Debt – It’s the four-letter word that’s acts as a cancer on the wealth of the American family. Taking on debt that’s beyond one’s ability to payoff in the short-term, prioritizing want purchases over needs, spending for the sake of spending can all lead to a drop in household wealth.
Sure, debt is a reality when it comes to buying a home and vehicles but the question is, do we really have to take the 30-year finance route to pay it off when we could accomplish the same in less than half the time? Do we really have to finance that new car every 2 or 3 years?