Explain whether the following consumer goods are classified as good or bad debt. Explain your rationale. a.
Question:
Explain whether the following consumer goods are classified as good or bad debt. Explain your rationale.
a. Mortgage
b. Home equity line of credit to build a new patio
c. Student loan d. Gap credit card to purchase new wardrobe
e. Car loan for 2018 Dodge Charger with $0 down payment
f. Car loan for 2018 Ford Focus with $5,000 down payment
Line of CreditA line of credit (LOC) is a preset borrowing limit that can be used at any time. The borrower can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again in the case of an open line of credit. A LOC is...
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a Mortgage x good debt Homes tend to increase in value over the long term allowing you to ...View the full answer
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Related Book For 
Personal Finance Turning Money into Wealth
ISBN: 978-0134730363
8th edition
Authors: Arthur J. Keown
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