HOW TO DISTINGUISH BETWEEN GOOD AND BAD CREDIT
How do we distinguish between good and bad credit. The most will tell me, what are you talking about? Credit is credit. Luckily that is not true.
Credit can be good. It can assist you to receive passive income from assets if used correctly.
Next time when buying clothes, luxuries, furniture, etc on a credit card, clothing or furniture account... decide whether any of this will benefit you in the future .
I am not saying do not buy luxuries. Do not buy it on credit.
When you buy on credit you cannot really afford that item, not true? You will end up working harder and more hours to try pay back this "bad debt" back.
Good debt will be to buy an asset that provide passive income.
Using a bond to finance the purchase of a property. The property will get rented out for passive income.
Using a hire purchase to finance a truck or other vehicle for business purposes.
Buying luxuries out of this income is great and you do not create stress about huge credit card debt.
There is a lot of other ways to create passive income.
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