Your Wealthy Mind

20 Quotes About Bad Debt That You Have to Read NOW

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A few months ago I was looking for a new phone and I thought about buying one of the top-class phones available through credit. Since I had a stable income through streaming, I imagined that I could probably afford it.

At that time, however, I decided against it and I simply bought a phone that can do what I need and I paid for it in cash.

In hindsight, that was a good call. The streamer contact I and many others had have been terminated abruptly and the income disappeared along with it. If I had taken on that debt to buy something that’s far too expensive for my needs, it would have become quite a problem. Thankfully, the lessons I learned about avoiding bad debts helped me make a good choice then.

Some lessons need an entire book while others need only a few words. The value of an idea isn’t measured by how many words it used but in how well they teach us the things we have to learn. It’s for that reason why I frequently share quotes in most of my articles. When used well (and I hope I used them well), they can make enough of an impact to hammer the lesson home. Let me share with you these 10 quotes about bad debt which I hope will inspire you to think twice about using debt to buy things you can’t afford.

20 Bad Debt Quotes You HAVE to Read Now

If you can’t pay cash, you can’t afford it.

— Dave Ramsey

If you don’t take good care of your credit, then your credit won’t take good care of you.

― Tyler Gregory

When you get in debt you become a slave.

— Andrew Jackson

You must gain control over your money or the lack of it will forever control you.

― Dave Ramsey

Debts and lies are generally mixed together.

— Francois Rabelais

Debt is like any other trap, easy enough to get into, but hard enough to get out of.

— Henry Wheeler Shaw

Some debts are fun when you are acquiring them, but none are fun when you set about retiring them.

— Ogden Nash

Today, there are three kinds of people: the have’s, the have-not’s, and the have-not-paid-for-what-they-have’s.

— Earl Wilson

Never spend your money before you have earned it.

— Thomas Jefferson

Creditors have better memories than debtors.

— Benjamin Franklin

Debts are nowadays like children begot with pleasure, but brought forth in pain.

— Moliere

In the long run we shall have to pay our debts at a time that may be very inconvenient for our survival.

— Norbert Wiener

Debt basically enables people to live a lie.

― Rachel Cruze

One of the greatest disservices you can do a man is to lend him money that he can’t pay back.

— Jesse H. Jones

Interest on debts grow without rain.

— Yiddish Proverb

Do not accustom yourself to consider debt only as an inconvenience; you will find it a calamity.

— Samuel Johnson

Debt is a prolific mother of folly and of crime.

— Benjamin Disraeli

Every time you borrow money, you’re robbing your future self.

― Nathan W. Morris

Who goeth a borrowing. Goeth a sorrowing.

— Thomas Tusser

No one can be happy, no matter how optimistic, who is forever in the clutches of poverty, of harassing debt.

— Orison Swett Marden


And there you have it. Several quotes about avoiding bad debt. Keep them in mind and let them help you avoid making terrible financial mistakes in the future.

Do you know any other good quotes? Share them in the comments below!