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Is There Is Such Thing As Good Debt In This Economy?


(ALISO VIEJO, CA)—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.

“Borrowing money for the purpose of an investment is leverage,” says Burns. “And that can be a case of so-called ‘good debt.’ But you have to be careful when you do something like this.”

According to Burns, there are several questions you should ask yourself before borrowing money to determine if it is good debt. These include:

- Is the interest rate on the debt less than your investment will return?
- Are you borrowing more than you could afford to pay back if your investment fails?
- Are you borrowing money to buy something that will lose value, like a TV?
- Do you understand the terms of your loan?
- Do you have a concrete plan for using the debt to generate more wealth?

The 3 Secret Pillars of Wealth discusses these topics in detail and is Burns’ way of helping to educate wary investors. He says that now more than ever, investors need solid education about debt and its consequences.

“Don’t borrow money on a whim,” he says. “You should borrow money only if the terms are right and if the money is going towards an investment you know is solid. Avoid credit card debt and other high-interest traps that can weigh you down financially.”

An attorney and a former member of the United States Marine Corps Force Recon, James Burns has two degrees in law and one in taxation and international tax. He has over seventeen years of combined financial, real estate and legal experience.

For more information, contact the author directly at

White Diamond Press and author James Burns chose Arbor Books, Inc. ( to design and promote The 3 Secret Pillars of Wealth: How to Crack Your Wealth Code Using the Tools of the Self-made Billionaires. Arbor Books is an internationally renowned, full-service book design, ghostwriting and marketing firm.

(The 3 Secret Pillars of Wealth: How to Crack your Wealth Code Using the Tools of the Self-made Billionaires by James Burns; ISBN: 0-9801620-0-9; $19.95; 193 pages; 5½” x 8½”; softcover; WHITE DIAMOND PRESS)


 James Burns

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