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Top 10 Answers: Which Is Better For Getting Out Of Debt, Knowledge Or Experience?
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Mark Twain once said, “Good judgement is the result of experience, and experience the result of bad judgement.”
Then again, Mark Twain never had credit cards, student loans, and mortgages. If he did, he might have added, “and bad judgment can drive you into bankruptcy.”
We live in a more complicated time than Twain did. Getting into debt is an American pastime, and getting out of debt is the American dream. So how best to accomplish the latter? Which quality is more important: Knowledge or experience?
In other words, if you have experience with managing money, will that help you more than reading everything you can get your hands on about credit counseling, debt settlement, debt management, credit scores, and on and on?
I’m not sure.
When I don’t know something, I consult experts. Here’s what 10 leaders at the biggest and best personal finance websites told me when I posed the question: Do you think money/debt lessons are better learned through knowledge or experience?
