Who needs debt anyway?  Don’t be afraid to get rid of your debt.  What is debt?  Debt is something owed or due; usually money.  However, debt is not always money that is owed; sometimes it could be un-forgiveness.  Both are a form of bondage or entanglement that could weigh you down.  If you need to forgive someone for anything that has been done to you; forgiving them is for you, not for them.  The longer you carry the grudge, the heavier the weight.  That’s very similar to owing money; the longer you go without repaying a debt; the heavier the weight.  Think about how it feels to owe someone or to have so much debt that you cannot really dream about taking a vacation or stay-cation, buy your first home, go back to college, start a family; you name it.  Many American households carry a balance of seven thousand dollars on credit card debt alone.  Making only the minimum payments could take up to 27 years to repay.

Some experts argue that there is good debt and bad debt.  I have often been asked is there anything such as good debt?  Well, please allow me to share my view and/or bring clarity on what could be considered good debt.  My view is that anything that creates an income stream, qualifies as a tax write-off, and increase in value, is good debt.  For example, although purchasing a home is considered a liability until it is creating income for you, it could still be categorized as good debt.  Unlike a vehicle purchase, a home is more likely to appreciate.  A car generally depreciate as soon as it leaves the car lot.  Rental property that creates a surplus after expenses, is good debt.

In short, consider the cost of your spending in more ways than one.  If whatever you are purchasing and it does not increase in value or provide an income flow; it’s probably not to your benefit long-term.  Credit card balances carried more than 30 days can become a crippling burden to carry; that is not, in my view considered as good debt.  Take a moment to reflect on past credit card purchases.  When you purchase perishables or clothes on credit; as previously stated, it is possible that it could take years to repay the debt when only the minimum balance is being paid.

Prepare yourself to pay for perishables, clothes, cars and yes even a home in CASH.  Cash is king!  Having cash on hand or a considerable down payment for something increases your buying power and positions you in a place to receive great interest rates.  Allow your imagination to go beyond what you see.  It is possible to be debt free on every side.  Who needs debt anyway?

Remember to get your “Free” Debt Freedom and Financial Assessment downloads on this page today!  Your comments are encouraged and welcome!!  E-mail me at christineroebuck@livemylifedebtfree.com.