Beat debt and live free!
Debt can be a useful tool and can enable you to do things that you would not otherwise be able to do. However, there is good debt and bad debt. You should always try to pay off bad debt as soon as possible!
Bad debt is debt for consumer products, debt that does not earn you income.
Good debt is debt that earns income. For example if you buy an appreciating asset that appreciates faster than the interest payable on the debt. Investment properties are a good example of good debt.
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Beat debt and live free! Debt can be a useful tool and can enable you to do things that you would not otherwise be able to do. However, there is good debt and bad debt. You should always try to pay off bad debt as soon as possible! Bad debt is debt for consumer products, debt that does not earn you income. Too much bad debt is usually bad for your financial situation. Good debt is debt that earns income. For example if you buy an appreciating asset that appreciates faster than the interest payable on the debt. Investment properties are a good example of good debt. Paying off your bad debt whilst using good debt to make investments can be a sound investment strategy that has been used by many people to become financially secure or financially free. So it is ok to use debt but use it wisely!
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