Finally debunking the “good debt” myth!Posted: August 13, 2010
I remember when I first heard the idea that no debt is good debt. I read it in Dave Ramsey’s Total Money Makeover. It completely made since to me, but it seemed so radical at the same time! That’s probably the real reason that I liked the idea. I like doing things that everyone thinks is impossible.
He talked about examples of businesses that didn’t run on credit, but on high cash reserves. Not only did those savvy individuals save their own personal income, they saved high amounts of their business incomes too! What a novel idea!
It seems that people are starting to see the wisdom and the freedom of having no debt whatsoever, as seen in this article. Unfortunately, it took an economic downturn to change everyone’s perspective, but sometimes that’s what it takes.