Consumer Debt: The Good, The Bad, and The Ugly
Fast forward to 4:05 on this video. Brian and Frank go over what is Good Consumer Debt and what is Bad Consumer Debt. At 6:12 of the video, looks like mortgage debt is on a decline (Good Debt) and Credit Card and Car loans are on the incline (Bad Debt).
About 6:40 in the video, they go on to say that everyone is worried about the “wedding day” aka the day you close on the home than what happens after the wedding day for the next thirty years. There is a really good point that Brian and Frank make from the National Real Estate Post. You cannot just think about the closing; you have to manage the finances what happens after the closing also.
My concern is who is taking on this bad consumer debt? Home Owners or Renters. Nothing is said about who is taking on the debt. It is all a matter of how to handling financing, which I truly believe there is a lack of education on actually managing household finances.
My two cents and observations… Thank you Brian and Frank from National Real Estate Post for the video that gave me this blog to write.