{"id":11392,"date":"2023-09-01T07:00:15","date_gmt":"2023-09-01T12:00:15","guid":{"rendered":"https:\/\/www.cainwatters.com\/digitalblogs\/?p=11392"},"modified":"2025-12-11T17:05:28","modified_gmt":"2025-12-11T23:05:28","slug":"good-bad-debt-management","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/good-bad-debt-management\/","title":{"rendered":"Is All Debt Not Created Equal? Good Debt vs Bad Debt"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"11392\" class=\"elementor elementor-11392\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-2157f023 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"2157f023\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1940cfe2 ae-bg-gallery-type-default\" data-id=\"1940cfe2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-60012d23 elementor-widget elementor-widget-heading\" data-id=\"60012d23\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What to pay off first in today\u2019s high interest rate environment <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-3df9a6f6 blue-box elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"3df9a6f6\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3247b2bf ae-bg-gallery-type-default\" data-id=\"3247b2bf\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2bcdb943 elementor-widget elementor-widget-text-editor\" data-id=\"2bcdb943\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Key takeaways<\/strong><\/p><ul><li><span data-preserver-spaces=\"true\">In the current economic landscape, debt priorities remain the same; however, payment strategies warrant a new approach.<\/span><\/li><li><span data-preserver-spaces=\"true\">Personal and business credit cards carry the highest interest rate, but it&#8217;s essential to consider any loans that have a variable APR. This is not ideal when rates are high.<\/span><\/li><li>Despite volatility, there is still &#8216;good debt.&#8217;<\/li><li>Ensuring you have adequate insurance coverage can help alleviate some stress.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-368f7e3d elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"368f7e3d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-280f73d ae-bg-gallery-type-default\" data-id=\"280f73d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-723b3392 elementor-widget elementor-widget-text-editor\" data-id=\"723b3392\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>We\u2019ve become accustomed to debt\u2014student loans for dental school alone can demand a six-figure loan be taken out. And then, as career and life progresses, there are practice loans and home and auto loans, on top of the credit card balances some carry.<\/p><p>Having a large sum of debt to carry around can feel stressful and weigh on the conscious, but debt can be a means to an end. Perspective is important when determining which type of loan to pay off first and which to not lose sleep over, says Financial Planner and CPA, <a href=\"https:\/\/www.cainwatters.com\/holly-grube\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">Holly Grube<\/span><\/a>.<\/p><p>\u201cJust the act of acknowledging the debt and formulating a plan of attack offers a lot of comfort and reassurance,\u201d she said. \u201cThere\u2019s comfort in knowing that you are managing it and moving ahead in the best way possible.\u201d<\/p><p>As high interest rates and stubborn inflation continue to reverberate through the financial news cycle (and consumers\u2019 bank accounts), having a rock-solid debt repayment strategy is more important than ever. As the old axiom goes, \u201cnot all debt is created equal.\u201d So the question is, does the current economic environment warrant a priority shift in what types of debt to pay off first?<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-609c4221 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"609c4221\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-54dd6270 blue-box ae-bg-gallery-type-default\" data-id=\"54dd6270\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-47e1f49a elementor-widget elementor-widget-text-editor\" data-id=\"47e1f49a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>According to Holly, the fundamental debt payment priorities remain the same as they did before the current economic instability; however, the strategies around how to approach paying each debt is where today\u2019s economic situation factors in.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-f7679d8 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"f7679d8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3b945f61 ae-bg-gallery-type-default\" data-id=\"3b945f61\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-56d2919c elementor-widget elementor-widget-text-editor\" data-id=\"56d2919c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>\u201cThe basic principle of paying down the debt that is costing you the most still rings true today,\u201d says Holly. \u201cBut we have to look at good debt versus bad debt as well.\u201d<\/p><h5><strong>HIGH PRIORITY DEBT<\/strong><\/h5><p>We are all familiar with \u201cbad debt,\u201d which includes credit cards, auto loans, credit lines and personal loans. But, right now it\u2019s not as cut-and-dry as just paying off \u201cbad\u201d debt first. When looking at your debt portfolio, consumers need to consider:<\/p><ol><li>Interest rates, taking into additional consideration whether the rate is fixed or variable<\/li><li>Pre-payment penalties<\/li><li>Tax benefits<\/li><\/ol><p>Short-term revolving debt like credit cards typically carry the highest interest rate of any loan vehicle, so it\u2019s no surprise that prioritizing paying those cards down first will make a big difference in the amount paid out in interest each month.<\/p><p>The same holds true, according to Holly, for business owners who are carrying a balance on a business credit card.<\/p><p>\u201cEven though there are some tax benefits to the interest paid on business credit cards, the interest rate can still be really high,\u201d says Holly. \u201cSo wiping out any outstanding balances that have a high rate will free up money that can be applied to other business debt.\u201d<\/p><p>Outside of the obvious debt with the highest interest, looking at loans that have a variable APR is another factor to consider when prioritizing which to pay first. A variable APR is not ideal when rates are high.