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December 6, 2012

Impossible To "Pay" One's Bills By Borrowing More

It is impossible to "pay" one's bills by borrowing more. Taking out new loans to retire existing debt may replace old creditors with newer, larger, creditors, but it can never be described as a real pay down. It's like paying off your Visa card with a Master Card. Paying one's bills requires that outstanding debt be diminished. - in RT.com 

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.
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