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Are you struggling with debt?

The Money Show’s Bruce Whitfield interviewed Galileo Capital Financial Advisor Warren Ingram for his weekly personal finance feature.

Ingram discussed the difference between "good debt", "bad debt" and "neutral debt".

He also discussed debt consolidation - the refinancing of debt by taking out one loan to pay off many others.

There are a number of advantages (e.g. lower cost of debt, simplicity, etc.) and, of course, a few disadvantages.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

Using debt to buy clothes, furniture, appliances or holidays is bad. There’s never a good reason to use debt to buy any of those things.

Warren Ingram, Galileo Capital Financial Advisor

Buying with debt an asset that increases in value is good.

Warren Ingram, Galileo Capital Financial Advisor

Debt consolidation is a good idea in about two out of 10 instances. However, for the majority of people it will become an enabler.

Warren Ingram, Galileo Capital Financial Advisor

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Article brought to us by Old Mutual.

This article first appeared on 702 : Drowning in debt? Help is at hand! You may want to check this out...

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