Debt is only for important things Consumer debt will keep you poor Doing without a flash TV won’t kill you
My thoughts on debt are these.
Take on as little consumer debt as humanly possible. Debt is only for important stuff. That’s buying a home, starting a business and buying a modest car.
Things like holidays and TVs should be bought out of savings. If you can’t save for them, do without.
When you have debt, you should be working hard to kill it as fast as possible, and make sure you have adequate insurance.
When you are in debt, you have given other people power over you and your loved ones.
If this law passes, you’ll be giving them power over your KiwiSaver account too.
The planned law would give banks the hammer to crack open the KiwiSaver accounts of debtors.