Facts:
- Debt is a form of bondage or slavery to a person or institution.
- Debt means that you are not free to do what you would like, but have to do what your debtor demands.
- Never in the history of mankind has there been more debt than there is today at every level - government, corporate & personal.
- Some forms of debt are worse than others: Worst - consumer debt & debt on a depreciating asset. Debt on an appreciating asset can sometimes be acceptable.
- The power of marketing, keeping up with the Jones' and instant gratification often will get people into debt in the first place.
- The power of compound interest working against you via debt will destroy you 9 times out of 10.
Action:
- Get out of debt as soon as possible.
- Start with worst forms.
- Approach your creditors to agree on a repayment settlement you can afford.
- Use the power of compound interest, patience and contentment to save first, then buy with money on hand.