What is the difference between good debt and bad debt?
An example of an AI chatbot conversation about good vs bad debt.
What is the difference between good debt and bad debt?
Good debt is money borrowed to invest in something that will grow in value, like a home or education. Bad debt is borrowing for things that lose value, like credit card debt for non-essential items.
Can you give me examples of each?
Sure! Good debt examples include student loans and mortgages. Bad debt examples include high-interest credit card debt and payday loans.
How can I manage bad debt effectively?
To manage bad debt, create a budget, prioritize paying off high-interest debts first, and consider debt consolidation options.
Is all debt bad?
Not at all! Some debt can be beneficial if used wisely, especially if it helps you build wealth or improve your financial situation.
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