Free debt advice is not that hard to come by. After all, American consumers with few exceptions will experience the pain of revolving credit, compounding interest, growing credit card debt, and minimum payments that do little to chip away at the mountain of debt compounding on a monthly basis.

Perhaps the most important focal point of debt relief is the suggestion to learn early on how to differentiate good and bad debt. Good debt, such as a home mortgage, secures an asset that has the potential of appreciating over time, covers a necessity, and also has the option of being repaid by selling the asset that secures it. In addition to the foregoing, this kind of good debt also has the potential of carrying some tax benefits!

Debt advisors are quick to point out that bad debt is the kind which is incurred for the purchase of consumer goods which are either used immediately, such as using a credit card to buy food, or carries a high interest rate. In addition, bad debt is the kind of credit account that is used for goods a consumer either cannot afford to buy outright at the time of purchase. More

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v      Alternative to Bankruptcy