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Your Money: ‘Good’ and ‘bad’ debts: Know the differences
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By Supriya Suri
Loans play a major role in helping us realise our aspirations and achieve many life goals. Of late, consumers are increasingly using credit to make payments in a convenient manner, and do not wait to save and spend. But at the same time, certain debts tend to become a liability resulting in unwarranted stress. Thus, it is important to understand the difference between a good debt and a bad debt for anyone looking to make informed financial decisions.
What is ‘good debt’? Good debt can be used to purchase assets that can depreciate slowly or, in some instances, grow with time. One can plan savings, loans and investments to maintain good financial health and ensure a settled and secure future. For instance, if one takes an
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