George Washington: Contract Debt

Posted by admin on Saturday, February 26, 2022

George Washington Money Quote saying gaining additional debt is not the best method of payment for existing. George Washington said:
 
To contract new debts is not the way to pay old ones Quote
 

“To contract new debts is not the way to pay old ones” — George Washington

 

Share </> Quote Image

Share the George Washington Money quote image above on your site:

 
Short Link to this Quote:

[collapse]

 

In this quote, George Washington is expressing his view that taking on new debts is not a viable strategy for paying off existing debts. His interpretation is that piling on additional borrowing is not a real solution and will only make the overall debt situation worse over time rather than resolving the original obligations.

Washington seems to be suggesting that truly addressing debt requires finding ways to pay it off through budget surpluses, cost cuts or revenue increases, not further expanding liabilities.

The overall message is that Washington believed continuously refinancing debt or borrowing more to pay interest is unsustainable, and that debts can only be properly dealt with through genuine repayment rather than new borrowing that compounds existing liabilities.

Birthday: February 22, 1732 – Death: December 14, 1799

Quote Search

 

Categories: debt Tagged:

Leave a Reply

You must be logged in to post a comment.

Money Quotes Daily