The Little Guy's Revenge

Debt (the good, bad and ugly)

Debt: also known as IOU, albatross, arrearage, arrears, bad news, baggage, bill, bite, capital, check, chit, claim, commitment, credit, cuff, damage, dead horse, debenture, debit, deficit, due, dues, duty, in hock*, incumbrance, indebtedness, invoice, liability, manifest, mortgage, note, obligation, outstandings, price tag, promissory note, receipt, reckoning, red ink*, responsibility, score, tab, tally and voucher. Whew! That's a lot of names for "I owe," huh?

If you have adequate funds, there's no reason for you to "go into debt." However, if your venture requires significantly more financial backing than you possess, you will, most likely, need to borrow the funds from either a private individual or some other institution. Regardless of who you borrow the capital from, it means one thing for you. Debt! Once you sign the debt agreement (note), you are obligated to pay back the person or institution that allowed you to borrow money from them. Not only are you required to pay it back but you also are required to pay it back in the time and manner that the agreement states. You are legally required, by law, to pay this entity in full plus some form of interest.

Debt is usually looked at as a bad thing. Generally, if you have a good job and plenty of income and have not overburdened yourself with other debts, it is no problem. You have made a simple business deal and it is within your means to complete the contract.

However, if you are already in debt and-or do not have the means to pay the creditor back, debt becomes a huge burden because the creditor does not take kindly to your reneging on your promise to pay him-her back. If you do not comply within a period of time, the creditor hires a collection agent or bill collector to try to persuade you to pay back the money that you owe.

There are laws that protect you from harassment and you should use these laws to your benefit; however, if you owe money, you should make every effort to pay it back. It is NOT your money and you are not owed any favors by the creditor whom you borrowed the money from in the first place.

What is at stake, other than your wits, is your reputation and your integrity. A man is NOTHING without his integrity. If you lose it, you become a person of suspicious nature. That's not a law. It is, however, human nature. You will be shunned by all financial establishments and you will have a very difficult time doing such things as buying a car, purchasing a plane ticket, renting a car, buying a house and getting a credit card.

Check out the articles in this section and learn more about debt, it's ins and outs, the laws concerning debt and the many loopholes of debt. If you're ever to become a Big Guy, you'll have to handle debt appropriately and, in doing so, your integrity will be preserved and business and life, in general, will improve for you.

If you're destined to remain a Mr. Little Guy, no amount of revenge will get you anywhere without some integrity so, if you're in deep debt, your credit score has gone to hell and you need to learn how to repair it as quickly as possible but as efficiently as possible. Don't wait. Get started now!