Debt Vs Middle Class

Satisfactory Essays

The number one reason why the rich get and stay rich and the middle class stay in the middle class is spending habits and debt. Debt is a one way ticket to always being in the rat race. Additionally, most Americans who are stuck in the middle class and will most likely never get out are those who embrace the worst kind of debt - money sucking debt. This is the debt which Visa, MasterCard and Amex use to pay their high-end executives who have luxuries most only dream about.

There are many forms of bad debt, but I define bad debt as taking out a loan for a product which will not provide any return on investment and, instead will depreciate. Getting back to my above example, if you were to take out debt to buy a car, the investment you just

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