Is There Still Such a Thing as Good Debt in this Economy?

The current economic crisis has been blamed in part on the lenders who issued mortgages to underqualified borrowers, spreading bad debt throughout the financial system. So, is there still such a thing as good debt?

James Burns, author of the new book The 3 Secret Pillars of Wealth: How to Crack Your Wealth Code Using the Tools of the Self-made Billionaires, believes that there is, and that following some simple rules can help you determine when to borrow money.

"People often view debt as all bad," says Burns, "and with the current financial crisis most people are either unable to get a loan or wary of borrowing money altogether. But there are times when you should borrow money."

Burns explains that businesses often borrow money to aid expansion and that investors have long borrowed money in order to capitalize on opportunities they might otherwise not be able to afford.

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