The very word “debt” is enough to bring fear to a great number of people, suggesting as it does a range of worries from being unable to make mortgage payments, keep a car on the road, take vacations and even, for some people, to eat three good meals daily.
There are of course several different kinds of debt, and it is not necessarily a given that debt will always lead to financial meltdown. But it makes it a higher possibility for someone in debt than for someone with no debt. Even manageable debt can suddenly become unmanageable if you get hit with a series of emergencies.
There are ways and means of making sure that your financial position is protected, but being able to count on those ways and means demands that you will be ready to pay close attention to your income and your expenditures at all times.
For too many people, the issue of debt is that it is unmanageable, or manageable up to a point. But what if you lose your job or your hours are cut back? What if you or a family member falls ill? Then it stops being manageable, and you need an alternative.
Emergencies will come. They are as certain as death and taxes. And I can tell you that taking out debt to pay for something you want and assuming that “something will come along” to pay for it is not a plan that will work. It’s a train wreck about to happen.