Debt

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.