With $422 billion in credit card debt, $1.27 trillion in auto debt, and mortgage debt of $9.1 trillion, America is drowning in debt.
But what’s worse than debt? Dead money! Here we’ll discuss top 3 kinds of debt people fall in.Yes, there are good debts and bad debts, which one are you in?
Dave Ramsey won’t teach you this, but America is drowning in not only debt, but dead money. From the $9.1 trillion in mortgage debt, over $5 trillion of that is stuck in equity. That’s dead money, and that’s the biggest problem.
Here are 3 things about types of debt to remember:
#1 All debt is not created equal.
There is a difference between credit card debt and borrowing money to get an apartment building that cash flows. There is good debt and bad debt!
#2 You can’t grow without debt.
Sorry, but if you want to grow a business, borrow money. Apple and Google do it. Just about every growing, successful business borrows money to grow faster.
#3 Income is senior to debt.
The question isn’t about how much debt you have, but rather, how much income do you have? When you have more income than debt, you don’t have a debt problem.
If you’re looking to get some GOOD debt in your life, register with Cardone Capital. I use big debt to make big income—and you can join me.