"I owe , I owe , its off to work I go" is not funny its tragic and even more disturbing is the fact that this tragedy is gaining momentum day by day. Buying anything on debt that drops in value is outright stupid. You not only pay more then its actual worth but also give to the other party(the financier) power over your liberty. You chop off your take home income by committing little monthly installments and soon get on the debt treadmill that just never ends.
Caution: Pay off your credit card , personal loans and car loans in full even before you think of saving . Consolidate your loan, make lifestyle sacrifices and get on to it. With persistence and organised approach you may achieve it sooner then you think.
Bad Debt: Loan to buy or spend something that drops in value once the transaction is complete and right from mobile phones to music systems, from cars to jewelery, from holidays to gifts to shopping, absolutely nothing to be bought on credit if you cannot pay the amount in full and not have to pay any interest charges. You have to stop your cashflow going out before you can start accumulating and achieve growth with your kitty.
Please don't get into Bad Debt anymore.
Good Debt: Loan taken to buy things that go up in value, thus providing you the leverage to buy things that you may not afford on your own. But when the value goes up you get to keep the upside and just pay off your loan commitment. Example Start up Loan for business, Commercial property loan, Home Loan etc. Most recommended for wealth creation However serviceability of loan must be factored before accessing The loan.
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