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Middle-class consumers are often the most vulnerable, as well.
Middle-class consumers should steer clear or at leastuse these products carefully.
The benefits are quickly outweighed when you carry a balance and pay interest, Morgan said.
Using credit cards to finance things long term is not ideal and very costly.
Debt can be an important tool, for example buying a house.
But typically credit cards are high interest rates and not an ideal way to carry debt.
If you should probably finance things, look for zero-interest programs or lower interest loans instead, Morgan urged.
It can be easy to over spend when these BNPL programs push thelow payment amount.
It can make it easy to believe you’re free to afford things that you cannot.
If you need cash quickly, look instead intocredit union emergency loansor community assistance programs.
Shes now 60 years old.
Buying physical gold helps you avoid this increased risk exposure.
Additionally, new vehicles usually depreciate about 20% in their first year.
But if you have an accident, insurance only pays theactual cash valueof your vehicle.
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