No more “good debt” vs. “bad debt”

Just a few years ago personal finance gurus would label debts good or bad.

A mortgage was considered good debt, a credit card bad debt. And a student loan was considered good debt, but a car loan was bad debt.

In this age of the Great Recession (which apparently ended in June 2009) if you lost your job and don’t have a source of income, ANY debt is BAD because of the anxiety and stress of the unpaid bills.

Whenever this recession ends IN THE REAL WORLD, I hope we consumers reject the classifications of good vs. bad debt. Any debt dangling around one’s neck is bad.

We consumers need NEVER forgot these difficult economic times and pledge to live within our means WITHOUT incurring any new debt. And get rid of old debt ASAP.

As for government debt, well, that’s a topic of a future post.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: