There is such a thing as good debt
Coast Capital Savings has some advice when it comes to debt.
Statistics Canada recently reported for every dollar of disposable income Canadians have, they owed nearly a dollar 79.
That’s an all-time high.
Daryl Hosein, Coast Capital Savings spokesperson has some advice when it comes to debt.
He said some debt, like student loans and mortgages, are productive debt
Hosein said the kind of debt you want to avoid includes high-interest credit card debt that you might rack up buying consumer goods, like clothing.
He said there is no magic number for consumer debt because each person is in a different place, but if you are comfortable with the money you owe, it’s probably okay.