529 – Good Debt vs Bad Debt: How to Know When Debt is Smart or Risky
Is all debt bad, or can borrowing sometimes be a smart financial move?
Doug Hoyes and Ted Michalos discuss debt’s dual nature as both a financial tool and a potential burden. They break down the differences between "good debt" and "bad debt," providing clear advice on assessing what's manageable, when taking on new debt might be a smart move, and how to avoid common pitfalls.
Tune in for actionable insights on leveraging debt without letting it control your financial future!
Timestamps:
(0:00) – Conventional advice on “good debt” and “bad debt”
(4:30) – Understanding your Debt-to-Income Ratio (DTI)
(6:00) – Can you afford the payment? Key considerations
(10:45) – Warning signs you have too much debt: What to watch out for
(19:40) – Managing your Credit Utilization Rate
(21:50) – Feeling stressed about debt? You have too much.
(23:30) – How to assess the risks of taking on new debt
(26:00) – Debt as a financial tool: Pros and cons
(27:30) – Strategies for dealing with financial distress caused by debt
We release new content every weekday! Follow our socials for funny podcast clips, money management tips, Q+A, and more!
Hoyes Michalos Instagram
Hoyes Michalos Facebook
Hoyes Michalos TikTok
Hoyes Michalos Twitter (X)
Hoyes Michalos LinkedIn
Debt Free in 30 YouTube
Resources:
Straight Talk on Your Money
https://www.hoyes.com/straight-talk/
Hoyes Michalos Blog
Doug Hoyes on X
Find a Hoyes Michalos Office in Your Area Here
Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.
Te podría gustar
