Before the Great Recession of 2008 overturned many long-held financial beliefs, it wasn’t uncommon for people to differentiate between “good debt” and “bad debt.” The thinking was that certain kinds of debt were worth taking on because you come out ahead in the long run. Buying a home and financing a college education were two notable examples.
But when home values plummeted and the cost of a bachelor’s degree soared into five or six digits, those once-safe investments in your future suddenly seemed risky or unattainable.
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Jason Alderman directs Visa’s financial education programs. Follow him on Twitter at PracticalMoney.