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This website demonstrates how individuals are in debt and have a very hard time having pay back the money they have already previously owned and now they are in a situation that forces them to take out more loans in order to pay back the debt that they are in. Thus, this leaves them to be trapped because they are unable to get themselves out of this situation.

This website was chosen because it goes into specific details about what debt trap is and how individuals managed to become trapped in debt. It also goes into great detail about how to avoid going into debt trap and what you can do to help your situation. Receiving advice and steps to take during this difficult time could be very helpful.

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What Are Debt Traps? Avoiding Financial Pitfalls

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Know the concept of debt traps and learn strategies to avoid falling into these financial pitfalls. Empower yourself with knowledge to make smarter decisions.

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This website is amazing! It is an organization that helps individuals to avoid debt by being extremely careful and taking cautiousness. There is 10 ways to avoid debt with great explanation for each and what your next step should be. Starting take precautions now and avoid being in debt later. Furthermore not leaving yourself in a position where you are unable to pay your debt off so you start taking these minor steps to avoid all costs of being there.

This website was chosen because it takes individuals through various steps that helps them to plan out how they can avoid being in debt for instance, with credit cards, loans, rent, tax and many more. It is easy to be in debt especially due to overspending and not taking precautions.

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There are lots of products and services on the market that may promise temporary relief from your debt-and some of them can. But most of them are just debt traps that can make your financial woes even worse. Here are the 10 Debt Traps and tips on how to avoid them.

Debt Trap #1: Credit Cards

Credit cards are a double-edged sword. In other words, they can be very helpful when you need cash, but if you don't manage your accounts wisely, credit cards can make your financial situation a lot worse. Here's how:

Fees can be exorbitant:

Late payment fees-If your payment is even one day late, you may be subject to a late fee of $39 or more.

Over-the-limit fees-If you go over your credit limit by even one dollar, you may be subject to a fee of $35 or more.

Cash advance fees-Most companies charge from 2%-4% of the amount advanced, with no maximum amount.

Balance transfer fees-Some creditors charge as much as 5% when you transfer the balance from another card. That's a $150 fee on a $3,000 transfer. So if your intention is to lower your interest rate, you may not achieve your goal when you consider the fee involved.

Annual fees: Some cards have annual fees as much as $400. That's a lot to pay for the convenience of using a credit card, especially when there are plentiful no annual fee cards available.

Sudden changes to your credit agreement can be very costly:

Rate increases for late payments-On some accounts, a late payment of even one day triggers an increase in the interest rate of the account. Some accounts that begin at 9% can instantly rise to as much as 29.99%!

Default rate increases-Some creditors will raise your rate if you have been delinquent on any other credit accounts! They regularly monitor your credit report, and if you've been late on any accounts, they'll penalize you.

"Rewards" programs. Any reward program that you have to pay for isn't really a reward program. If it's free-take it! If not-stay away!

Credit card registration services. These services compile all of your credit and debit card account information and arrange for the cancellation and replacement of any lost or stolen cards. Yes, it's convenient. But it comes with a price tag of anywhere from $49 to $99 a year, and you can do what they do all by yourself in about 20 minutes-for free!

TIPS: Read all credit card agreements thoroughly; and make all payments on time, or even a few days early. Useful resources are the Pay Off Credit Card, Credit Card Optimizer and Personal Finance calculators. If you find you are just treading water on your credit cards, try credit consolidation.

Debt Trap #2: Overdraft Protection/Bounce Protection

Overdraft protection and "bounce protection" provides for the payment of your checks-up to a specific amount-if you don't have enough funds in the bank at the time. You can also tap into it using an ATM if you're strapped for cash. But it's far from free:

The overdraft fee for a bounced check or over-limit withdrawal can be over $35 per incident, regardless of the amount.

Most programs demand that all fees, and the overdraft amount, be repaid within 30 days. But some demand repayment in 16 or even five days; and if you don't pay on time, they can send the account into collection!

Some banks even charge a daily fee of as much as $ 10 until you have repaid the overdraft amount.

TIP: If you'd like to sign up for an overdraft protection program, make sure you are aware of the terms you are agreeing to. Know what your fees are, when they are triggered, and whether or not your overdraft protection amount is included in your daily balance. Understand that "Overdraft Protection" is an optional feature of a bank account and that you can opt out of it.

Debt Trap #3: Mortgage Refinancing

When rates are low, it's tempting to refinance your home. After all, your monthly payments will go down, and you'll get some extra cash, right?

Not necessarily.

Only people with the best credit qualify for the lowest rates.

Even if you qualify for a low rate, there are still costs and other considerations, such as: Do you want to sign up for another 30 years of mortgage payments?

Also, ask for a detailed breakdown of origination fees and other closing costs associated with a re-finance. These costs can run between $1500-$5000, on average, for a single family home, adding to what you owe.

