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| Name | How To Avoid The Debt Trap When Borrowing in Canada |
| Video Uploader | Video From True Loan |
| Upload Date | This Video Uploaded At 03-10-2019 22:22:53 |
| Video Discription | Want to know more about avoiding the debt trap when borrowing? Check out our full article here: https://trueloan.ca/how-to-avoid-the-debt-trap-when-borrowing/ A person’s spending and saving habits would usually determine their overall financial health. However, when connecting the dots, you could quickly determine that there could be more to debt than meets the eye. It might just take a little bit of common sense and also the will power to avoid falling into a debt trap in Canada. Signs That You Are Falling Into A Debt Trap Debt can be a vicious cycle. It can even be addictive for some people who have been habitually spending lavishly on credit cards or taking out payday loans and personal loans over and over again; without any direction. Experts say that if you have been borrowing money for more than three times a year then that is a telltale sign of a debt trap. • You borrow money even for regular expenses • You spend more than 50% of your monthly income on sale items • Financial Institutions are rejecting your loan applications Ways to Avoid The Debt Trap Sliding into a debt trap can be deadly so the best way to avoid this is to check your spending and income. You can’t pay off a debt with another debt especially if you have one too many to cover for everything. If you do this all the time, then this is a surefire road to financial rut. Here are the ways to avoid debt trap that you can do today: • Focus on good debt - If you are to borrow or take out personal loans, then it should be tied up to a good debt. • Use credit cards sparingly • Lifestyle makeover - Adjusting your lifestyle in the effort to reduce expenses could be painful yet necessary process to make ends meet and also avoid falling into a debt trap. • Take a zero-interest personal loan from family members or friends Check out our website for more https://trueloan.ca [f2GDztzeG78] |
| Category | People & Blogs |
| Tags | debt trap | debt | avoid | loans | lending | credit | bad credit | good debt | bad debt | borrowing | credit cards |
