Are you considering opening up a credit card, financing a new car, or taking out a short-term loan?
While loans, financing, and lines of credit can be beneficial tools, debt can also be a double-edged sword that can leave you financially trapped for far longer than you initially plan.
Below, I’ll share some cautionary tips to help you avoid falling into a debt trap.
Debt: easy to get into and hard to get out of
If you’re a younger individual and just starting to build your credit and financial history, the temptation to get into bad debt may be high.
As soon as you come of age, credit card companies will start sending you offers to open an account, retail stores will entice you to open up lines of credit, and buy-now-pay-later programswill tempt you to …