Let every man, every corporation, and especially let every village, town, and city, every county and State, get out of debt and keep out of debt. It is the debtor that is ruined by hard times.
About this quote
- What does it mean?
- Hayes urges all entities to avoid debt. He warns that debt causes ruin during hard economic times.
- In plain terms
- Do not go into debt. Hard times ruin people who owe money.
- What can you take from it?
- Avoid debt to survive hard times.
Where it applies
Putting it to work
Questions to consider
- Is debt ever good?
- How do you plan financially?
Another view
It ignores when debt might be necessary for growth.
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