Debt is a hindrance to wealth building from "summary" of The Total Money Makeover: Classic Edition by Dave Ramsey
Debt is the enemy of wealth. It is a constant drain on your resources, eating away at your income and preventing you from building real financial security. When you owe money to others, you are essentially working for them, not for yourself. Every dollar you earn is already spoken for, leaving you with little to show for your hard work. Debt can also lead to a cycle of borrowing and repaying that is difficult to break. As you struggle to keep up with your payments, you may find yourself turning to credit cards or loans to make ends meet. This only serves to deepen your financial hole, making it even harder to climb out. Furthermore, debt comes with a cost. Interest payments can quickly add up, turning a small loan into a significant burden over time. The longer you carry debt,...
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