Wealth and Debt
It seems as though everyone has massive debts these days. The ease with which most people can get credit and therefore become indebted to banks, credit card companies and so on has led to an explosion in people borrowing beyond their means.
However, just because there is all this money available to you does not mean that you should take it. In fact, if you want to build wealth, you should not. Always spend within your means, even if that means tightening your belt or going without some luxuries once in a while.
The reason is very simple - for an individual, debt is very expensive. You don't just pay back the amount you are lent; you pay back all that money and then some (depending on how desperate you were for the money, usually the more you pay back as a result).
If you want wealth, you need to show some discipline. Whilst 0% balance transfer credit cards may seem attractive, remember that the offer soon expires and any sum you don't pay off may become subject to a pretty eye watering rate. And for that reason avoid store cards like the plague, which in general have the highest interest rates about.
If you do use credit cards as a convenient method of payment, then that is fine - just so long as you ensure that you pay back in full each month.
Sometimes you might think that as long as you pay the minimum off that's fine, but you'd be wrong - the total amount you end up paying back is far more.
The only debt you should aim to have, and one that the majority of us can't avoid, is a mortgage.
So if you want to be wealthy, make your first priority to get rid of your debts, and try to never get in debt again. Your bank balance won't be the only thing that's pleased if you can take this step!