There’s good debt and bad debt.
Unfortunately, most of us never know the difference.
Let me help you figure that out.
In the spring of 2002, I bought a used Mercury Sable from an abandoned auto auction held at a local tow yard. I thought this would be a great way to get an extra vehicle. I was driving a 1989 GMC S-15 and worried that if it ever broke down I’d need a back-up vehicle. The Sable was very clean, although really nerdy. However, I couldn’t complain for $600.
I read an article recently wherein the writer stated that all debt is bad. I paused on his stance and reflected for a bit. It seemed extremely militant. I’m not saying the author can’t take that position, it’s just that I don’t agree with him.
I screwed around in high school. All it takes is a look at my report cards. If there was one consistent piece of feedback that teachers gave, it was this: “Is not working to potential.” I found some old report cards recently and was embarrassed by the dismal remarks from my teachers.
I’ve gotten a good handle on my personal debt. For years after I climbed out of my debt hole, I didn’t use a credit card at all. I really didn’t want one, again. I no longer liked them.
When most people learn that I formerly was a police officer, they raise their eyebrows and will usually say something like, “Really? Why would you quit?”