Debt is debt no matter how you look at it. There truly is no good debt. Through our analysis, we've discovered that there's a normal pattern of incidents surrounding most peoples financial problems.
1. You have a job (Just Over Broke), which you're linearly getting compensated for. You trade hours of your life for a set amount of money.
2. You feel comfortable set in a routine and consequently take out loans to purchase a house, car or even worst items like clothing
3. Then you lose your job. Which sends you into a downward spiral. You end up finding another job for lesser pay.
4. The debt which they have obtained then begins eating away at what money was left over at the end of the month
5. You then borrow additional cash to help prop up the Current debts, typically with credit card spending.
Sound familiar?
There are likely a few of you reading this thinking 'What's he referring to?'.
Rest assured that there are people reading this right now with just undergone this life scenario.
That is the reason debt is bad is the majority of us worker bee's trade time for money. We work years getting little raises only to have major corporations like AT&T, Sprint, and Verizon to name a few to have layoffs. Yet they hire people in another area to do close to the same job but with a different title at lower pay.
Working for these and many other corporations is a gamble. After spending your life being loyal to a company only to have them yank the carpet out below your feet.
Two major takeaways
Never rely on one stream of income, especially from a major corporation. Two don't go into debt. If your debt free and have put away for a rainy day you can live through the changes you might encounter.
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