Posted on August 1, 2011 by Scott Berkun| 11 Comments
Topic #206:
How much debt is too much?
The average American has $16k in debt, down from $35k in 2008. The ability to borrow money is important in all economies, but borrowing more than you can pay causes all kinds of problems (as the various debt crises around the world expose). How much debt is ok? How much debt is too much? How do you decide for yourself when its warranted to go into debt to achieve something? What’s a story you can share about borrowing something, perhaps money or time, from someone else?
Pasted from <http://dailypost.wordpress.com/>
I think we all know the definiton of debt:
| debt - the state of owing something (especially money); “he is badly in debt”
financial obligation, indebtedness, liability - an obligation to pay money to another party |
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| 2. | debt - money or goods or services owed by one person to another
liabilities - anything that is owed to someone else arrears - an unpaid overdue debt national debt - the debt of the national government (as distinguished from the debts of individuals and businesses and political subdivisions) public debt - the total of the nation’s debts: debts of local and state and national governments; an indicator of how much public spending is financed by borrowing instead of taxation debt ceiling, debt limit - the maximum borrowing power of a governmental entity bad debt - a debt that is unlikely to be repaid installment debt - debt to be paid by installments loan - the temporary provision of money (usually at interest) principal - the original amount of a debt on which interest is calculated score - an amount due (as at a restaurant or bar); “add it to my score and I’ll settle later” |
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| 3. | debt - an obligation to pay or do something
obligation - a legal agreement specifying a payment or action and the penalty for failure to comply
“Some debts are fun when you are acquiring them, but none are fun when you set about retiring them.”
“Good times are when people make debts to pay in bad times.” -Robert Quinlin
“What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?”
“It is the debtor that is ruined by hard times.”
“We all think we’re going to get out of debt.”
“The man who never has money enough to pay his debts has too much of something else.” -James Lendall Basford
“I’m in debt. I am a true American.”
Proverbs, Sayings, and Unknown “He who promises runs in debt.” -The Talmud
“It is poor judgment to countersign another’s note, to become responsible for his debts.” -Bible
“Debts are like children: the smaller they are the more noise they make.” -Spanish Proverb
“Interest on debts grow without rain.” -Yiddish Proverb
“There are four things every person has more of than they know; sins, debt, years, and foes.” -Persian Proverb
“The only man who sticks closer to you in adversity than a friend is a creditor.” -Unknown
“Before borrowing money from a friend, decide which you need most.” -American Proverb
“In God we trust; all others must pay cash.” -American Proverb
“Promises make debt, and debt makes promises.” -Dutch Proverb
“Christmas is the season when you buy this year’s gifts with next year’s money.” -Unknown
“A hundred wagon loads of thoughts will not pay a single ounce of debt.” -Italian Proverb
“Running into debt isn’t so bad. It’s running into creditors that hurts.” -Unknown
“A church debt is the devil’s salary.” -Henry Ward Beecher
“The borrower is servant to the lender.” -The Bible
If anyone has any questions of Their Debts or Collectors I might be able to guide you. I am unpacking and trying to settle into our new apartment, thanks for being here for me.
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