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3 Deadly Oversights That Lead to a Lifetime of Debt

A lifetime of debt is certainly not something someone plans for. People go to work 8 hours or even more than 8 hours a day just to get financial security. Well, that’s probably what you’re thinking.
Some people go to work every day not to save up for the future but to actually pay off the debts of the past. And what’s worse is that it’s never going to be enough. They could work their whole life and still not be able to pay back the capital. That’s what you call a lifetime of debt.

Sounds terrible right? Yet, people easily get into this rat hole. Nobody forces them in! They walk directly, sometimes, they even run right to it. Note, with open arms! Now, who would want to run into a lifetime of debt? Nobody does but everybody does it! Such an irony.

However we enter that rat hole of lifetime debt, it’s still the same, we did and most of the time, it is always by our own doing. We enter into this “debt”-hole on our own. In fact, you could be walking directly into that rat hole right now!

Getting into Instant Money Schemes

How terrific it would be if, with one snap of your finger, you would be instantly rich. How amazing it would be to wake up and everything has changed. That’s really quite tempting. There are times that we get tired of waking up every morning, working 8 hours a day, 5 days a week, and getting just enough salary to make us survive for the month.

Sometimes, we just want to escape that reality. There are lots of instant-money schemes today where you would need to invest money and they will promise you that it will double or triple. Because of the idea, you instantly jump into the boat bringing all your savings with you.

What’s worse is that you don’t even know where the boat is heading. In a matter of seconds, you find the boat sinking and all your money going with it. Getting into instant money schemes is the best way to get into debt. You invest all that you have only to find it eventually gone.

Getting a Payday Loan

Now, this is a common scenario with many people. People have been warned about these easy-to-get payday loans. Still, people are patronizing it. In fact, more than 2 million people get payday loans every year.

What’s dangerous about these payday loans is that they have really high, I mean really high, interest rates! Plus, they get access to your bank accounts. What’s even worse, they are so easy to renew. When your payday comes and you don’t want a chunk of money removed from your account, you renew the loan and the cycle of debt begins.

Getting Things You can’t Afford

Sounds familiar? Maybe because you’re doing it right now. Trying to buy a house, a car or expensive things you think you need but still can’t afford? Well, that will surely get you to a lifetime of debt. The money paid for these things, plus all the taxes and other payments are more than what people can actually produce in a month.

The temporary solution, borrow, borrow, and borrow! That’s a lifetime of debt right there coming for you. You might have noticed by now that the easiest way to get into a lifetime of debt is wanting to get things easy and fast. Remember, if you want to avoid a lifetime of debt, plan ahead and practice self-discipline!