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Imagine a world in which no one could borrow money: no house, no car, no building that extension, and possibly no Christmas presents either.
The ability to borrow is vital. Shylock, you might argue, gave money-lending a bad name.
Indeed much of what we borrow is “good debt” – when the repayments are affordable, and they help us to pay for something over a period of time, like a mortgage for example.
The trouble only arises when those debts get out of hand, and you cannot pay back what you owe. That becomes so-called “bad” debt.
So how can you tell whether your debt is a problem?
First, you …
Read the full article at: http://www.bbc.com/news/business-41557634