Good Debt & Bad Debt

Hi everyone! Kathy Longo here with the Flourish Financially Challenge. Welcome to your weekly opportunity to take a few minutes to set a small goal that can help you achieve your larger aspirations. This week I will be talking about Good Debt & Bad Debt.

Most Americans will have debt at some point, but this isn’t necessarily a financial failure. That’s because there is a distinction between “good debt” and “bad debt.” As a general rule, good debt facilitates a goal, such as buying a home. Bad debt, on the other hand, is debt that includes a high interest rate and doesn’t necessarily support a life goal, such as credit card debt. This week’s challenge is for those struggling with bad debt because, with discipline, it’s possible to find yourself free from bad debt and financially healthier.

Let’s get started!

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Kathy Longo, CFP<sup>®</sup>, CAP<sup>®</sup>, CDFA<sup>®</sup>
Kathy Longo, CFP®, CAP®, CDFA®

Kathy Longo is a Certified Financial Planner® practitioner, Chartered Advisor in Philanthropy®, and a Certified Divorce Financial Analyst with over twenty-five years of wealth management experience. She is the founder and president of Flourish Wealth Management, an independent boutique wealth management firm in the Minneapolis area.

It is important to feel you have control over your future. At Flourish Wealth management, we offer our experience and knowledge to design a specific plan of action that helps you work toward your financial independence.

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