DEBT NO, NO, NO

DO NOT ACCUMULATE DEBT, PAY DOWN YOUR DEBT, AVOID DEBT. DEBT … NO, NO, NO

 

I am telling you Amy Winehouse-style, no . . .  no . . . . no . . . Perhaps it is the most important power at your hands to see your goals being realized. Beyond the mortgage for your house or student debt for your education or career, all other debt is essentially unnecessary and VERY VERY VERY harmful.

Do like them: Say NO and keep the inner peace.

 

Some ideas:

– DO NOT use credit to pay basic needs (food, bills, etc.)

– DO NOT use the EMERGENCY FUND (link to another post) to pay down debt

– Pay The full balance of all your credit cards ON TIME, ALWAYS

– DO NOT change the balance from one card to another, pay it and forget it. If you move the balances you are just generating more interest for the bank and it will become more difficult for you to pay the debt

– DO NOT get new credit cards if you do not need to, at the end of the day you will incur unnecessary expenses

-Basically, do not buy anything or spend on anything if you do not have the cash to pay for it (I will make a longer post soon about this)

 

REMEMBER YOUR MANTRA: DEBT NO, NO, NO

 

If you want to learn a little more about the specific types of debt and how they work, you can read more here or here.

 

Of course, each case is different and each person has different objectives. As bad as it is to acquire too much debt due to future instability and risk involved in it, it is as equally bad to have so little, or none, that you miss out on opportunities.

 

Let’s talk about your vision on debt?

COMMENT BELOW AND TELL ME HOW YOU HANDLE YOUR DEBT.