Don't get me wrong, as someone who has retired at the age of 42 and have been debt free aside from a mortgage on my home, I abhor debt and understand that more than anyone. But everyone's financial si...
The cost of a penny of debt is a contract that has the same legal enforcement as a debt of $1M.
That is the point I am making here.
If you actually borrow $1 from your mate, he is not going to take you to court to recover it, neither is a firm going to spend a lot of effort recovering a few hundred dollars of debt.
But they could if they choose and they could force you into bankruptcy if you are unable to pay.
That is the point I am making here.
If you actually borrow $1 from your mate, he is not going to take you to court to recover it, neither is a firm going to spend a lot of effort recovering a few hundred dollars of debt.
But they could if they choose and they could force you into bankruptcy if you are unable to pay.