Taking on excessive debt — and continuously spending more than you earn — greatly reduces the wealth you can accumulate down the road. As a result, your options in the future become greatly diminished because you are essentially spending tomorrow’s wages today. In short, accruing excessive debt can severely limit your choices in life as you get older, thereby making you an indentured servant to your lenders.
The bottom line: By staying away from excessive debt you’ll not only maintain more control over your life as you get older, you’ll also avoid the chains that prevent you from ever attaining financial freedom.
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