Stay in Control of Your Debt

Motivational Power Quote

Stay in Control of Your Debt

“To contract new debts is not the way to pay old ones.”

George Washington 1732 - 1799, First President of the United States

As I see it. . . . . . . .

Stay in control of your debt

Don’t contract new debt when you’re already in debt unless you have a productive purpose for the funds.

Debt will bury you into a downward spiral and by adding new debt on top of your existing debt you will move deeper into that downward spiral of financial insecurity.

A person, a business or a country needs to control their debt. You have to have a system and the ability to pay the debt off in a reasonable time. If debt is not paid off you jeopardize your future and the future of the people you care for.  

When we take on new debt you have to have the income and a budget and a plan to pay off both the old and the new debt.

Studies have shown that there are two kind of debt. One which you will call good debt and the other is bad debt.

When we create good debt; the debt has a purpose and a plan to use the money in an affective manner for an investment, grow your business, buy a home and the list goes on. That money will grow and be repaid.

Bad debt has no productive purpose; you barrow the money to make you feel good or to buy something that you don’t need.  

In essences the money produces no real value in your life.  

Don’t accumulate new debt unless you have a plan to use for a productive purpose. 

Stay in control of your debt and you stay in control your life.   

©2012 Lou Ludwig, Sales and Management Consultant, Success Coach, Speaker, Trainer and Author