Finally, stop thinking of your house as an ATM machine. The purpose of a 30-year mortgage is to have it paid off when you retire, to reduce your expenses when your income decreases. Borrowing from your home will keep you house poor.

Debt Trap #4: Payday Loans

These loans are basically very expensive credit. You write a personal check to a lender for, say, $120, in order to borrow $100 for two weeks. The lender holds your check until your next payday, at which point the lender deposits your check, or you pay another fee to extend the loan another two weeks. So if you roll the loan over three times, that's 3 x $20, and you've paid $60 to borrow $100! That's an annual percentage rate of 521%!

Payday Loans are likely the worst debt trap of them all. Most of them roll into a second loan, and then a third. It's better to pay late or default on other, lower-interest debt than to take out a payday loan.

Debt Trap #5: Car Title Loans

These loans are secured by the title for your car, and the lender decides how much it will loan you for your car, as well as the time period of the loan. Not only can the annual interest on these loans be as much as 264%, but you may also lose your car if you're even one day late on your payment!

TIP: If you must resort to a car title loan, make sure you read your agreement thoroughly and you are certain that you will be able to pay on time.

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Debt Traps: How to Avoid Debt by Being Careful

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There are lots of products and services on the market that may promise temporary relief from your debt-and some of them can. But most of them are just debt traps that can make your financial woes even worse. Here are the 10 Debt Traps and tips on how to avoid them.

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Want to know what 10 debt trap you should not fall into then listen up, and go to this website because there is day to day transactions, going into credit card debt because of points and things you may not be thinking about that leads you to be in debt to these little things but they HAPPEN all the time! Why not protect yourself from all the stress and mess situations by reading these debt traps that is used in your daily life without you even knowing it.

This website is different from all the other website because it focuses mainly on credit card that is used everyday and may not be for the right reasons, so why not change that and ask yourself questions such as is what I'm about to purchase something I can repay back or is there great point deals that's pushing me to making this purchase.

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Chime is a financial technology company. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC

You probably know one of the most basic rules of personal finance: Spend less than you earn.

It's a good rule as it will generally help you avoid mounting debt . Yet, even if you watch your spending and , you may find yourself dealing with debt.

Understanding how debt works is key if you want to improve your financial situation. To help you avoid debt, here are 10 debt traps you should watch out for.

1. Deferred interest credit cards

If you're shopping around for a new credit card, you might see offers that state "no interest if paid in full within 12 months." These are deferred interest credit cards and can leave you paying a lot in interest if you're not careful.

With a deferred interest card, if you don't pay off the full balance by the end of the deferment period, you'll be stuck paying all of the interest that has accrued over the past 12 months. Yikes.

How to avoid it: Look at the fine print to see if you have a deferred interest credit card. If you do, make sure you have a payment plan that will allow you to pay off all of the interest by the end of the deferment period.

2. Using a credit card for daily transactions

Using a credit card for day-to-day transactions isn't necessarily a debt-trap, as long as you pay your balance off monthly. But using credit cards can lead to overspending and more debt if you're not careful. Studies show that when we pay for things with a credit card, we spend more than we would if we were to pay for them with cash .

How to avoid it: If you use credit cards for convenience, set yourself a spending limit based on your budget each month. If you can't stick to that spending limit, it might be time to ditch the credit card.

3. Going into credit card debt for points

Credit card bonuses can be enticing. But big offers like miles, points, cash back and more come with a temptation to overspend.

How to avoid it: If you sign up for credit cards that offer a big sign up bonus when you hit spending requirements, don't let that influence your spending. Spending more than you can afford or racking up interest charges isn't worth the bonus.

4. Making minimum payments

Your credit card issuer only requires that you make small, minimum payments each month. While making these minimum payments can seem like you're making progress on your debt, it's a bad way to tackle your debt. You'll end up paying a lot in interest over a long period of time.

5. Overdraft protection

If you're trying to buy something with your debit card and you don't have enough money in your bank account, you could be hit with massive fees if you have overdraft protection. Overdraft protection allows you to still make that purchase - for an average fee of $35. Making things worse, most people who get charged an overdraft fee, rack up multiple overdraft charges each year. The CFPB found that people who have accounts with overdraft protection are three times as likely to have 10 or more overdrafts each year .

6. Home equity loans

With a home equity loan, you're able to borrow money by taking out an additional loan against the equity that you've built up in your home. Home equity loans can be useful if you need to make home repairs. But, they can also lead you down a path of even more debt. For example, if you use your home equity loan to pay off high-interest credit card debt but then continue spending recklessly on your credit card, you may accumulate more debt.

7. Long-term auto-loans

If you have your heart set on a new car that is outside your price range, the dealer might offer a creative solution: rather than paying off your car in 48 months, why not extend it to 72 or 84 months? Your monthly payments will become much more manageable, meaning you can get that brand new car into your garage today.

