50 Debt Quotes to Help You Better Manage Money

By Norbert Juma

Master quote curator and editor on a mission to inspire

Published July 16, 2023

Learn about debt and how to stay out of it with these helpful debt quotes!

In simple words, debt is an amount of money an individual or a company borrows from a lender (individual or institution).

A debt is borrowed for a particular time, and the borrower is bound to return it along with the interest.

There are different types of debts, including:

Mortgages
Credit cards
Personal loans
Business loans
Student loans

Debt can have a substantial impact on the finances of an individual or company.

Hence, it is crucial to understand the consequences of debt.

Impacts of Debt

Discussed below are the key effects of debt on personal finances:

Minimized Disposable Income
Higher Interest Payments
Impact on Credit Score

Minimized Disposable Income

The repayment of debt takes a significant portion of one’s income.

Since a huge chunk of your income is dedicated to debt repayments, you are left with limited financial resources.

So, the room for discretionary spending is also limited.

Huge debt repayments can lower the ability of a person to save something for the future.

This reduces financial flexibility, which can also affect personal growth.

Higher Interest Payments

When debt accumulates, the interest charged is also increased.

In addition, high-interest rates on credit cards also increase the overall amount payable in terms of debt repayments.

So, continuous delay in debt repayment can cause the interest amount to pile up.

As a result, the financial cost of debt turns out to be a significant burden on personal finances.

It is essential to understand the interest rates and terms of the debt.

This helps to manage your debts in a better way and minimize the interest payments.

Impact on Credit Score

Efficient debt management can play a significant role in determining a person’s credit score.

For instance, missed/late payments, excessive debt, and high credit utilization could hurt your credit score.

A lower credit score makes it difficult for a person to apply for loans in the future.

In addition, a bad credit score also limits access to manageable and favorable borrowing terms.

Hence, it is harder for a person to secure loans.

Top 10 Debt Quotes

This compilation presents the top 10 debt quotes from notable figures.

1. “I’m the king of debt.” — Masayoshi Son

2. “A promise made is a debt unpaid.” — Robert W. Service

3. “A man in debt is so far a slave.” — Ralph Waldo Emerson

4. “The debt ceiling is not something to toy with.” — Austan Goolsbee

5. “I built a hugely profitable business with no debt.” — Sophia Amoruso

6. “Rather go to bed without dinner than to rise in debt.” — Benjamin Franklin

7. “A true lover always feels in debt to the one he loves.” — Ralph W. Sockman

8. “Debt is one person’s liability, but another person’s asset.” — Paul Krugman

9. “Worrying is like paying on a debt that may never come due.” — Will Rogers

10. “There are no debt payments that can be sustained if the country does not grow.” — Alberto Fernandez

In Debt Quotes

Debt quotes below demonstrate how complicated it is to be in debt. They show how people have always wanted to be free of debt.

11. “I invested all my money in debt.” — Hamish Linklater

12. “You can’t be in debt and win. It doesn’t work.” — Dave Ramsey

13. “The game gave me so much, I am in debt forever.” — Manu Ginobili

14. “In a world awash in debt, power shifts to creditors.” — Fareed Zakaria

15. “Ten million dollars after I’d become a star, I was deeply in debt.” — Sammy Davis, Jr.

16. “I don’t like being in debt, and I wouldn’t borrow money for anything.” — Cameron Mackintosh

17. “The people of Maine were tired of being in debt and tired of being overtaxed.” — Paul LePage

18. “I would almost rather be in debt constantly than work with horrible people that I hate.” — Martha Plimpton

19. “This would be a much better world if more married couples were as deeply in love as they are in debt.” — Earl Wilson

20. “It’s God’s will for you to live in prosperity instead of poverty. It’s God’s will for you to pay your bills and not be in debt.” — Joel Osteen

Out of Debt Quotes

Financial well-being and being out of debt go parallel. The quotes below can be a source of inspiration for getting out of debt and on a journey toward financial freedom.

