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Q: What’s good debt and what’s bad debt?
Good debt is a loan that helps put you in a better financial position. Taking out a loan so you can pay over time for a big necessary purchase, like a washer and dryer, is one example, especially because you could pay off the loan and still own the equipment for 10 more years, at no significant additional cost. Taking out a mortgage to buy a home could be another good form of debt. You will have to be able to afford a down payment, but while you pay off your mortgage the value of your home could significantly increase. Student loans can be another example, particularly if a college or graduate degree will improve your earning power in the future. Bad debt is debt you take on to allow you to spend more than you could otherwise afford. This can easily happen with credit card debt or store-charge-card debt, for instance.
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