How To Get Out Of Bad Debt Fast.
And yes, there is such a thing as good debt.
When debt, think leveraging other people's money (OPM) such as banks, financial backers (investors), or friends and family is used wisely and astutely. It can become a huge boon in creating a life of abundance and financial freedom. This is achieved by using good debt to invest in income-generating assets that appreciate and provide taxation benefits. This is what is meant by good debt.
When applied unwisely and imprudently it can be as just as destructive if not more.
Bad debt is when you leverage other peoples money to buy things that depreciate in cash flow and that provide no regular income for example; luxuries, brand name clothes, the latest tech, or to pay for unearned experience for example paying for your nights out or free time activities with a credit card.
This is exactly what is meant by bad debt.
The magic of compounding works both ways. Beautifully positive and beneficial or inversely horrendously negative and destructive.
The weight of bad debt will crush you if you do not learn to get out from underneath it.
To learn how, please read on.
