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Old 03-09-2012, 04:19 AM
 
1,163 posts, read 1,961,219 times
Reputation: 1106

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Quote:
Originally Posted by vmaxnc View Post

Think about it. If I owed a dollar on one credit card but was a millionaire, would I be in debt? Obviously not. Having debt and being in debt are two different things.
"Debt" simply means you owe money. It has nothing to do with whether or not you have the ability to pay it off or whether the debt can be serviced easily or with difficulty.

Debt | Define Debt at Dictionary.com
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Old 03-09-2012, 06:56 AM
 
24 posts, read 38,250 times
Reputation: 29
339 a month for me...have about 3k left on the loan...i over paid for the car so i am never going to get rid of it...even if it breaks down, i'll eventually fix it and teach the kids how to drive with it...it's a manual...anyone that knows how to drive a manual regardless whether they now drive an automatic simply drives better and safer...i hate debt but a lot of the people on here with the 700 a month payments make me feel a bit better...yet they're in BMW's/Merc's...i'm rollin' through town in a Honda, but it's a nice one...
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Old 03-09-2012, 07:38 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,650,129 times
Reputation: 3690
Quote:
Originally Posted by amploud View Post
"Debt" simply means you owe money. It has nothing to do with whether or not you have the ability to pay it off or whether the debt can be serviced easily or with difficulty.

Debt | Define Debt at Dictionary.com
Exactly!

Debt is debt.....

If I have a net worth of 600K and I owe 500K I am still in debt!


We can argue on the different types of debt, but every older person I've spoken with who is well off financially never told me to keep any debt longer than I have to.......
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