Want to create an interactive transcript for this episode?
Podcast: The EPIC Podcast with Rob Gill
Episode: Debt: Pros & Cons of Taking on Debt | Is It Worth It?
Description: Debt can be a useful tool for achieving financial goals, but it should be handled with caution. Good debt is debt that is taken on for investments that will generate more income or increase in value, such as a mortgage or student loan. Bad debt is debt taken on for items that depreciate in value, such as credit card purchases. The pros of taking on debt include having more purchasing power and the ability to gain access to important resources. The cons include accruing large amounts of interest, reducing savings and limiting future financial opportunities. It is important to...