If you’re a regular reader of my consumer advocacy columns, you probably already know that the word “free” should trip all kinds of alarms.
If not, don’t worry, I’ll get you up to speed: If you see the word “free” in a product offer, run!
But “free” can be used in another equally important context. Promises to make you “debt free,” for example, can leave you even deeper in the hole. There, too, my advice is identical — don’t walk, flee.
Personal finance experts like to draw the distinction between “good” and “bad” debt, but in 2010, they are wrong. There’s no such thing as good debt; there is bad and worse. And credit card debt falls into the “worse” category.