Understanding Debt: Good vs Bad Debt
Understanding Debt: Good vs Bad Debt
Understanding Debt: Good vs Bad Debt

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Not all debt is bad debt. Use this checklist to understand more about the different kinds of debt and how to manage it.

Not all debt is bad debt. Use this checklist to understand more about the different kinds of debt and how to manage it.

Not all debt is bad debt. Use this checklist to understand more about the different kinds of debt and how to manage it.

1

Understanding "Good" Debt

Good debt helps build your future, think student loans for education or a mortgage on a home within your means. These debts usually come with lower interest rates and long-term value if managed wisely

1

Understanding "Good" Debt

Good debt helps build your future, think student loans for education or a mortgage on a home within your means. These debts usually come with lower interest rates and long-term value if managed wisely

1

Understanding "Good" Debt

Good debt helps build your future, think student loans for education or a mortgage on a home within your means. These debts usually come with lower interest rates and long-term value if managed wisely

2

Spotting "Bad" Debt

Bad debt is high-interest and usually tied to short-term wants, like carrying a balance on a credit card. Avoid payday loans, buy-now-pay-later schemes, and financing purchases that lose value quickly.

2

Spotting "Bad" Debt

Bad debt is high-interest and usually tied to short-term wants, like carrying a balance on a credit card. Avoid payday loans, buy-now-pay-later schemes, and financing purchases that lose value quickly.

2

Spotting "Bad" Debt

Bad debt is high-interest and usually tied to short-term wants, like carrying a balance on a credit card. Avoid payday loans, buy-now-pay-later schemes, and financing purchases that lose value quickly.

3

Understanding Debt Terms

Always understand your repayment terms, especially the interest rate and how long repayment will take.

3

Understanding Debt Terms

Always understand your repayment terms, especially the interest rate and how long repayment will take.

3

Understanding Debt Terms

Always understand your repayment terms, especially the interest rate and how long repayment will take.

4

Paying More than the Minimum

Aim to pay more than the minimum when possible, to reduce your interest costs and payoff time.

4

Paying More than the Minimum

Aim to pay more than the minimum when possible, to reduce your interest costs and payoff time.

4

Paying More than the Minimum

Aim to pay more than the minimum when possible, to reduce your interest costs and payoff time.

5

Choose a Payoff Strategy

Use a debt payoff strategy (like avalanche or snowball) if you have multiple balances.

5

Choose a Payoff Strategy

Use a debt payoff strategy (like avalanche or snowball) if you have multiple balances.

5

Choose a Payoff Strategy

Use a debt payoff strategy (like avalanche or snowball) if you have multiple balances.