Is a Little Debt Okay? (Podcast)

Is a Little Debt Okay

In this episode I’ll answer a listener question: “If you have a $4,000 loan at zero percent interest that will be paid off in 12 months, why spend $4,000 of your savings to get rid of a $333 payment?”  I’ve heard many variations of this question over the years.  It essentially boils down to this one: “Is a little debt okay?”  Debt is a dangerous thing and can spread like wild fire and eat up your personal wealth. 

 

 

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Comments 23

  1. I don’t like having any kind of debt but with a house and multiple cars, it happens. I only keep one credit card just in case, and I always make more than the minimum payment!

  2. This is really helpful & I have to share it. Many people get frighten when they hear the word debt & it doesn’t have to be that way.

  3. The problem with a little debt is that once you have a little then you gradually think it is okay to add some more and eventually you have a lot of debt.

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  4. My debt was perfect for years. Now my student loans are going to come due when I graduate, and that’s got me very apprehensive. I’m too old for debt like that, I wish I’d have used better judgment.

  5. I hate being in debt, it’s no fun and comes with so much stress. most of my debt is from student loans.

  6. I wish someone would have taught me about debt when I was a freshman in college. Ha! 🙂 Debt can loom over your head no matter how high your credit score may be. Thanks for the info!

  7. No form of debt is pleasant .. whether Big or small. I try to never take out a loan but for some people this is not an option as they need the money for various things. This was a great session with valuable tips

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