There are two which one could argue are ‘good debt’ – can you pick them?
Let’s Talk About Debt, Baby
Meet Ashleigh, who has a car loan.
Credit cards.
Personal loans.
Buy-now-pay-later
Tax debt.
HELP debt.
Mortgages.
Payday loans.
There are two which one could argue are ‘good debt’ – can you pick them?
If you said mortgages and HELP debt, you’d be right. The others, we generally want to steer clear of.
There’s a lot to know about debt. Rather than getting hot and heavy, let’s take things slow and get to know a bit about these ladies.
Ashleigh is 22 and lives with her family. When she had her first financial coaching session, she mentioned she had a car loan. She borrowed a total of $20,000. $17,000 of this was used to buy a car and the remaining $3,000 was spent frivolously. Oops.
She had no idea what the interest rate was on her loan and was shocked to hear it was 13.5% pa. The high rate was partly due to the loan being ‘unsecured’, meaning they can’t take the car if she stops making repayments.
Continue reading to find out what Ashleigh, and the other eight things you must know on the day you start work…
Read the full article in WFO 2023 Mar Issue 3 – Click below to subscribe now
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