Debt Pitfalls
Let’s take a simple example - you do not have enough money and you want to live, you need food, clothes… this is life! A change in your financial situation can result in serious repercussions,job loss, health problems and inability to pay for medical treatment to name a few.
There are several reasons to get into debt. But most people do not use debts to their advantage.
Debt Traps
People suffer a lot due to debt problems mainly because it is so easy to borrow. Also people are sometimes fooled. For example some credit cards do not charge an interest for a limited time but when that period is over, logically speaking you end up paying double the applicable rate.
Another common reason about falling into debt is that people, especially the young, pretend or believe that they are managing their debts in a good way by paying the minimum amount every month without recognizing that paying the minimum adds years and years to pay off a small amount that can otherwise be paid in a few months.
***Note: This article is from a website that was recently merged into this site and may not represent the views of the sites owner. ***
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