Rutherford B. Hayes: Debtor Hard Times
on Monday, June 18, 2018Rutherford B. Hayes Money Quote saying It is he who owes a debt that sees ruin when times are tough. Rutherford B. Hayes said:
“It is the debtor that is ruined by hard times” — Rutherford B. Hayes
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This quote from Rutherford B. Hayes reflects the idea that those who take on debt are most vulnerable during difficult economic times. When “hard times” occur, like a recession or depression, it becomes much harder for people who owe money to others to pay their debts.
Their creditors will demand payment, but with less income or work available, debtors may struggle to earn enough to meet their obligations. Hayes’ point is that debtors essentially take on more risk than those without debt, as hard times can potentially “ruin” them financially if they default on loans or have assets seized due to inability to repay what they owe.
The quote serves as a warning about taking on debt and emphasizes maintaining financial stability and independence through avoiding debt when possible.
19th US President 3/4/1877 – 3/4/1881 – Republican former Governor of Ohio. Birthday October 4, 1822