The Difference Between a Good and a Bad Debt.
At a point in my life, I use to pray never to borrow money from anyone or even organizations no matter what the case may be.
I believed strongly in the fact that one could rise from a low level to a very high level without getting loans from anyone.
My opinion however changed when I was faced with certain issues especially business related and I had to seek for loans (not even from only individuals but also from organizations), although this is not a willing act but I had no other option than to do what I had to do.
This experience however made me realize that there are different types of debts: there are good as well as bad debts.
Good debts are money borrowed for the purpose of something that will yield returns (for instance), money borrowed for business sake could increase and you will still have left over even after paying the loans you have on ground.
Bad debts could mean money borrowed to do things that may probably never yield any returns, example of bad debt is: borrowing money to either buy cloth, shoes or bags.
Such loans may be difficult to pay back especially if there is no good source of money to pay back such loans.
Dear friends, before you get a loan next time, be sure you are getting it for the right purpose and ensure it is a good loan.
Thanks for coming around, stay awesome and amazing. I am @tobi.