Episode 29: Good Debt & Bed Debt
The vast majority of us will have debt at some point in our lives, and this isn’t necessarily a bad thing because debt can be either “good debt” or “bad debt.”Kathy Longo, CFP®, CAP®, CDFA®
Most Americans will have debt at some point, but this isn’t necessarily a financial failure. That’s because there is a distinction between “good debt” and “bad debt.” As a general rule, good debt facilitates a goal, such as buying a home.
Bad debt, on the other hand, is debt that includes a high-interest rate and doesn’t necessarily support a life goal, such as credit card debt. This week’s challenge is for those struggling with bad debt because, with discipline, it’s possible to find yourself free from bad debt and financially healthier.
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About the Author
Kathy Longo brings over 25 years of expertise and experience to Flourish Wealth Management. Kathy is wholly dedicated to improving the life of each client and finds joy in making complex matters simple and easy to understand. She excels at asking the right questions, uncovering new possibilities and implementing the most advantageous strategies for success. Playing such a pivotal role in her clients’ lives remains an honor and a privilege. After earning a degree in Financial Planning and Counseling from Purdue University, she began her career at a small firm in Palatine, Illinois where she worked directly with clients while learning to build a viable, client-centric business. Over the years, she gained extensive knowledge and wisdom working as a wealth manager, financial planner, firm manager and business owner at notable, various sized companies in both Chicago and Minneapolis.