Carrying Unmanageable Debts Isn’t Just Hard on Your Wallet; It’s Hazardous to Your Health
Friday, May 15th, 2009Just about everyone carries some debt whether it’s a mortgage, car loan, student loan, or just an outstanding balance on a credit card here and there. Debt, by itself, is not necessarily bad. In fact, borrowing money to buy things is not only necessary in many cases; it’s smart. Not many people can plunk down $350,000 for a house, $75,000 for a four-year degree, or $25,000 for a car. And when it comes to mortgages and student loans at least, the long-term benefits often outweigh the cost of carrying the debt.
But there comes a point at which the benefits of credit evaporate, leaving nothing but burdensome debt.…