The Center For Debt Management
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What is Debt?

The concept of borrowing and lending dates back to ancient times. As it is with the way of the world, when a need arises and it is realized that a profit can be made, someone will offer to fulfill the need. When borrowing is used wisely and effectively, the transaction can be beneficial and rewarding to both parties. It must be understood, however, that when one is extended credit, and then proceeds to borrow against it, the used-up credit instantly becomes debt.

Debt is essentially "spent future income."

There are times when spending "future income" can be very beneficial, for example, when used wisely to purchase sound investments and for education. In both these cases, the borrowed funds could lead to greater future earnings. When one's "future income" is spent on non-essentials or consumables which depreciate, however, the borrowed funds could lead to disaster, and perhaps, a life of slavery.

This sector is dedicated to providing words of wisdom related to debt, money management, personal achievement and financial success.
We thought that we should begin with words of wisdom from one considered by many the wisest of all, King Solomon. Next time you're about to say "charge it," stop for a moment and reflect upon these written words:

"The rich is the one that rules
over those of little means, and the
borrower is servant to the lender."
— Book of Proverbs 22:7


Words of Wisdom

If a man empties his purse into his head, no man can take away from him. An investment in knowledge always pays the best interest.
— Benjamin Franklin, American statesman, philosopher and inventor

Neither a borrower or lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
— William Shakespeare; "Hamlet"

Do not be made a beggar by banqueting upon borrow,
when thou hast nothing in thy purse:
for thou shall lie in wait for thine own life,
and be talked on.
— Apocrypha, (Ecclesiasticus 18:33)

A bank is a place where they lend you an umbrella in
fair weather and ask for it back when it begins to rain.
— Robert Frost, American poet

Home life ceases to be free and beautiful
as soon as it is founded on borrowing and debt.
— Henrik Ibsen; "A Doll's House"

The surest way to ruin a man
who doesn't know how to
handle money is to give him some.
— George Barnard Shaw; "Heartbreak House"

Dreading that climax of all human ills,
The inflammation of one's weekly bills.
— George Gordon, Lord Byron, English Poet

Who goeth a borrowing
Goeth a sorrowing.
— Thomas Tusser; "The Farmer's Daily Diet"

Getting rid of debt is like getting rid of an illness. First you have to recognize the symptoms and then you have to provide an immediate remedy. If you wait too long before treating the problem, the situation will get worst and it will take longer to recover. If your procrastinate on treating the problem it may cause long-term pain and discomfort that eventually escalates into a more severe illness, which requires a more drastic cure. If the illness progresses too far, if could turn into a chronic condition. Similarly, failure to acknowledge financial problems can escalate into more severe problems that are costly to recover from and require drastic solutions that may damage credit worthiness. — Road To Debt Freedom

The human species, according to the best theory I can form of it,
is composed of two distinct races, the men who borrow and the men who lend. — Charles Lamb; Essays of Elias, "The Two Races of Men"

It is very iniquitous to make me pay my debts;
you have no idea of the pain it gives one.
— Lord Bryon; Byrons' "Letters and Journals"

A creditor is worse than a slave-owner;
for the master owns only your person,
but a creditor owns your dignity, and can command it.
— Victor Hugo; Marius, in "Les Miserables"

Beautiful credit! The foundation of modern society. Who shall say that this is not the golden age of mutual trust, of unlimited reliance upon human promises? That is a peculiar condition of society which enables a whole nation to instantly recognize point and meaning in the familiar newspaper anecdote, which puts into the mouth of a distinguished speculator in lands and mines this remark: "I wasn't worth a cent two years ago, and now I owe two millions of dollars."
— Mark Twain; "The Gilded Age"


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