“If your debt is something that is hanging over your head and you’re worrying about it constantly, that’s something you should address,” he says. Any debt that affects your mental health or significantly diminishes your quality of life is a bad debt. Nitzsche advises taking an honest look at your situation and making a plan to resolve debt through a payoff approach like debt snowball — focusing on your smallest debts first — or by seeking debt relief. “Realize how uncomfortable you are with your debt and that it’s in your power to make changes.”
BOTTOM LINE:
Debt doesn’t have to rule your life. If you’re feeling overwhelmed, take the first steps to resolve your obligations.
The article Is Your Debt ‘Good’ or ‘Bad’? It Depends was written by NerdWallet and was originally published by The Associated Press.
SEAN PYLES is a debt writer at NerdWallet whose work has appeared in The New York Times , USA Today and elsewhere.
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