--- title: "Meaning & Key Takeaway of: To contract new debts is not the way to…" description: "\"To contract new debts is not the way to pay old ones.\" — George Washington" image: "https://sms4smile.com/quotes/i/f35/george-washington-257_contracts_to-contract-new-debts-is-not-the-way-to_1523269.jpg" --- # To contract new debts is not the way to pay old ones. ![“To contract new debts is not the way to pay old ones.” quote by George Washington](https://sms4smile.com/quotes/i/f35/george-washington-257_contracts_to-contract-new-debts-is-not-the-way-to_1523269.jpg) [Download](https://sms4smile.com/quotes/i/f35/george-washington-257_contracts_to-contract-new-debts-is-not-the-way-to_1523269.jpg) [Open image](https://sms4smile.com/quotes/i/f35/george-washington-257_contracts_to-contract-new-debts-is-not-the-way-to_1523269.jpg) > “To contract new debts is not the way to pay old ones.” [George Washington](https://sms4smile.com/quotes/author/george-washington/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Borrowing new money to repay old debt worsens financial health; focus on repayment, not more borrowing. **In simple terms:** Don't take new loans to pay old ones. Key Takeaway Pay off existing debt first. Themes finance debt responsibility Mood pragmatic concerned Type advisory financial When to use this quote - government budgeting - personal loans - credit card use Key Concepts fiscal policy personal finance Questions to Reflect On - What strategies can replace new borrowing? - How can one prioritize debt repayment? A Different Perspective In emergencies, new debt may be necessary. ★ ★ ★ ★ ★ No ratings yet [Debt by founding fathers](https://sms4smile.com/quotes/about/debt-by-founding-fathers/) [Debts](https://sms4smile.com/quotes/about/debts/) ## Related quotes > [“When you get irritated with children; that is considered as taking a new ‘loan’ (new karma is charged). 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