“Debt makes you a slave,” Singletary insisted. Many people, especially before the housing loan meltdown, thought they were wealthy because they could leverage lines of credit to buy material things, They had a rude awakening when their property values evaporated.
Bucking conventional wisdom, Singletary even cautioned listeners against taking on student loan debt they can’t afford. Some may view it as “good debt,” but you still need to factor it into the bigger picture of your financial health. Instead of trying to take on a lot of debt, “Make different choices, so the damage you do take on isn’t as much,” she warned.
Do you agree? Listen to the full exchange with Roland Martin below, before you decide, and tune in to “NewsOne Now” with Roland Martin weekdays at 10 a.m. EST.