RULE TO BREAK
“Borrowing is OK so long as you can pay it back”
This is a very specific manifestation of the ‘Let’s worry about that another day’ principle. And this is a very expensive version. It’s true that you can always find money if you’re desperate. Trouble is, the more desperate you are, the more it will cost you. The whole point about loans – from banks, venture capitalists, loan sharks, credit cards or anyone else – is that they make money out of lending to you because you pay interest. That means that you end up having to pay back even more, and if you haven’t got the money now, how are you going to repay even more than you’ve gained by borrowing? The more desperate you are, the harder it becomes to find a legitimate lender, and ...
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