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Workshops provide financial information

Also important is knowing the difference between good debt and bad.

Also important is knowing the difference between good debt and bad.

Investing in a house or education, Mack says, is debt that will likely pay off down the road. A trip, on the other hand, won’t.

Knowing there are different methods used to purchase items and, due to the effect of interest rates, some, like buying on credit or leasing, are probably more expensive.

“You end up paying more than if you bought it in the first place,” Mack says of both.

Understanding how and how much loan companies charge in usury rates before using one is also critical.

Debt is not only bad for one’s credit rating, it may also be bad for one’s mental health.

“It’s a huge stress. Self esteem goes down because individuals can’t find a way out. There is a lot of trying to maintain a facade when things are falling apart inside. That’s very difficult for people.”

The group’s workshops will provide plenty of information but they are not intended to give financial advice.

Mack plans to bring financial literacy workshops to any group that expresses an interest.