8) Paying Too Much Interest on Debts
Paying expensive interest charges whittles away at your cash all the time. It also makes it much harder to pay off the original amount you borrowed. Whenever you need to borrow, see if there is some other way to come up with the money. If you have no other option, be sure to shop around for the cheapest loan – with the lowest interest. Oftentimes buying a car with a loan from a dealership, for example, is a whole lot more expensive than you need to pay. By using a bank or credit union auto loan you can typically get the same car, much cheaper. You should also be wary of interest rates that are variable or can rise over time. Those can start off cheaper but ultimately get increasingly expensive.
Click below to share this article.