Debt Management

“If you buy things you do not need, soon you will have to sell things you need” (Warren Buffet)

We all love to spend and purchase something we want. This may mean overspending and obtaining credit or debt to purchase those goods. Although, we may think that overspending a little is not much but as you do it on a regular basis, debts may start to accumulate. It is critical to manage your debts and consider if they are good or bad debts. Good debts may be used for investment purposes which may result in tax deductions and investment returns while bad debts are non-deductible meaning you will need to repay the debt with your personal income.