At some point in my life I use to think there was no difference between a good or a bad debt since they all have the name debt attached to it, but they say knowledge is power and I gained better understanding about the different types of debt we have when I decided to study further. I realized that even the wealthy ones seek loans but what makes their loan a good one is the fact that, they use it for profitable businesses that will yield better returns.
Once the business becomes successful, they can quickly pay back the loan they owe and even have their profit in their pocket.
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Those loans I regard as bad loans are those loans that are taken for the sake of pleasure and fun, these loans are taken blindly without the means of paying back the loan.
These loans regarded as bad loans, has the ability to ruin everything a man has built, it has the ability to force a man into a depressed state.
I think every loan that a man wants to take, should be reviewed carefully and properly, the returns should be calculated and we should be able to find out if it is worth it at the end of the day or not.
Bad debts are usually not easy and convenient to come out from, it is even more difficult than it appears at the initial stage, I hope you understand and take a proper review before you take the next loan.
Thanks a lot for reading, I am @gbenga.
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