The World’s Horrible Financial Advice

Wow, talk about bad advice. The following article gets to the point of ultimately recommending bankruptcy.

While the idea of some debt being worse than others is a point I would agree with, never would I say there is “good debt” and if you can’t pay it just bail out on it.

Get real: Downsize your money goals

… Not all loans are created equal. While credit cards and payday loans are toxic debts that erode your financial security, low-rate mortgages and student loans are generally considered good debt because they help you get ahead. So it’s OK not to rush to pay off those good loans, but you’ll want to attack your credit cards and other high-rate debts. …

If you can find a way to pay your bills, you should.

If you can’t, though, you may need to discuss your situation with an experienced bankruptcy attorney who can review your situation and counsel you about your options, including bankruptcy and foreclosure.

Debt is only “good” if you do not mind slavery.

Proverbs 22:7 The rich rules over the poor, and the borrower is the slave of the lender. ESV

Psalms 37:21 The wicked borrows but does not pay back, but the righteous is generous and gives; …. ESV


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