The Consequences of Debt
In Just a Thought, May 21st, 2009
Have you ever heard the saying, “Neither a borrower nor a lender be”?
That wisdom is centuries old and sound advice. As the lender, you may be put in a position where you must either forgive the debt or take extreme actions to recover your money.
It is worse for the borrower. Literally, the borrower is a slave to the lender. One quick example:
My daughter, before her wedding said that when she had children they both wanted her to be home with them. My advice, “Good intentions…but if you really want to do that, do not borrow any money that takes both of your incomes to qualify for loan. If you do, the lender will tell you whether or not you can stay home.”
They didn’t…she did…and today is home schooling my terrific grandkids!
