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A lot of people dream of getting out of debt. Perhaps you are one of them. The splendor and the liberty of being debt-free, of not owing anything to anybody is an extremely desirable prospect, one that deserves serious consideration and action.

All financial debt is not the same. There are some kinds that are terrible to have; others aren't so bad. So which is which?

It is usually helpful to sort debts into one of three types: consumption debt, use debt and investment debt.

Consumption Debt is financial debt acquired to spend, use up, with no residual value. An example would be funds you borrow for taking a vacation. You borrow the money, expend it for the vacation and afterwards there is nothing of hard cash value left. Oh, you will in all likelihood have some wonderful memories as well as good feelings, but nothing that you could convert into cash

Almost all credit card debt is consumption debt. Most credit card debt is bad. It is the costliest and most stressful type of debt to have, with high interest rates and fees along with strict repayment rules. If you're past due with a payment the terms can change and tighten up on you.

Consumption debt often is the worst type of type of debt to have. It is to be avoided, and when you have it, you should be paying off credit card debt first.

Use Debt is debt you will get with purchasing something to use, like a car, a truck, a boat or an airplane, as an example. Use debt is usually secured by something of value but that is depreciating every year. It may not be good, but is sometimes necessary to give you some thing to aid you to work or to transport oneself to work. It's bad, but is not all that bad.

Investment Debt will be debt you acquire in buying or having assets which will generate income or financial savings sometime soon. Examples are college loans to help you obtain a university degree or perhaps advanced degree, a home loan which permits you to acquire a home, build equity instead of paying rent. Investment debt puts money-making or perhaps saving assets that you could use under ones control.

Investment debt, to purchase real money-making assets could be almost a good thing. Much better than doing without and not having the ability to produce the income or save the money that the assets acquired provide.

When you are paying off debt, you ought to pay off credit card debt first. Investment debts should be the last to be paid.

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