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["Don Bowen" <don.bowen AT earthlink.net>]

> Don, you have a better understanding of the intracacies than I could
> gather from reading the material I have read.  I just don't understand,
> why being debt free is good.  I have always believed that until recently.
> I wish I had leveraged all of my hard assets into cash a few years ago.
> Everyoner one else walks away from their responsibilities with no shame.
> What benefit did I receive by living responsibly?.............bobford

Debt is a tool just like an ax.  If you borrow my ax you owe me an ax.  If
you are a good debtor you return the ax with out damage and maybe with a
better edge.  The better edge could be considered the interest.  Many of us
have bought major purchases with debt then repaid that debt.  I bought a new
pickup ten years ago with debt.  I needed a pickup and debt helped me buy
it.  I have since taken good care of it and it now has almost 180,000 miles
and will pull me any my home to North Carolina in a month.   Many of us have
used debt to pay for education, tools, homesteads.

Where I think irresponsibility in debt comes into play is when you rack up
much more than you can handle and when you buy things of no lasting value
such as a trip to Cancun.  When you rack up debt for ephemeral things and
that debt gets high enough that you are burdened by it then that is
irresponsible.

Take another closer to home example.  There is nothing wrong with a few
quality beers while relaxing but there is a lot wrong with taking on two
cases a day.  One is a pleasure while the other is alcoholism.

I do not have a credit card nor do I have any other debt.  My pickup was
paid off many years ago.  The sale of a house paid for my trailer.  I have
payments to an ISP, web host, cell phone, and storage but all are
manageable.  For large purchases I have some small savings that if I am
careful and they do not cut Social Security will last for a long time.

Don Bowen  KI6DIU
http://www.braingarage.com/Dons/Travels/journal/Journal.html