There are many different types of debt; some would argue that all forms of debt are bad, whereas others classify debt into two categories; good debt and bad debt. We take a look at the difference between these two types of debt and how you can tell them apart. We also have some tips for dealing with bad debt when it gets out of control. 
What is good debt?
Good debt is borrowing money that helps you increase your net worth in the future. Some large ticket items, such as buying a home, are not affordable to the majority of people without borrowing money from a bank. However, taking out a mortgage is considered good debt as property is an excellent way to increase your overall net worth. Many homeowners will buy a property with a mortgage and work towards paying that mortgage off whilst living in the property. Their debt is managed through their mortgage payment plan, and they’re able to make a profit when they sell the property in the future. Another example of good debt is education. Student loans are expensive, but they’re considered an investment and a way people can improve their skills to make more money in the future. This classifies them as good debt; student loans are automatically paid from wages; therefore, by being employed, the person with the student loan is actively working towards paying off their debt. 
What is bad debt?
Bad debt is generally specified as borrowing money to buy items that will go down in value. This includes cars, clothes, electronics and other consumable items. It’s very unlikely that you’ll be able to make money on these items if you sell them again in the future. They will depreciate in value from the moment you buy them. That’s not to say you shouldn’t borrow money to buy a car or other consumable goods. When bad debt is minimised and managed correctly, it can be a good way to get things you need before you have the available money. However, the key here is to ensure you limit the amount of bad debt you have and borrow from reputable lenders with low or no interest rates. There is a sliding scale when it comes to classifying bad debt; interest rates and affordability are important considerations. Always make sure you can afford to pay back the debt to avoid getting yourself into a situation where you don’t have the income to pay your debts back. 
Debt solutions
Some solutions can help if you have uncontrolled debt that you’re struggling to repay. Debt consolidation, IVAs, debt relief orders, administration orders, and bankruptcy are all options you can use to get yourself out of spiralling debt. Get in touch with a debt advisor or look up each individual debt solution before you apply for an IVA or sign up for a debt consolidation service. It would be best if you found a debt solution that will work for your unique situation. This will depend on a number of factors, including the level of debt and the type of debt you have. A specialist debt advisor or debt charity can help point you in the right direction.
Debt warning signs
There are some warning signs to look out for when it comes to managing bad debt. If you find yourself living out of your overdraft or being unable to pay your bills on time, you may need debt management help. In addition to these, if you're struggling to sleep or find yourself constantly worrying about your debt and how you’re going to manage to pay it back, a finance review might be in order. It can be very easy for bad debt to spiral out of control and leave you in a situation where you can’t afford to pay back the amount you’ve borrowed. You may even go to extremes, such as taking out payday loans to try and pay back your debts. This, however, is likely to get you into more financial trouble. The best solution, if you're facing spiralling debt, is to reach out and get help from a professional. Once you have faced the issue, you can take steps to begin the process of getting yourself out of debt.
Resources:

IVA Advice - Telegraph
Advice on IVA - Are.Na
IVA Application - Bear
IVA Specialists - Slab

Good Debt vs Bad Debt

We have all perhaps spent a moment daydreaming about what it might be like to win the lottery and have more money than we could possibly imagine. Sometimes it is nice to think about what we might do with the money, and a lot of the time one of the first things people think of is getting their house renovated. Home renovations can be extremely expensive and unattainable for many of us, but what if we didn’t have to think about the money for a moment, what kind of dream renovations would you like for your home?
Whether you love a minimalist look, or something more edgy or more traditional, everyone’s sense of style is completely different so their idea of a dream home will be different. With that being said, there are definitely some interior design choices that are synonymous with wealth and luxury, and we will take a look at a few of them today. If money were no object, which of the following features would you add to your dream home?
Summer kitchens
A summer kitchen is usually a small building built close to the main house that is used as a place to prepare, cook and store food in the summer months. They were popular in previous centuries among those that could afford them, and they are certainly still considered a luxury today. The idea is that you want to make the most out of your outdoor spaces during the summer months, and will often need to have more ventilation when cooking on hot days. They are also the perfect household addition for people who grow a lot of their own produce in their garden.
Marble staircases
If you think of luxury interiors then you may picture a home with a grand marble staircase in gleaming white. These are a true standout in the world of luxury interiors and can cost millions of pounds. A marble staircase is sure to command attention in any home, but they need to have space to be fully appreciated. Marble comes in many colours other than white, and can be used to make all kinds of staircases from a modern straight staircase, to a curved staircase or even stunning bifurcated stairs. 
Designer bathrooms
A bathroom is much more than a place to go when we need to bathe or take care of business, they can also be a little sanctuary in our homes. There are few things more indulgent than enjoying a long, hot bath in a designer bathroom that has been made to your specifications and preferences. From whirlpool baths to ambient lighting and sound systems, a designer bathroom has to make anyone’s list of must-haves for their dream home. 
Glass links
If your dream home has more than one building on its grounds then you might like to think about having a glass link installed between them. These are stunning, contemporary features that make a home instantly look more modern. They also have a practical use because you can go between the buildings of your home without having to actually go outside which is lovely in the unpredictability of the British climate. If you are a plant lover, they are ideal for decorating with growing plants because they will get lots of natural light while being protected from the elements. 
Entertainment systems
No dream home would be complete without a great entertainment system, preferably housed in its own dedicated soundproof room with a snack cart and bar inside. They can be used for watching all your favourite movies and TV shows, gaming and listening to music. Because of how they are used, they should be designed for comfort and relaxation. 
Swimming pools
Many people would opt for a swimming pool at their dream home because they are a real status symbol. Small or large, a swimming pool is something that you can use to keep fit or to relax, or to throw an epic pool party for your friends and family. If your dream home is in the UK then you would probably want to have one indoors or make sure you have a robust heating system, unless you want your outdoor pool to be extra cold in the winter and spring. 
Resources:

Staircase Designer - Wakelet
Cantilever Stone Staircase - Postach
Curved Staircase Design - Tech.Blog
Cantilever Stone Staircases - Diary.By

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