In general debt used in any form is bad. Buying a house, a car, credit cards, opening a business. It just never adds up. Do the math. A mortgage is going to cost way more than the house is worth. A car will depriciate. A credit card.... go ask a few millionaires if the have any. And then ask them how they became millionaires. I know you think you need that 7 dollar coffee in the morning but you don't. I know you think you need to buy new clothes for your kids for school but there are consingment sales with ralph Lauren stuff. I outfit my child whos 3 for 40 bucks a year. I set money into my 401k faithfully. I have saved an emergency fund for when things happen.im working on saving for a house in full. Averege income in America per person is 31000. Setting 10% aside for 401k leaves 27000. Minus bills and such( car payment is not a bill , you dont make one) you set up a budget and stick to it. You will save money. You just have to figure out whats an actually necessity and whats not. And yes i allow myself fun money. No debt is good. Im not by anymeans a bible thumper but one passage sticks out. THE BORROWER IS SLAVE TO THE LENDER.
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Imho yes all debt is bad. The only thing that you absolutely need credit for is to rent an apartment at certain complexes. You can secure a homeloan with a zero credit rating. Think about it this way. How many millionaires have credit? Answer less than 25% . They got to be millionaires by staying away from debt
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