Blog«Good Debt VS Bad Debt
Good Debt VS Bad Debt
Trident Commercial Finance
1 June 2018
23 June 2021
4.18 minutes
Test, Blog, Article

Bad debt is debt that you can’t write off in any way and it’s just costing you money all the time.

Good debt is debt you can write off, whether it’s your vehicle or your equipment, or your tools, your software, anything that you can put through your business. Good debt is tax deductible debt.

I can save money for people by getting them out of bad debt.

Some rule of thumb advice for anyone is:

  • Don’t do impulse buying
  • Do your research first
  • Educate yourself
  • Know exactly what you’re buying.

When I look back on when I bought my second car, a Renault Fuego, I’d always wanted this little sports car and it was fantastic.

The dealer said to me, can you afford $140 a week, and I said “Yeah, I can afford that” and I didn’t ask him any questions, I was young, I was naïve.

My accountant said to me when he was doing my books, “do you realise what you’re actually paying for that car?”

It was a seven year term and it was some ridiculous amount of interest like 23 or 24 percent and I should have been paying perhaps 10 or 12 percent.

It was double because I didn’t know.

I was a kid from the country, I was ignorant. That’s why in my business now I won’t rip people off because I know what it did to me. I was paying that car off for years and I won’t do that to people.

I think financial debt is the worst stress of all. It can create so many problems with you personally, with your health, with the kids, mentally, home, because you’ve got bad debt that’s there accumulating and you can’t do anything about it.

Its about educating people and helping them to understand the difference. I can help people get out of bad debt and save them a lot of money.

I can also save people a lot of money, not just on the cars or their equipment, but by doing the running around for them so they can concentrate on their business while I sort out and research the loan options for them.

My company Trident Leasing has more than 30 years experience in facilitating loans to make your dreams become a reality!

We have accreditation with more than 20 different lenders which means we have the ability to arrange funding for projects from trucks to office fit-outs to scaffolding and much more.

I’ll help you access finance through ‘good debt’ that helps to grow your business in a tax effective way.

If you want to know if you have bad debt and perhaps I can help you save some money, email me on peter@tridentleasing.com.au, or call me on 0418 382 370 Or Max Hamond on 0428 907 669, email mhamond@tridentleasing.com.au

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