Is all debt bad?

[Lisa1583]

Pues pienso que no todas ya que algunas deudas te ayudan a crecer siempre y cuando sepas sacarle el provecho

[Firehart1000]

No technically there are some debt that's hard to get out of but remember the only way to get credit is to stay in debt just do your best to stay in debt that you can pay responsibley so you don't drown in it

[Bob3]

Yes, why does anyone need debt? People in today's society think that you have to have debt to survive. It is a lie that creditors spend a lot of money every year to get us to believe. Save your money if you want to buy something. I'm a Soldier for a living with a single income, wife, kids and all of that and I am able to live debt free. If you check my credit score it says that there was no information and there might be an error. Still, I have a home, 2 nice cars and a life. Don't by into all of the marketing from creditors, find financial freedom.

[Nrobinson95baby]

Is there anyway I can get out of bad debt ? if so can you contact me and talk to me.

[ReTruth]

**Best Advice do not borrow what you can not payback. If you are not sure you can afford it. Don't do it.

The debt will reflect back good points if you make on time payments and complete payments.

The debt will also reflect negatives if you miss payments and/or do not pay off debt in timely manner based on a agreed due date.

Your Answer----
It is only up to you if its going to be good or bad.

Debt: is~ unpaid due balances
Credit: is~ award of paid balances

If you are in debt you owe money.

If you pay you debts owed on time to complete you have earned Credit.

In Return this Credit will allow you to have opportunity to buy more expensive things in a pale scale without the hassle of not having all the money upfront.

You earn this Credit into a score over years which accumulate trust with large amounts of money from banks and loaners that only you can borrow because of a reputable background of pay offs' on time and in manner.

[Chanaysk16]

No, but if have hospital bills on your credit report its illegal to be on your report. Especially, if no one tried to get in contact with you. Any debt on your credit report os often to be illegal.

[akhoney29]

I agree with Carl - this is the ticket! Great response, easy to understand and positive/proactive.  Thank you guys for the breath of fresh air. Debt is manageable but you have to be on it to make it work for you, not the other way around. I'm working on that myself having just bought a new house with a bigger mortgage and wanting to do the yard, but don't want to get in over my head yet. I'm close to paying off my wedding ring and my husband's doctor bills. So close I can almost taste the raised beds and welcoming backyard paradise!

[ReTruth]

the system is rigged doesnt matter what you think. I was put in default atudent loan 2007. They have helped thousand except me. It is 2019 I have not seen a Tax Return in 12 years. There results lied and said now Im in default in 2015. According to law its suppose to stop after 7 years. But they lied and restarted it. PAY FULL ONLY FOR ALL THINGS **bleep** CREDIT **bleep** A BANK **bleep** A LOAN TRUST ME DONT SUFFER LIKE ME

[Anonymous]

Why do you think it should stop after 7 years?  Getting a student loan discharged is extremely difficult.  See this article:

https://www.forbes.com/sites/zackfriedman/2018/06/18/bankruptcy-student-loans/#6cc61dc44f8b

[ReTruth]

FIRST OFF INTIUT U AND FISCAL AND DEPT OF EDUCATION TREASURY ARE PROVEN THIEVES. YOU PUT THAT INFO ON UR CRAPPY IRS TOPIC STATING IT STOPS IN 7 YEARS WHY DONT U ANSWER THIS... HOW IS 12 YEARS OF MY REFUND WHICH IS OVER 20,000 HOW IS THAT NOT ENOUGH FOR 10,000. YOU ARE RICH AZ F+++ WHY DO YOU EVEN ACT YOU CARE BUT US U.S. CITIZENS. SCREW A LOAN DONT DO IT

[ReTruth]

LOOK AT HELP ON TOPIC ON IRS IT SAYS IT. PLUS THEY HAVE TOOK OVER THE LOAN AMOUNT. THINK. IF I TOOK 12 YEARS OF YOUR TAX REFUND. SAYING YOU 10,000. BUT YOUR REFUNDS OVER 12 YEARS EQUAL MORE... DO YOU WANT TO BE IN THIS POSITION? I WILL GLADLY TRADE.

DONT GET A LOAN

[Exlacop]

Debt is definately bad. All debt is bad. But if your goal is a good credit score do 1 of the following. Have a trusted family member with open good credit add you as an authized user on 1 of their credit cards with good standing and low balance high limit. Or 2. Get a credit card and never use more than 9% of the limit always have between 1 and 9% used and always pay more than the minimum. Dont pay off to $0. Example $1000 limit card. Use between $10 & $90. If bill is $17 a month send $20 or $25. When paid off buy again. This will ensure max score every time.

[Polno]

Imho yes all debt is bad. The only thing that you absolutely need credit for is to rent an apartment at certain complexes. You can secure a homeloan with a zero credit rating. Think about it this way. How many millionaires have credit? Answer less than 25% . They got to be millionaires by staying away from debt

[tlhawthorne11]

Not all debt is bad.

With regards to credit cards, paying your statement balance each cycle will boost your credit rating by allowing your credit limit to increase. The percentage of your credit limit usage greatly impacts your score.

Home and auto loans with on time payments will also body your credit score. I'm my opinion an auto loan should never be greater than 50% of your annual income. Home loans should be no more than 3 times your annual income.

[Olya V]

This is so impressive, Carl!