"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.
Posted By: Esther Pinkston
Wednesday, August 27th 2008 at 1:37PM
You can also
click
here to view all posts by this author...
