Almost all Americans have debt in some form or another, and that can sound scary. Student loans, mortgages, cash advances, car payments, credit cards- it always seems like your money actually belongs to someone else. But, it’s important to not let it get you down, and to tackle your debt and make it more manageable. For instance, some debt is actually okay to have. There is “good” debt, which is incurred when you are making an investment for the future (your college education, your home that will appreciate in value), and “bad” debt, which you accrue when you buy things you can’t afford. For more information, check out this post by Jennifer at Pounds To Pocket:
-Good debt: this is debt that will help you improve your credit score as you pay your bills on time.
-Bad debt: Bad debt, on the other hand, is simply using credit to buy things you otherwise wouldn’t be able to afford. An example of this would be a person who has several credit cards that are at least halfway to their maximum credit limit.
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