Did you know that you were wrong? Right now, everywhere. On TV. In press. On the radio. In magazines. You are getting the same message over and over again: "Buy now, pay later", "consolidate your debt into one easy monthly payment", "get a secure line of credit." Or the perennial favorite, "Do not worry, it's a good long".
The truth is, there is no such thing as a
good long. Debt is debt. It is money that you owe someone, money that should be paid back at some point in the future. "Good debt" is a misnomer. There is a
better long, certainly, because there is a
a really bad long. But debt is never good. Actually not.
But it goes beyond mortgages. The debt mentality pervades our society. Once you have equity in your home, for example, banks urge you to "free" money from home equity loans and secured lines of credit. Use the money to better their lives, they say, by renovating the house, taking that big vacation you've always wanted, or here it is. Consolidate other debt
And it is a problem: those debts must be repaid sometime. Rack is too long and soon you'll be worrying about monthly payments. Your peace will suffer, and perhaps other things such as your marriage and your job. Is that kind of price you're willing to pay to things that otherwise could not afford it?
