{"id":11696,"date":"2021-03-08T07:00:00","date_gmt":"2021-03-08T13:00:00","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=11696"},"modified":"2025-05-14T15:32:07","modified_gmt":"2025-05-14T21:32:07","slug":"good-and-bad-debt","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/finance\/good-and-bad-debt.html","title":{"rendered":"Understanding the types of debt"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2019\/03\/Good-and-Bad-Debt-1.jpg\"><img decoding=\"async\" width=\"1500\" height=\"500\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/03\/GettyImages-1149146449.jpg\" alt=\"\" class=\"wp-image-15104\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/03\/GettyImages-1149146449.jpg 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/03\/GettyImages-1149146449-1100x367.jpg 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/03\/GettyImages-1149146449-768x256.jpg 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/a><\/figure><\/div>\n\n\n\n<p><em>The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. <\/em><a href=\"https:\/\/www.lexingtonlaw.com\/disclaimer\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\"><em>See Lexington Law\u2019s editorial disclosure for more information.<\/em><\/a><\/p>\n\n\n\n<p>\u201cDebt\u201d is the word that keeps a lot of Americans up at night. In fact, one 2019 survey found that <a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/news.gallup.com\/poll\/249164\/americans-feel-generally-positive-own-finances.aspx?g_source=link_NEWSV9&amp;g_medium=NEWSFEED&amp;g_campaign=item_&amp;g_content=Americans%2520Feel%2520Generally%2520Positive%2520About%2520Their%2520Own%2520Finances\" target=\"_blank\" rel=\"noreferrer noopener\">25 percent of Americans<\/a> report worrying about their financial situation all the time. While debt can feel overwhelming and shameful, it\u2019s essential to understand that not all debt is created equal.<\/p>\n\n\n\n<p>Debt is a financial obligation that requires an individual (the debtor) to pay money back to another party (the creditor). It\u2019s a way for us to receive an item or service now but pay for it later. While the term \u201cdebt\u201d often has a negative connotation, there are different types of debts, and not all are necessarily bad. This article will discuss the different types of debts, including what is considered a \u201cgood\u201d debt and what is considered a \u201cbad\u201d debt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-is-it-always-bad-to-have-debt\">Is it always bad to have debt?<\/h2>\n\n\n\n<p>No, it\u2019s not always bad to have debt. Debts are typically split into two categories: good debt and bad debt. Good debt is more like a necessary evil, though\u2014you might just think of it as \u201cbetter\u201d debt.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-good-debt\">Good debt<\/h3>\n\n\n\n<p>Simply put, good debts are <strong>investments either in yourself, your business or your future.<\/strong> Good debts are ones that will increase your net worth or have future value. Examples of good debt that will increase your net worth over time are mortgages (a home) or <a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.lexingtonlaw.com\/bad-credit\/student-loans\" target=\"_blank\" rel=\"noreferrer noopener\">student loans.<\/a> <\/p>\n\n\n\n<p>As you pay off your mortgage, you\u2019re building equity. This equity is considered an asset and increases your net worth. A student loan also increases your net worth as it gives you the skills you need to grow your career and income.<\/p>\n\n\n\n<p>An example of a good debt that helps you generate income is a smart investment or a small business loan. You may not see the returns right away, but these debts have the potential to earn returns in the future.<\/p>\n\n\n\n<p>Lastly, it might surprise some individuals to learn that consolidated debt is considered good debt. Consolidated debt is when you take out one large <a href=\"https:\/\/www.lexingtonlaw.com\/bad-credit\/personal-loans\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">personal loan<\/a> to pay off several smaller loans with varying interest rates and timelines. This type of debt is a smart decision that usually means you\u2019re paying less interest overall on all your previous outstanding debts.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-bad-debt\">Bad debt<\/h3>\n\n\n\n<p>Bad debt usually has one of three characteristics:<\/p>\n\n\n\n<ul><li>it cannot be reliably repaid and will incur interest,<\/li><li>it purchases a depreciating asset, or<\/li><li>it cannot generate income in the long term.<\/li><\/ul>\n\n\n\n<p>Unfortunately, bad debts typically carry high interest rates. Credit cards are an example of bad debt. The average credit card interest rate is 16 to 20 percent.<\/p>\n\n\n\n<p>Payday loans are even worse. Approximately <a href=\"https:\/\/www.forbes.com\/sites\/advisor\/2019\/10\/27\/the-true-cost-of-payday-loans\/#1520eda56947\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">12 million Americans<\/a> take out payday loans annually. And, on average, the people taking out these payday loans only make $30,000 each year. The average interest rate on payday loans varies by state depending on the specific state\u2019s regulations. In Nevada, the average APR is 652 percent, while in Virginia, it\u2019s 254 percent.<\/p>\n\n\n\n<p>Using that Virginia rate, let\u2019s examine a $500 loan over a 12-month period. The borrower will end up with a monthly payment of $117.57, pay $910.84 in interest and pay a total of $1,410.84 to borrow $500. That $910.84 in interest could\u2019ve been put toward better financial decisions such as saving, investing or paying off existing debt.<\/p>\n\n\n\n<p>Lastly, auto loans are bad debts because cars are a depreciating asset. We\u2019ve all heard the expression that cars start losing value the minute you drive them off the lot. In fact, a brand-new vehicle can drop by more than <a href=\"https:\/\/www.carfax.com\/blog\/car-depreciation\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">20 percent<\/a> after 12 months of ownership.