Debt is no stranger to most Americans. Credit is becoming easier to obtain and people are charging well beyond their means and at interest rates reaching 20% or more. While debt is a scary word that usually is seen in a negative light, not all debt is bad. You can actually make intelligent decisions and use debt as a vehicle for building personal wealth.
Being intelligent with money and making good choices means you need to understand the difference between good debt and bad debt. Consider purchases bad that immediately lose their value as soon as you purchase it, or a purchase that has no potential to increase in value. Those are bad debts!
There are many times when its almost impossible to avoid bad debt completely. For example, if you need a new vehicle, you may need to obtain financing. A car loan is actually considered a bad debt, because once you drive it off the show room floor, it loses some of its value; and the car will continue to lose value every day that you drive it. If youre unable to pay cash for a car, then you have little other options when it comes time to get another vehicle.
What about credit cards and store credit? Plastic money can be...
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