<\/p><p>However, some loans people are carrying may be pre-inflation loans with a very low interest rate that was locked in. It may be smarter to continue the monthly payments in those cases, Holly said.<\/p><p>\u00a0\u201cIf you were lucky enough to score one of those ridiculously low 1.9% APR loans from a car dealer, for example, consider prioritizing paying off other debt or investing the extra funds,\u201d says Holly.<\/p><p>The other exception to paying off a loan early is if the loan has prepayment penalties. If it does, it\u2019s a matter of weighing the cost of the penalties versus the interest you will save by paying the loan off early.<\/p><h5><strong>LOW PRIORITY DEBT<\/strong><\/h5><p>Now we are getting into the category of what Holly considers \u201cgood debt.\u201d That is, debt that is helping dentists make more money. Loans that help dentists with purchasing a practice, expanding a current practice or adding new equipment are all examples of good debt.<\/p><p>Because the terms on business loans are typically favorable to dental practice owners, Holly has these loans lower on the list of early payment priority. She does, however, offer some advice to those seeking to open practice loans in this environment.<\/p><p>\u201cThe difference we are seeing in new business loans as opposed to a few years ago is in the fine print,\u201d says Holly.<\/p><p>One example is bigger prepayment penalties. \u201cSometimes it\u2019s better to pay a half percent higher on a loan that offers the flexibility to refinance when rates come down,\u201d says Holly. \u201cGo with one that has a good rate but also favorable terms for your unique situation.\u201d<\/p><p>Another example of good debt, albeit a difficult pill to swallow for many, are student loans. The longstanding federal student loan payment pause expired September 1, 2023, meaning borrowers will start making payments in October. Unfortunately, there\u2019s no chance of further payment pause extensions, due to a provision in the debt ceiling deal passed by Congress on June 2, 2023.<\/p><p>\u201cWhile student loans are a controversial topic right now, the basic premise of taking out loans to invest in yourself is good debt,\u201d says Holly. \u201cWithout it, many dentists wouldn\u2019t be able to take advantage of the earning potential that a career in dentistry provides.\u201d<\/p><p>Last on the list is paying off a home loan. Many homeowners are locked into low interest rate loans from before the run-up in 2022. Not only that, but even those who purchased in the last year or so are getting rates that are still relatively low from a historical perspective. Additionally, Holly says home loans offer tax advantages that lower the effective rate of the loan.<\/p><p>\u201cIf you have a home loan at 4%, the tax deduction on the interest brings your true cost of borrowing down closer to 3%,\u201d says Holly. \u201cOnly if there are no other debts to be paid or financial goals to meet, then putting extra cash toward the principle may make sense. Otherwise, take care of any other financial goals first.\u201d<\/p><h5><strong>CARRYING DEBT WITH YOU<\/strong><\/h5><p>One of the most important aspects of debt, especially in our current environment of high rates and even higher student loan burdens, is the heavy toll it can take emotionally. Holly says there\u2019s more stress and shame now than prior to the pandemic, especially for younger doctors who are shouldering more debt than ever before.<\/p><p>Although there are some schools of thought that having any debt is bad, that\u2019s not necessarily the case. Debt can be a justified means to an end. Creating a plan to pay off the debt strategically can help mitigate some of the stress that comes with monthly payments.<\/p><p>Ensuring you have adequate insurance coverage can help alleviate some of the stress of carrying debt as well. Doctors can take various debts into account when analyzing insurance coverages. \u00a0<\/p><p>\u201cYou should be taking your debt into account when you\u2019re picking insurance policies and it should provide you with some comfort that you have your bases covered in case the unthinkable happens,\u201d she said.<\/p><p>Knowing your debt payment plan and the correct amount of insurance to carry is something a financial planner can help you navigate.<\/p><p>\u201cDebt can be a difficult thing to talk about, but reaching out to a CPA or financial advisor is key to not only managing the debt, but mitigating the negative emotions it creates,\u201d says Holly.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-dda15ad elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"dda15ad\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-70641f10 blue-box ae-bg-gallery-type-default\" data-id=\"70641f10\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-335900c4 elementor-widget elementor-widget-text-editor\" data-id=\"335900c4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>As specialists in the dental industry, CWA advisors are uniquely skilled at looking at the big picture, including the current interest rate environment, personal cashflow needs, and a doctor\u2019s short- and long-term goals to find the best path forward. To connect with an advisor, <strong><a href=\"https:\/\/www.cainwatters.com\/contact\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">set up your free consultation<\/span><\/a><\/strong> today.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>In today\u2019s high-interest-rate environment, we explain how not all debt is created equal &#038; how to prioritize paying off high-cost debt while understanding when \u201cgood debt\u201d might make strategic sense.<\/p>\n","protected":false},"author":7,"featured_media":11399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16,41,18],"tags":[],"ppma_author":[48],"class_list":["post-11392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-news-feature","category-featured","category-financial-planning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is All Debt Not Created Equal? What&#039;s Good Debt vs Bad Debt? | CWA<\/title>\n<meta name=\"description\" content=\"In today\u2019s high-interest-rate environment, we explain how not all debt is created equal &amp; how to prioritize paying off high-cost debt while understanding when \u201cgood debt\u201d might make strategic sense.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/good-bad-debt-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is All Debt Not Created Equal? 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