Good Debt / Bad Debt

Just a simple explaination to help people understand that some debt may not be evil. A lot of people think that all debt is bad. This is not true always. Mortgage debt can actually be very beneficial. Ofcourse it is never good to owe more than you can pay, as we have learned in the 2008 housing/banking meltdown. Mortgage debt is used as a tax write-off, there by reducing your over-all tax burden. Compare this to credit card debt, the worst of all debt, and you can see my point. Also, do you get any tax break for that car loan that you have? No. Most debt does cause you to lose control of your finances and make you scared to death. But, there is one silver lining for mortgage debt.