When you borrow money to make a purchase that will last and has value, such as a mortgage, car loan or investments such as RRSPs, it would be considered “good debt.”
All other types of borrowing would be considered to be “bad debt.” These types of debt would include borrowing to go on a vacation, or using your credit cards for purchases that you do not really “need” but you “want.”
Bruised credit doesn’t mean you can’t get help with a mortgage! Let the experience and knowledge of “Your Durham Region Mortgage Doctor” work for you. We’ll help you rebuild your credit if that’s what’s standing in the way of your approval! Contact us today, get back on your financial feet tomorrow!