Not all debt is bad. Debt is generally okay whenever it is used to buy something that may increase in value. For example, going into debt can make perfect sense when you’re trying to start a business, or expand an existing one. Very few people can save enough cash to buy a home in a realistic amount of time without a home loan either. And an education loan can be considered good debt too — assuming you choose the right career path.
The bottom line: If you’re not careful, avoiding debt just for the sake of it may lead to missed opportunities.
Photo Credit: Jay Tamboli