This story is part of a series about financial literacy for small businesses in the Ypsilanti area. It is made possible by University Bank.
Accruing debt is part of managing both personal and business finances. However, it is important to understand the best ways to manage debt and the pitfalls to avoid when seeking debt for your business.
Jennifer Moon, an Ypsilanti-based loan officer for CDC Small Business Finance, defines debt management as “the overall process of assessing how much money you’re making versus how much you’re spending and making sure you’re not spending more than you’re making.”
Moon separates debt into two categories: good debt and bad debt.
“Good debt from a business perspective is debt that…
