Debt & Morality

One of my favorite bible quotes comes from the Second Book of Timothy, "We have fought the good fight. We have stayed the course. We have kept the faith" (2 Timothy 4:7). And that's the disciplined mindset that someone with a lot of debt needs to have if they wish to get ahead in life. As Charlie Munger, the Vice President of Berkshire Hathaway and Warren Buffett's right-hand man has repeatedly said, "I've never met a man whose gotten ahead paying 18% interest." This makes sense. If you're barely staying afloat making minimum payments on credit card debt, you're going to spend your whole life paying money to creditors when you should ideally be spending that money building your future, not paying for the short-term pleasures of your past. 'Jon The Saver' over at the website freefrombroke.com has written a great article about the fact that having debt doesn't make you a bad person, but rather, strangles your ability to improve your financial future. Having credit card debt is liking being overweight--it's no so much a sin as it is a condition that prevents you from being the best version of your self possible. If you want to read an article on the morality component of maintaining debt, check out this link from Free From Broke: http://freefrombroke.com/2011/06/debt-doesnt-mean-youre-a-bad-person.html#more-8752 .