You often perceived that having a debt or owing someone a money is a bad thing because of the liability or additional payables you get from it. You are partly right. But having debt is not always a bad thing.
How come?
Well, there is another type of debt and it is call "good debt." Review your history books and you'll find out that even the richest civilization that existed before flourished by having debt. At present, countries borrow or seek fund from the World Bank for the purpose of government projects known as national debt.
This has no difference with personal debt, as usually noted on college application essay writing.
For you to identify if the debt is a good one it is important that you can classify and understand the difference between a bad and a good one. Once you do, it will be easier for you to start using debt not because you run out of cash or you need it to cover something you owe but because you now know how to use it as your strategic advantage when opportunities are presented in front of you.
Take for example a person who loan an amount for education or business purposes. He earns from the money owed and pays on or before his due date. Can't you consider this a good debt?
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