When we hear the word ‘debt’, we often think of financial burden. But you will find that not all debts carry a burden. These are known as good debts. So, what exactly are these good debts? Is there anything good in debt? In simpler words, good debts are the loans that finance something to build wealth or increase your income. Mortgages and student loans are the most common examples of good debts. Bad debts, on the other hand, are the loans that you take out for your discretionary expenses or something which doesn’t provide any return. For example, credit cards,
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