21. “We all think we’re going to get out of debt.” — Louie Anderson

22. “What Africa needs to do is to grow, to grow out of debt.” — George Ayittey

23. “There are no shortcuts when it comes to getting out of debt.” — Dave Ramsey

24. “You cannot spend your way out of recession or borrow your way out of debt.” — Daniel Hannan

25. “If you’re trying to get out of debt, you have to be willing to treat everything as expendable.” — Phil McGraw

26. “We went to a conference to learn how to get out of debt, and we did it, and it is freeing.” — Jim Bob Duggar

27. “What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?” — Adam Smith

28. “The reality for us in America is that we will never get out of debt with more than 15 million people out of work.” — Debbie Stabenow

29. “Stress means something different if it is the result of rewarding work rather than struggling to keep the family out of debt.” — Julian Baggini

30. “Like almost everyone who uses e-mail, I receive a ton of spam every day. Much of it offers to help me get out of debt or get rich quickly. It would be funny if it weren’t so exciting.” — Bill Gates

National Debt Quotes

The quotes below on the weighty topic of national debt discuss economic stability, fiscal responsibility, and the future and well-being of nations.

31. “Will I obliterate national debt? Sure, why not?” — Pat Paulsen

33. “Blessed are the young, for they shall inherit the national debt.” — Herbert Hoover

32. “Millennials are concerned with the national debt and the deficits.” — Margaret Hoover

34. “A national debt, if it is not excessive, will be to us a national blessing.” — Alexander Hamilton

35. “People’s taxes spent on servicing our national debt instead of funding public services. This isn’t just a waste – it’s also a risk.” — Liz Kendall

36. “The Missourians I hear from just don’t buy the idea that the only way to tackle the national debt is to alter Medicare and Social Security drastically.” — Claire McCaskill

37. “Our growing national debt is a threat to our national defense and our domestic priorities, including research and development, education, health care, and investments in our economic growth.” — Seth Moulton

38. “I would vote against raising the national debt ceiling. Again, this is about mortgaging the future of unborn generations of Americans. It’s a form of taxation without representation. I don’t think we can do that.” — Mike Lee

39. “Small business owners are experiencing great uncertainty because of the possibility of tax increases, the inconsistent flow of credit, an outrageous national debt, high energy costs, and overreaching federal regulations.” — Sam Graves

40. “Our nation stands at the crossroads of liberty. Crushing national debt, rampant illegal immigration, insane business regulations, and staggering national unemployment are pushing our nation into unchartered territory.” — James Lankford

Debt Quotes On Impact, Freedom, and Financial Empowerment

These short and catchy debt quotes offer a refreshing perspective on the challenges and pitfalls of borrowing and owing. Enjoy reading.

41. “You do not want to get your debt ratio out of whack.” — Paul Martin

42. “The World Bank is now the biggest culprit in the debt crisis.” — Susan George

43. “There is scarcely anything that drags a person down like debt.” — P. T. Barnum

44. “We owe the Greatest Generation a debt we can never fully repay.” — Tommy Tuberville

45. “Make this the year you tackle that credit card debt once and for all.” — Suze Orman

46. “Debt is a social and ideological construct, not a simple economic fact.” — Noam Chomsky

47. “Debt, n. An ingenious substitute for the chain and whip of the slavedriver.” — Ambrose Bierce

48. “We can pay our debts to the past by putting the future in debt to ourselves.” — John Buchan

49. “Borrowing isn’t inherently bad; it depends a lot on what the debt is financing.” — Stephen Moore

50. “No one should be incarcerated for debt or squeezed for money they have no chance of getting their hands on.” — Barbara Ehrenreich

Which One of these Debt Quotes is your Favorite?

Debt can have a significant impact on our personal finances and overall well-being.

Knowing the impact of debt is necessary for making better financial decisions.

Since debt is a well-known financial aspect, people love to share debt quotes with their friends and family.