21 - Differences Between Good Debt and Bad Debt

According to the latest Stats Canada report there was $1.73 in ‘credit market debt’ for every $1.00 of household disposable income. Canadians are taking on more debt. But taking on debt is fine as long as most of it is ‘good debt’.  In this podcast Licensed Insolvency Trustee, Derek Chase takes a look at different kinds of debt. What is classified as ‘good debt’ and what is ‘bad debt’. Derek also offers advice on how to conquer bad debt. Other topics covered are:

• How to avoid bad debt
• How good debt can turn bad
• Why income tax debt is considered bad debt
• The most popular option to deal with tax debt

Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They are the ones that will give you honest advice about all the options available to you. 

Derek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.  

• Derek L Chase & Associates Ltd. Licensed Insolvency Trustee
• Good Debt vs Bad Debt: Understanding the Difference
• 5 Debt Warning Signs & How to Deal With Them