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Bad Debt Makes You Poor/The ABC's of Getting Out Of Debt

Esther Pinkston · Wednesday, August 27th 2008 at 1:37PM · 408 views
"Bad debt is something you pay off yourself. Credit cards, car loans, consumer loans, and home mortgages are examples of bad debt. Some bad debt is better than other bad debt. For example , buying a personal residence is in most cases better than buying a car on credit. And while we are not saying that you shouldn't buy a personals residence on credit, you must remember that a home mortgage is a bad debt because you yourself must pay it off. Bad debt takes money from your pocket, making you poorer and poorer."
by Garrett Sutton, ESQ. Corporate Attorney
PS. I don't know about you readers but, I will be using this info very soon and wish I has known before now.
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Esther Pinkston Rochester, NY
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Comments (2)

Jen Fad Wednesday, August 27th 2008 at 2:09PM

Paying off a mortgage is considered bad debt? Interesting.

Nichele Foster Wednesday, August 27th 2008 at 4:21PM

Ok...purchasing RE seems like a smart investment as it builds equity and is normally worth more when you decide to sell vs when you purchased. Due to our current economic situation many have gotten themselves into bad debt due to refinancing and adjustable rate loans, etc. But I wouldn't categorize the overall purchase of your own home as bad debt at all!

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