Help With Debt Problems

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Get help with debt problems by contacting a consumer credit counseling service, an attorney or by simply avoiding debt in the first place. Identify the difference between good debt and bad debt with help from a registered financial consultant in this free video on debt and money management.

Part of the Video Series: Money Management
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Video Transcript

This is financial advisor, Patrick Munro talking about help with death, debt problems. Debt is a huge issue with businesses, as well as consumers in today's modern society, and you don't want to be in debt, certainly not bad debt. There is good debt and there is bad debt. Good debt is something such as a mortgage, which is tax deductible, and of course, business debt is also tax deductible if you're a businessperson. But, bad debt is consumer credit card debt, which of course there's no tax deductibility on. Many times people get in problems with this bad debt and they require help. They can do that with consumer credit counseling services. They can also talk to an attorney if it gets bad enough where they may be facing bankruptcy. That is called debtor relief, and it does cost you in your credit score going forward for a period of seven to ten years, so make that your last resort. The best help is available as self-help, and it starts in the beginning where you do not get into credit card debt trouble. So, this is Patrick Munro talking about the different credit card debt help.

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