Most people have been taught that certain kinds of debt are “good,” and that others are “bad.” But these days, debt doesn’t necessarily fit into neat categories. While years ago, people might have stuck with the same job for the long haul (and in fact, more than 40% of Baby Boomers stayed with their employer for 20+ years), today’s economy is much more fluid, with millennials more willing to act on job opportunities and move from company to company. So all that old school financial advice? It doesn’t apply so much anymore.
Take a look at some of the biggest misconceptions about good debt vs. bad debt, and use the facts to get a better handle on your finances. You can consider this your personal debt payoff planner.