Many of our readers were with us through the long haul of paying off our $100,000 of student loan debt in our first 2 years of marriage. (If not, you can read more about that here to get an idea)
We thought we would NEVER go into debt again, and then reality came knocking and we decided rather than to swear off debt, we would swear to be financially responsible, take on only "smart" debt, and not take on more debt than we could easily manage.
To us, smart debt is limited to really just a mortgage (and even that isn't always smart...too much of a good thing is often bad). We had other opportunities to take on more debt, that we declined these past 2 years. For example, we are cash flowing my MBA program (and waited until we had our current debt paid off for student loans before taking on even more), and learned from our last debt experience that student loan debt is NOT smart debt in this era. Car loans were not smart debt for us...because although both of us have purcha…
We thought we would NEVER go into debt again, and then reality came knocking and we decided rather than to swear off debt, we would swear to be financially responsible, take on only "smart" debt, and not take on more debt than we could easily manage.
To us, smart debt is limited to really just a mortgage (and even that isn't always smart...too much of a good thing is often bad). We had other opportunities to take on more debt, that we declined these past 2 years. For example, we are cash flowing my MBA program (and waited until we had our current debt paid off for student loans before taking on even more), and learned from our last debt experience that student loan debt is NOT smart debt in this era. Car loans were not smart debt for us...because although both of us have purcha…