Today I ran across a Yahoo! Finance article on managing debt and credit. The last section of the article was on “the role of debt“. An excerpt from that section:
“Today, carrying installment debt is almost a fact of life. Mortgages, car loans, or small-business loans (to name a few) are part of almost everyone’s life. On the other hand, carrying credit card debt is usually not a good idea.
Debt and credit play increasingly important roles in our lives. As the aging Baby Boomers get closer to their peak earning years, many are realizing the need to reduce debt and increase savings.”
The truth is, carrying any credit card debt is a bad idea. One should strive to have your debt paid off every month. The exception of course being 0% terms. Also, installment debt doesn’t have to play this role you your life, nor should it play an increasing role as we age. You can live free of debt and be saving for your future now. Don’t wait until you are Baby Boomer age to increase your savings.
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