To Debt, or Not to Debt? Step 2

Of all the tom-foolery I’ve heard in my life, none is more cringe inducing then the phrase “good debt.” Good debt is as oxy-moronic a term as hot-cold or wet-dry.
Debt is not an instrument for the sophisticated, not a great way to leverage your way up in the world, and certainly not a way to ever, ever, ever, get ahead. It is a medium for lazy and entitled people to assume a lifestyle that they have no business living in the first place.
If there is one key to maintaining and growing long term sustainable wealth it is staying out of debt. This includes all debt – credit cards, lines of credit, auto loans, consumer loans, STUDENT LOANS, and even (to a degree that requires much further exploration) mortgages.
No area of life is enhanced by debt – not personal, not business, not government – all can do without debt as an instrument.
So while there are many great resources to pay off debt – Dave Ramsey is my personal favorite – I will suffice it to say that if you have any debt, get to work on paying it off. A favorite method is the debt snowball; list all debts in order from smallest to largest and begin paying them off in that order, regardless of interest rate.
Even though this is mathematically inferior to paying off the highest rate debt first, your consumer debt is a product of poor emotional choices, not poor mathematical choices. Therefore the solution should also be an emotion based one i.e. debt snowball.

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