You may want to think again.

Car shoppers today are opting for longer loans, with 32% of new car buyers getting loans that are 73 - 84 months long - that's six to seven of payments. Yet, this is a bad deal for a number of reasons.

First off, you'll end up paying more in interest. And, you're more likely to be underwater on the car (which means you'll owe more on the car than it is worth).

8. Payday or title loans

Payday loans and title loans are short-term loans for small dollar amounts that come with extremely high-interest rates. With a payday loan, a borrower typically promises to repay the loan at their next payday. With a title loan, a car owner borrows against the equity they have in their car.

These are both often considered predatory loans - loans with unreasonably high-interest rates that aren't in the borrower's best interest.

How to avoid it: Finding extra cash can be tough. But if it's an emergency, you might consider applying for a low-interest rate credit card or asking a friend or family member for a loan. If you need the money to pay a lender, consider asking for an extension.

9. Zero-interest financing

See something you want to buy but you don't have the money to buy it now? Not a problem. There are so many options to buy now and pay later.

Yet, being stuck making payments on something that you can't afford to buy in the first place isn't a good idea. If you rack up too many monthly payments for things you don't have the cash for, you run the risk of damaging your credit if you don't make all the monthly payments on time. Plus, do you really want to be stuck making payments for months on something that you might not really want or need?

10. Keeping up with the Joneses

Your neighbor gets a new luxury car. Your best friend took a 10-day Hawaiian vacation. Your co-workers treat themselves to sushi lunches. It's easy to overspend when everyone else seems to be buying everything. But by trying to keep up, you could be doing damage to your long-term financial health.

How to avoid it: Remind yourself that it's easy to see how much people spend, but it's hard to see how much they save. Putting your long-term financial health first will leave you much happier in the long-run.

Avoid Debt Traps

As you can see, there are many debt traps out there, and they are easy to fall into. But, once you're aware of them, they're also easier to avoid.

This page is for informational purposes only. Chime does not provide financial, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for financial, legal or accounting advice. You should consult your own financial, legal and accounting advisors before engaging in any transaction.

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10 Debt traps You Shouldn't Fall into | Chime

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Chime is a financial technology company. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC You probably know one of the most basic rules of personal finance: Spend less than you earn. It's a good rule as it will generally help you avoid mounting debt .

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You are in debt trap and what do you do now? What is your next step? who do you reach out? how do you get out of it? Ever curious and ask yourself. these questions? Well, this website is the right place for you to head because if we are not in debt trap, there are steps to avoid being in it. But once you're in debt trap it's a challenge to be able to get back to being financially stable or not in debt anymore. This website is your guide on how to receive the help you need, what you can do since you are already in that position and how you can make a difference by following the sequences provided.

This website illustrates what most website do not which is making recommendations such as credit consoler, promoting help as they should be on other website. Making suggestions to help individuals in this situation to lead them in the right direction. Making a difference in these individuals lives during a very difficult stage in their life.

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Life comes at you fast. It seems like only yesterday you received that great new credit card in the mail, and yet here you now sit, suffering the embarrassment of that very same card being declined because you maxed it out. How did this happen?

Well, it's no coincidence that people talk about debt like it's a trap. When you're in debt up to your eyeballs, you might as well be sinking into quicksand in the middle of the jungle.

Still, that doesn't mean that you should give up. Just like there's always a way out of quicksand (probably like a sturdy vine? Or something?) there's also a way to escape from your debt, no matter how firmly it has you in its grasp.

So grab your safari hats, keep your comically oversized butterfly nets at the ready, and check out these ten steps for escaping a dastardly debt trap.

Ask for help.

This is a good lesson for any situation, not just getting out of debt. Don't convince yourself that you have to do this all on your own. Seek help from a local nonprofit or a credit counselor. Talk to your friends and family members who are good with money.

Heck, you can even to talk to them about helping you directly, either by lending you money or by cosigning for a low-interest loan or credit card.

Granted, you should only do this if you are confident you can hold up your end of the bargain. The last thing you want to do is end up with even more debt plus a ruined relationship.

Still, the first thing you should do when escaping a debt trap is to ask for help. Trust us.

Stop spending money you don't have.

Asking for help might be step one, but it only beats out this step by a razor-thin margin. Before you can start getting out of debt, you first need to stop digging yourself even deeper.

Take a look at where you've spent money over the past couple months and figure out why you are spending beyond your means.

For some, this step will be easy, as the debt they're carrying will have been from a one-time financial or medical emergency.

For others, this will mean making serious adjustments to their lifestyle. If you need to change your spending habits, then go ahead make them, pronto.

The sooner you do this, the earlier you'll get out of debt.

