Debt Slavery - What it is and Ways Out

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Debt Slavery - What it is and Ways Out

Posted by mattjabs 858 days ago, popular 857 days ago (http://www.debtfreeadventure.com)
Category: Personal Finance | Tags: debt lending club consolidate slavery

How is debt slavery?
Don't let anyone fool you... no debt is good. Let's examine 3 trust worthy sources to characterize debt slavery, then mull over a few ways out... including personal debt consolidation.

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montyloree 857 days ago

Good post... there are somethings that are reasonable to go into debt over.. a house, maybe a car.

If you're going into debt because of excessive spending that that's slavery...

You shouldn't use credit cards as a source of income.

enemyofdebt 857 days ago

Great post Matt!!

montyloree - just wanted to point out that car debt is not good debt, especially since the car is the largest purchase that depreciates rapidly. You are a slave to your car when there are so many other ways to buy a car without going into debt slavery.

I accept a house as at least reasonable but for us we will not be borrowing for a house once we get out of this one. When you own a house outright instead of have a mortgage you are better off correct?

Just wanted to give my two cents on the matter but I am the enemy of debt so you shouldn't be surprised. :)

mattjabs 857 days ago

Thanks for the great comments fellas... debt and I are like oil & water. :-)

amabaie 856 days ago

A house is a good debt, as long as you buy within your means - now and when things tank. A car is not a good debt (although it might be a necessary debt) - pay it off as soon as possible and try to extend the life of the car. But when repairs and maintenance start costing more than the cost of debt on a replacement vehicle, car debt is sometimes necessary (You city folk can walk or take the bus, but us folks who live in God's country really do need a vehicle).

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