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Understanding the four types of debt

Understanding the four types of debt

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 Money expert Melissa Brown categorises debt into four types: bear trap (payday loans with interest rates up to 68%), quicksand (afterpay and credit cards), bridge (mortgages and student loans), and fast car (investment debt for property, shares and business). She provides strategies for managing each debt type, from seeking free financial counselling for high-interest loans to negotiating better mortgage rates and finding additional income streams. Brown emphasises that young people have the advantage of time, noting that investing $250 monthly over 50 years could yield $3.5 million according to average market indexes.

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