From Smile and Conquer …
Not all debt is created equal. There are different levels of debt and when it comes to my mortgage, I consider that good debt.
Let’s say there is a sliding scale of awfulness when it comes to debt. Payday loans are the worst of the worst. They’re like the Charles Manson of debt. They are incredibly punitive, with interest rates often reaching 300% annually.
At the other end of the scale, you have mortgage debt. The significantly lower interest kind where you’re also building some equity (in a perfect world). That’s more like the guy who wears socks with Birkenstocks. No matter what the fashion trend of the moment may say, it’s a fashion faux pas but not much else.