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MICROSOFT AWARD TEAM
Microsoft Corporation
# 1 Microsoft Way Redmond, WA 98052.
Ref: BTD/610/07
Batch: 742701AE
(venkatreddy_kovvuri@yahoo.co.in)
Attn: KOVVURI ... |
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slıɐuǝoʇ | Is It Better To Owe A Little Bit Of Money Or A LOT Of Money...? |
Which is better?
Additional Details
A lot of you seem to have misunderstood the question. I heard somewhere that if you have a small amount of debt, then you're in trouble. However, if you have a large debt, then they're in trouble. That's the gist of the question. Is this true? |
 |
 
Goonhilda
 |
It all depends on what you borrowed the money for.
If you borrowed the money for crappy consumer crap like plasma screen televisions, nights out at the movies, candlelit dinners at restaurants, and napkin rings, then any amount you have borrowed is bad debt. Borrowing a large amount for this crap is in this case worse.
However, if you've purchased something that will increase in value, like a home or some shares, with debt, then as long as you can service the loan if rates rise, and pay it out quickly, then this is better debt. You'll get your money back if you sell what you bought.
However, in general, if you owe a little bit of money to someone/thing, then they can take stuff away from you to cover that debt. Most people don't claim bankruptcy on small amounts. If you owe a large amount, then you can claim bankruptcy, and it's bad for them, because they have to accept the loss.
But your question isn't very clear on that issue, I'm afraid. That's why so many readers haven't understood your question. You need to be more explicit, and not in an Adults Only kind of way. LOL
Best wishes. |
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Polo
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It's better to owe nothing to no one....... |
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Hedge Witch
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None of the above! |
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bill s
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wtf |
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STEVEN F
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It is better not to owe ANYTHING. If you owe a lot to a single creditor, they may be in trouble if you don't pay, but YOU are in even more trouble. |
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heidi the ghosthunter
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ask thames credit lmfao |
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Sarahy
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Obviously a little bit of money, is a village missing its idiot this evening? |
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Tony M
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to OWE a little is much better as you feel less guilty or insecure (depending on the loaner) about paying back the money |
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Luli
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...a little bit.
Is this a trick question or something? |
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tongue in cheek
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am i the only one who thinks the answer is obvious? |
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nieniqe
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it´s enough if you have always a few p left. |
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krispybacon
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I think the asker may mean, in order to boost their credit rating. If not, then it is a pretty stupid question |
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porwest
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There are two kinds of debt. There is good debt and there is bad debt. Bad debt is debt that you have to pay for. Good debt is debt that someone else pays for you. A car is bad debt. A credit card is bad debt. A house you own and rent is good debt. A stock you buy on margin that is in the money is good debt.
Another rule of thumb to follow is that if you have, for example, $6000 in savings and you want to buy a car. Let's say that $6000 is drawing 3% interest. A loan to buy the car you want will cost 6%. It is better in this situation to use the cash in your savings to buy the car than to take on a loan. The principle here is that you will not make more on holding the principal of the investment than you will pay for holding the debt. Just a good thing to keep in mind when considering USING debt.
Conversely, I also consider owning a home as good debt, even though you technically pay for it.
http://www.springboardblog.blogspot.com |
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