What Is The Difference Between “Good Debt” and “Bad Debt?”

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.”

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