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.
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