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One of the biggest cons the western financial system has created is this concept of "good debt".
Basically "Good debt is considered to be debt if it helps you get a job, like a student loan, or helps you earn money, like a business loan.
"Bad debt" is all other debt, but
Basically "Good debt is considered to be debt if it helps you get a job, like a student loan, or helps you earn money, like a business loan.
"Bad debt" is all other debt, but
basically personal loans, credit card debt etc. Home loans can be considered essential, but with care.
The reality is that there is NOTHING like "good debt". I say that because it plays on people's minds to throw caution to the wind and borrow recklessly because apparently you
The reality is that there is NOTHING like "good debt". I say that because it plays on people's minds to throw caution to the wind and borrow recklessly because apparently you
are going to make money of that and become rich right?
WRONG!
I used to use the terms "Essential debt" and "Criminal debt", again with Home loans being in no man's land.
"Criminal debt" is that debt which you take on for pleasure/addiction etc.
WRONG!
I used to use the terms "Essential debt" and "Criminal debt", again with Home loans being in no man's land.
"Criminal debt" is that debt which you take on for pleasure/addiction etc.
