Not all debt is created equal — the same word, "debt," describes both a 30-year mortgage at around 6–7% interest that helps you build equity in a home, and a credit card balance charging north of 20% interest on a purchase that's already been used up. The label "good debt" versus "bad debt" isn't about debt being inherently virtuous or evil — it's about what the borrowed money is used for and what it costs to borrow…
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