Why You Should Not Be Getting Out Of Debt…And I Am Not Kidding

Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.

Good Debt Explained

Being in debt is such nasty experience…especially when you are falling behind in your payments. Bills begin to pile up and you literary get a sinking feeling in your life. Nothing comes close to dehumanizing someone as debt.

And yet, just a few days ago I read that we should not even be trying to get out of debt! And this coming from a very authoritative source. So I just had to cross check it all over the place…I mean, online.

Good Debt vs Bad Debt

The first thing that struck me on this topic is how much has been written on both sides. There are arguments about what good debt is and what bad debt is. Of all the explanations and rationale about these, only one stands out as being very accurate

Bad debt is the one you are not able to pay

Think about that one for a moment.

Usually, those who get into debt have indicators that show that they will be able to pay it off within a given time frame, then things begin to happen: you get more expenditures coming your way, you get laid off or fired or the economy trips and before you know it, the letters from the lending institutions are threatening to take away your home.

My conclusion: there is no good or bad debt. Not the way most have written about anyway. For all practical intents, you do not know what tomorrow brings. Debt is based on a lot of speculation about the future.

Bad debt is the one you can’t pay.

Good debt: is the one you can pay.

What I read about debt

⁷ Render to all men their dues. [Pay] taxes to whom taxes are due, revenue to whom revenue is due, respect to whom respect is due, and honor to whom honor is due.

⁸ Keep out of debt and owe no man anything, except to love one another; for he who loves his neighbor [who practices loving others] has fulfilled the Law [relating to one’s fellowmen, meeting all its requirements]. Romans 13

It seems to me that for all who are in bad debt, we have one option: pay it off and stay out of debt.

Makes sense, because the other day we saw why being in debt is a very bad way to live. You can read that here.

There is only one debt we are told to stay in and that is the debt of loving one another. It makes life interesting if you think about everyone you meet as being your creditor coming to collect.

And it doesn’t take much: a smile at the bank teller or a nod to the traffic police officer or a hug to your kid or a thank you to a co-worker who did that job they are paid to do. You will be amazed what that can do to other people

as well as you.

Keep this one debt and do not even try and think of getting out. It is the one debt that pays great dividends all the time.

However, if you are in great debt and you want out, you need to learn to sell stuff and get people to buy.

Click here and see if this will help.