<\/p>\n\n\n\n<p>One way to identify bad debt is to recognize that it costs you more money than the initial price tag.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-main-categories-of-debt\">What are the main categories of debt?<\/h2>\n\n\n\n<p>When you\u2019re trying to determine whether a debt is good or bad, it can help to understand these three main categories used to define debt: secured, unsecured and revolving.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-secured\">Secured<\/h3>\n\n\n\n<p>A secured debt requires some form of collateral. Car loans and mortgages are common examples of secured loans. The auto dealership gives you a car after approving you for a loan. Or, the bank approves you for a mortgage on a property. A credit check is needed on secured debt to ensure the borrower is reliable on payments. If the borrower stops making payments, the creditor can take back its property.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-unsecured\">Unsecured<\/h3>\n\n\n\n<p>An unsecured loan doesn\u2019t have any collateral; the creditor is just trusting that the borrower will pay back the debt. As these types of loans are riskier for the lender, they often come with higher interest rates.<\/p>\n\n\n\n<p>The borrower is bound to pay back the debt by a contractual agreement. The creditor can take them to court for failure to pay back the full amount, including interest. Some common examples of unsecured loans are credit cards, medical bills and gym memberships. Often when a lender can\u2019t get their payments, they contract out the negative balance to a collection agency to retrieve payment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-revolving\">Revolving<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/revolving-debt.html\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">Revolving debt<\/a> is a defined contractual agreement that allows an individual to borrow up to a maximum amount on a revolving basis. As long as the account is open, the individual can borrow the money at any time. Some examples of this are credit lines or credit cards.<\/p>\n\n\n\n<p>Revolving debt can have a fixed interest rate (credit cards) or a variable interest rate (a credit line). Additionally, this type of debt can come secured (a home equity line of credit) or unsecured (a credit card).<\/p>\n\n\n\n<p>Often, if you have a good credit history, you\u2019re given access to higher amounts of revolving debt\u2014for example, increases to your credit card limit.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-manage-your-debt\">How to manage your debt<\/h2>\n\n\n\n<p>Your debt is a crucial factor in determining your credit score. It\u2019s incredibly important to manage debt properly, no matter what kind of debt it is.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-choose-your-debts-carefully\">Choose your debts carefully<\/h3>\n\n\n\n<p>Whenever possible, don\u2019t take out debt you don\u2019t need. If you can live without the purchase, it\u2019s often better to buy it when you can pay it off right away.<\/p>\n\n\n\n<p>Additionally, always watch out for interest rates and other terms. A credit line likely has a lower interest rate than a credit card, and a credit card has a lower interest rate than a payday loan. Examine all your options and prioritize the loan with the lowest interest rate. As a general rule of thumb, always try to avoid payday loans.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-always-pay-off-revolving-debt\">Always pay off revolving debt<\/h3>\n\n\n\n<p>It\u2019s very easy to lose control of things with <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-101\/dos-and-donts-of-paying-off-debt-early.html\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\">revolving debt.<\/a> At the very least, you want to make your minimum payments on time. However, try not to make this a habit. Preferably, you want to pay off your revolving debt <strong>in full every month.<\/strong> If you can\u2019t do so, it means you\u2019re spending beyond your means and you need to cut back.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-look-out-for-your-credit\">Look out for your credit<\/h3>\n\n\n\n<p>The different types of debt you carry and how you handle them can have long-standing consequences. Many types of debts are attached to your credit report and credit score. Your credit score impacts many areas of your life. A poor credit score can stop you from getting a phone, a car, a rental agreement, a property and sometimes even a job. <\/p>\n\n\n\n<p>Always monitor your credit score and try to keep it above <a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.lexingtonlaw.com\/credit\/good-credit-score\" target=\"_blank\" rel=\"noreferrer noopener\">670<\/a>. If your credit score dips below this amount, get a copy of your credit report and consider credit repair services.<\/p>\n\n\n\n<p>At Lexington Law, we understand how challenging it can be to overcome debt and a less-than-ideal credit score. If you have inaccurate and unverified negative items weighing your score down, <a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.lexingtonlaw.com\/credit-help\" target=\"_blank\" rel=\"noreferrer noopener\">get credit help<\/a> from our team. Start taking control of your credit and finances today.<\/p>\n\n\n\n<p><a href=\"https:\/\/lexingtonlaw.com\/disclaimer\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\"><strong><em>Note:<\/em><\/strong><\/a><em> Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Understanding the different types of debt can help you make smarter financial decisions. Learn the difference between good and bad debt in this blog post.<\/p>\n","protected":false},"author":63,"featured_media":15104,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[534],"tags":[114,65],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding the types of debt<\/title>\n<meta name=\"description\" content=\"Understanding the different types of debt can help you make smarter financial decisions. 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