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Good debt vs. bad debt

Started by Deleted user
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Joselyn M.

Good debt: mortgage, student loans
Bad debt: car payment, payday loans

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Jesse A.

This is a commonly overlooked yet critical piece of information.

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Andrea G.

I hate that for having good credit you need to have several accounts

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Abigail S.

Classically, good debt was taken for things that will increase in value (home, education) and bad was for stuff that will decrease in value (cars and other physical goods mostly).

But watch out! Traditional divisions are breaking down and formerly good debt categories can sometimes be bad. For example, since 2008 there's been a growing awareness that student loans often don't have a financial payoff they need to in order to cover payments and be "good debt."

Such a good point

Deleted user

Suze Orman has great advice on good vs bad debt. Good debt is something that will increase your wealth over time– like buying a home, investing in your education or skill building, etc. She's great!

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Lynette P.

Good when your responsible, have an understanding of money and a good relationship with money.
Bad is opposite to me …irresponsible, poor understanding of money and your relationship isnt all that great.

I believe there is a benefit to credit cards…if you are mature enough to make it work for you. If you are able to pay the balance off then I see that as good debt. I mean the definition of debt is simply money owed or due…if you can make the payment and it helps your score than that's good. When you aren't mature or irresponsible then it becomes bad.

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