The blanket term "in debt" is kind of silly. Someone who bought an overinflated house with 5% down or a person with a bunch of credit card debt is put in the same class as an investor who uses financial leverage for the tax benefits or a person with 2% owing on their house.
Is a 55 year old who who rents a basement suite and has no assets but isn't "in debt" really in a better situation than a 55 year old with $1 million in net worth who happens to have a 0% car loan?
|