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Here are some common debt traps to avoid if youre trying tobuild your savings from scratch.
But in reality, theyre a financial black hole.
Some lenders may even send your unpaid payday loan to collections and take legal action.
And though making minimum payments may seem manageable, theyre designed to keep you in debt.
Only charge what it’s possible for you to afford to pay off in full each month.
Take the time to shop around for the lowest interest rates, ideally under 10%.
Plus, if you accidentally miss a payment, youll get hit with late fees or other consequences.
Before using a BNPL plan to buy something, ask yourself if you really need the item.
If you cant afford it outright, its probably better to wait.
Youll also want to research the earning potential for your chosen field and borrow only what you absolutely need.
Dont forget to also look intogrants, scholarships and work-study programsto reduce the amount you take out.
If you havent already, set aside a few dollars each week to start building a safety net.
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