Posted by: dimag kharab August 24, 2010
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I wonder if there's a single person in this world without a debt. But there is one exception;
1. Basic Principle: You are in debt if you owe money to someone and intend to pay that in future.
2. All Billionaires/ Millionaires/ Multinational companies do have huge debts. Taking US as an example, they all owe money to IRS which they have to pay at the end of the year.
2. Even you spend a dime off your credit card, you are still in debt.
3. Middle class people: Mortgage, car payments, bills etc.
The only exception that i see who do not have any debts are "Homeless people" or "beggars".
They do not get any loan, credit cards and if they had one previously, they are never gonna pay the money back.
1. Basic Principle: You are in debt if you owe money to someone and intend to pay that in future.
2. All Billionaires/ Millionaires/ Multinational companies do have huge debts. Taking US as an example, they all owe money to IRS which they have to pay at the end of the year.
2. Even you spend a dime off your credit card, you are still in debt.
3. Middle class people: Mortgage, car payments, bills etc.
The only exception that i see who do not have any debts are "Homeless people" or "beggars".
They do not get any loan, credit cards and if they had one previously, they are never gonna pay the money back.