Debt and its long term effects

Started by Amber W.
Followed by: @Amber @"Sherrie D" @Neosha @Sharlene @Monica @Spencer

Amber W.

List negative affects of debt


Spencer H.

I think there are so many more factors to consider than debt in isolation:
What is the purpose of the debt? (that nice new dress vs a car to commute to work)
Is the amount of debt manageable? (payments that don't put monthly expenses over income)
Does the debt lead you to a better future? (obtaining an education or building equity in a home)
Are you responsible enough to make your payments on time? (late payments damage credit and lead to higher interest rates on future debt)
What opportunities does the debt open up for you? (investing money for a higher return)

That being said, I think all debt carries with it a certain degree of stress that can vary widely based on the type of debt and who you are.

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