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7 Costly Debt Traps and How to Avoid Them


Not all debt is created equal. While most forms of borrowing entail risk, certain credit decisions are more likely to lead you into a downward spiral of indebtedness. We call these debt traps.

It’s incredibly easy to stumble into a debt trap. All it takes is a brief lapse in judgment. Opening a new credit card account without understanding the interest rates and fees, or the implications for your credit score, is just one example.

No one wants to become mired in debt — especially when common borrowing mistakes are avoidable. Read on to educate yourself about seven of the biggest debt traps and ways to avoid them.

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