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Credit card debt: Distinguishing the good from the bad

On Behalf of | Feb 8, 2018 | Credit Card Debt

In the debate of good debt versus bad, many individuals in Oregon or elsewhere may struggle to understand the difference between the two. In some cases, one may feel as though frequent use of a credit card can help to improve his or her credit score, provided payments never fall behind. However, this form of debt generally falls under the bad category, as it has been the source of financial troubles for many individuals over time.

In determining what types of debt could be considered healthy or good, the general idea is a debt that is considered good may hold future value or help a person bring in additional income down the road. For example, taking on a mortgage is a serious financial decision, but if a home sees an increase in value, it may bring in additional income to the owners in the future should they decide to sell. A student loan is another type of debt that can prove to be a source of stress, but the education obtained can help further a person’s career.

With the rewards offered and the potential ability to avoiding interest by paying balances off each billing cycle, some individuals may view credit cards as a healthy option. However, these debts are rarely viewed as good, and carrying a constant balance on such an account can leave a person paying down a balance for years due to high interest rates. In addition, even if a person is able to make the minimum payments on similar accounts, a high balance may still have a negative impact on his or her credit.

When credit card debts lead to significant financial hardships, a person may find it advisable to seek guidance from someone with experience in the area. A bankruptcy attorney can provide an individual with advice in developing a strategy to regain control of his or her finances. An attorney in Oregon can address a client’s financial situation, assist in pursuing relief from debts and provide guidance on how to prevent similar issues in the future.

Source:, “13% of Americans Think Credit Card Debt Is the Good Kind to Have“, Maurie Backman, Accessed on Feb. 6, 2018

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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.