What Is Debt: Good Debt vs Bad Debt Explained
Not all debt is equal. Understand how interest works, what separates good debt from bad debt, and when borrowing is a tool vs a trap.
What was corrected
The article's minimum-payment table modeled a 2%-of-balance minimum but computed payoff times and interest as if payments were fixed, understating both by a large margin; it also cited Stewart's 2009 study to the wrong journal and gave a specific Experian auto-loan figure.
Recomputed the table under the stated 2%-declining-minimum model, fixed the Stewart citation, and qualified the Experian figure.
Why this is better
The table's own stated payment structure (2% of balance) did not match its computed outcomes, and one citation named the wrong journal. Corrections recompute the math and fix the citation rather than adding new sources.
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