Often times you’ll hear us talking about good and bad debt, but what does that mean?
Good debt is typically referred to something like a mortgage associated with your house, which is an appreciating asset. Bad debt is typically referred to credit cards, which come with extremely high interest rates. Credit cards are meant to be used and paid off as soon as possible to avoid paying high interest fees and carrying balances. Focusing on getting rid of your bad debt is crucial to improving your financial wellness. If you have a mortgage and a small credit card debt, it can make sense to roll your debt into your mortgage. Don’t carry credit card debt!
Get connected with our Monsters and they can help you make a budget and a plan that will help you get rid of your credit card debt: