4. Debt is part of modern life
If you try to save up the full purchase price for a house, you'll already be in the nursing home before you can move in. Interest rates are hyper-low, prices are rising and you've got to live somewhere.
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5. Debt doesn't have to be forever
Short-term debt for short-term needs, where you have a plan to pay off the balance in a reasonable time frame, makes sense. Long-term debt for short-term needs, does not. (See pizza reference in No. 1.)
6. Debt is good when you can responsibly afford it
If you have a sound reason to borrow the money and can afford the payments, you're good to go.
If you don't, don't make the mistake of using debt and hoping that you can afford to pay for it later. Don't make hope part of your debt repayment strategy.
7. Debt isn't a vice when you have an exit strategy
Even if you can afford the payments today, have a firm plan in place to pay it back before today becomes forever.
8. Debt is still cheap in 2017
Yes, the Federal Reserve raised rates in 2016 -- from zero percent to next to zero percent.
9. Student loan debt can be a positive thing
Student loans can be helpful, especially if you know what career you want or your career field pays enough to make up for it.
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If not, consider getting your post-secondary education on the cheap by joining the military, enrolling at community college or choosing a career that will forgive your loans over time.
10. Debt can be eliminated
Other than student loan or mortgage debt, you can recover from most debt meltdowns in two to three years after a bankruptcy, real estate short sale or foreclosure.
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