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Wednesday, 23 November 2011

Good debts versus Bad debts

No, I am not going into an academic discourse on what’s good or bad debts.

All of us would have our own bias and subjective opinion on this interesting topic based on our own life experiences or “what other people say”…

But if you would indulge in me for a few minutes, by answering 2 simple questions, we can find out whether you walk your own talk:

Question 1:

Write down your view on Good debts versus Bad debts. (Hey, a few lines will do. Not write a whole essay or thesis! We are no longer in school)

Question 2:

Do you own a credit card? Just answer yes or no.

Ladies and gentlemen of the jury, I rest my case.


  1. Answer 1: In Good time they are known as Good debts and in Bad times they are known as Bad debts.

    Answer 2: When you don't carry your wallet or purse, you don't need a credit card. I go jogging without one.

  2. Ans1) good debt to help me achieve what I need that is within my mean. Bad debt is to help me get what I want or what I need but beyond my means.

    Ans2) yes

    Interesting to see where you are leading us!


  3. 1, debts are debts, no good or bad. i rather own something than owe something.

    2, no credit cards, zero! (but my wife have many, exactly how many, i don't know (knn))

  4. in another words, i rather be a creditor than a debtor!

    and my wife, she claim she can save money by having credit cards (points). we need lots of people like that haha.

  5. and contrary to wealth8888 had said, if one want to really define good or bad debt, in good time, debts are bad, and in bad time, debts are good.

    but i still don't buy them, good time or bad time.

  6. ok last post haha..

    i'm not interested in the subject matter. i rather spend times thinking whats good creditor vs bad creditors.

    believe me or not, i've been both before haha.

    (hey! not ah long ok!)

  7. Hi SMOL,

    As long as you have debt, the fruits of your labour are not totally yours. You will most probably delay reaching your financial freedom day.
    i also always like the idea people pay me "interest" rather i pay them(if i can help it).

  8. Hello Everyone!

    1) I had hoped qian bei meng (seniors) will help me out by sharing their thoughts on this topic. Their words will carry more weight than mine :)

    2) Behind the humour and tongue-in-cheek comments, there's lots of wisdom distilled from their life's experience - not academic theories!

    You may need to read between the lines and reflect - what are they really saying?

    3) Salesmen, do take note to what Coconut said about his wife. It's like: "Honey! Look how much I've saved for us by spending $2,000 on these discounted clothes!"

    That's how you sell to women clients! Women use their right brains more. You need to think from their perspective ;)

    4) How we approach this topic may reveal your Investing/Trading psychology.

    That's the purpose of my post sm@ll.fry.

    My next post will reveal my practical application of this knowledge.

  9. Coconut,

    I must ask my mom whether she dropped me as a child... I am defintely with you on:

    "in good time, debts are bad, and in bad time, debts are good."

  10. CW8888:
    "When you don't carry your wallet or purse"

    "i rather be a creditor than a debtor!"

    "i also always like the idea people pay me "interest" rather i pay them"

    These are words spoken from a position of STRENGTH.

    When we are in a weak position, there's no good or bad debts - it's "bo bian" or no choice...

    Even worse if we can't even qualify for credit!? Think about it.


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