What Is Good Debt?

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Some debt can be good in that it can help people build credit in order to improve their lifestyle. Discover why most debt is not good debt with help from the owner of a debt negotiation company in this free video on debt and money management.

Part of the Video Series: Debt Consolidation & Management
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Video Transcript

Hi. My name is Peter Repak. I'm the owner of Clear Financial LLC, a debt negotiation company. What is good debt? Well, debt that people owe to you, that's a good debt. Because then you help someone, plus, you have the feeling when you help someone. So that's a good debt. Owing money to someone else, that's not a good debt. So, in this case, it's really none of the debt is good. However, we are living in a society where you do have to build credit in order to have a life. This is apparently what they are telling you. So, what you need to do, is sometimes you have to create some debt in order to acquire more debt later. But, you don't really want to do that. Cash comes to mind. It would be a good idea for the society if it would go back into the old days when you actually had money in your pocket, and you were able to purchase whatever you wanted to. So, as far as good debt. That doesn't really exist. You don't want to have debt at all. You don't want to have any debt as a matter of fact. So, you're number one purpose should be to get out of debt. Not to acquire more. So as far as good debt to have, yeah. If somebody else owes you, that's a good thing. Other than that, you really don't want to be in it. My name is Peter Repak. I'm the owner of Clear Financial LLC. Thank you for watching.

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