford one a house is a great buy. You lose money on rent, whereas it goes toward your principle in a mortgage. Basically, a mortgage is a forced savings plan and it far outweighs any savings account interest. So, with that in mind, if you are renting and do not live in Los Angeles or NYC buy a house. It is now
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