Does ‘good’ debt still exist?
Having experienced the Great Recession earlier this decade, we’re all familiar with the dangers of over-extended consumers maxed out on debt with little savings to speak of.
The consequences of those actions are so great, many financial experts started rethinking if there is such thing as "good" debt anymore. But the conventional wisdom remains: if managed properly and prudently, debt – for the right things -- can still add to your bottom line.
What is good debt? As opposed to credit cards with high interest rates that can be easily abused, good debt can provide long-term financial benefits. Traditionally, the two most common forms of debt that could be considered good are loans for school and buying a home.
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