Why You Should Avoid Debt

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Debt can cause many problems in your life and the best solution to debt is not to incur it at all. When I say this, I am not talking about buying a home or car. This concerns high interest credit card debt and the interest that comes along with it. After all, credit card balances are a result of something you bought without having the money.

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Not accruing debt is a mindset. It is about making a commitment to not buying things that you do not have cash on hand to pay for. You cannot even count the benefits of what we traditionally refer to as good debt. Many homes have not increased in value and have actually done just the opposite. And student loans have also become a huge burden to many people because they cannot find a job that will pay what they need to pay the loan off.

Student loans can help you have a high potential for earning, but it is important to choose a school that will give the education you need without breaking the bank. At the end of the day, is the Ivy League education going to worth what it costs you? Now when it comes to credit cards, carrying balances is throwing away money and many of the things purchased are unnecessary.

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If you do not make plans for the purchase of high ticket items, you will find yourself spending a lifetime making payments. And anytime you are making payments, you are also paying interest for the use of money that is not yours. This can add up to hundreds and often thousands of dollars over time.

Debt can bring you to your knees and ruin your life, but it does not have to be this way. Being proactive by avoiding debt is one of the best life skills you can have and anyone is capable of acquiring this ability. There is no better feeling than being debt free.

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