Not all debt is considered a bad debt. It all boils down actually to the person's capacity to pay - that's what make a debt bad or good. A good debt advice to heed is not to spend more than you can afford. And this is true in borrowing too.
Perhaps, almost all persons above 21 know what it means to be in debt. You may took a loan on a car or a house that you always wanted. And that is truly acceptable. But what separates a good debt from a bad debt is how one manages the debt. Debt management is the critical ingredient.
A good debt advice is to bear in mind that whenever we take out a loan or use our credit cards we inadvertently ‘buy' money. A debt is similar to buying 75 pence for £1. This is because we pay interests for the amount we owe later.
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