Is there ever a time when being in debt is good? The answer to that question is yes. However, it is important to remember that being debt is not the same as being “crushed” by debt. There is a difference and knowing one from the other is important.
The reason we have debt is simple: We want to have something now but we want to pay for it later. Debt is the vehicle that makes that happen. Most consumers would be hard pressed if they had to pay for a home in cash, in full. The same is true if we had to pay upfront for our new automobiles or any other big ticket item. By using debt responsibly, we can have those items now without having to save for years and years.
In a perfect world, we would all have enough money to pay cash for the things we need and want, but the world is not perfect and without debt and credit, we could not sustain a high standard of living. However, the key to using debt is to use it carefully, which is where a lot of consumers run into trouble.
Debt is good when it is used for the essentials. The less essential an item is to your life the less you should consider using credit to get it. The reason for this is simple: debt...
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