Build (and stick to) a budget.

Good news, the actions you took in step two have already gotten you started on step three.

With a budget, you are going to stop letting your spending rule your life. Instead, you'll make a plan for where your money is going to go.

Take your last three months of expenses and put it into an Excel document-or use one of these handy budgeting apps.

Separate your needs from your wants, or things like rent and car payments that you must pay versus things like movie tickets and late-night rideshares that you can cut out.

Prioritizing your needs over your wants is the key to a good budget, especially when you need to pay down excess debt. The more you can put towards savings and debt repayment, the better off you'll be.

Make a debt repayment plan.

If you try and pay down your debt without a plan, you are dooming yourself to failure. So don't do that.

Instead, make a plan that is both reasonable and that leaves you some wiggle room in case an unexpected bill emerges. (For more on that, see the next entry.)

No matter what kind of plan you make, it can't rely on you paying only the minimum payments. Your budget needs to carve out room for extra funds.

The two best debt repayment plans out there are the Debt Snowball and the Debt Avalanche methods. With both of them, you put all your extra debt repayment funds towards one debt at a time.

People will swear by the Debt Avalanche method because it means paying off your highest interest debts first, but that can take a while.

The Debt Snowball, on the other hand, focuses on paying off your smallest debt first, which will give you early victories. For many folks, that's encouragement they'll sorely need.

Build an emergency fund.

Throwing all of your money towards debt repayment is all well and good, but it does come with a big downside: If you don't have any money in savings, you'll have to take on more debt any time a surprise expense comes your way.

The way to avoid that is to simultaneously build an emergency fund. While this might slow down your debt repayments somewhat, the financial security it'll provide is well worth it.

When you make a budget, set aside money from each paycheck that goes right into a savings account. Heck, you can even get money in cash and put it in an envelope under your mattress.

These funds are for emergency expenses, so they need be easy to access, but you'll also have to avoid using them for unnecessary purchases and splurges.

Your initial goal with an emergency fund should be $1,000. But really, the ideal size for an emergency fund is six months worth of living expenses.

Pay yourself first.

This is a simple but powerful financial lesson. Paying yourself first means putting your long-term financial needs before everything else.

In this case, you should figure out how much you want to put into savings and towards debt repayment every month. Once you have those numbers in mind, only then do you turn your attention towards building the rest of your budget.

It might sound a little silly, but you'd be surprised what can happen when you change up your financial priorities.

You might call this the financial equivalent of the baseball diamond from Field of Dreams: build these savings into your budget, and the money will come.

Be careful with debt consolidation.

One way to pay down your debt is to consolidate all your different debts into one single loan or credit card with a lower interest rate-or maybe with no interest at all.

But debt consolidation comes with dangers all its own, especially with credit cards. Using a 0% APR offer on a credit card to consolidate your debt can make your debt payments go farther, but what about all those old cards?

Closing those cards could actually hurt your credit score, but leaving them open invites a lot of temptation. If you're not careful, you could end up racking up even more debt. That's the last thing you need!

You need to be very, very careful, and keep those old credit cards in a place where you can't access them very easily.

Increase your income.

The faster you can get out of debt, the more money you'll save in interest and the sooner you'll be able to put that extra money towards stuff that's way more fun or productive or both.

But unless you want to start hunting local pigeons for food, there's only so much room that you can carve out of your budget.

The only other option, then, is to increase your income! You can do this by taking on a second job or a fruitful side hustle.

The one thing you'll want to watch out for is overwork and burnout, as that can lead you to make emotional splurge purchases.

Fix your credit score.

If you've spent years trapped in debt, the odds are good that your credit score is in the tank. (For reference: A credit score under 630 is considered " bad credit," but even scores below 670 can seem too dodgy for traditional lenders.)

The amount of debt you owe makes up 30% of your FICO score, so getting out of debt should help your score immensely. But don't get overconfident!

A better score will help you borrow money with better terms and at lower rates, so order a free copy of your credit report and see where exactly your score can be improved.

Here's a tip: If your years in debt caused any late or missed payments, make sure you make all your payments on time moving forward. The only credit score component more vital than your amounts owed is your payment history.

You can also follow these tips to AVOID debt traps altogether.

Guess what? It turns out that spending beneath your means, maintaining a budget, and building your savings are all great ways to stay out of debt in the first place! Just follow the advice we've laid out in this article, and your financial future should be debt-trap free!

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Life comes at you fast. It seems like only yesterday you received that great new credit card in the mail, and yet here you now sit, suffering the embarrassment of that very same card being declined because you maxed it out. How did this happen?

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YOUR DEBT ALWAYS FOLLOWS YOU WHEREVER YOU GO! This image displays the heavy bag as the debt which elucidates that it will be tied onto for the rest of your life and it will follow you until you have PAID every penny off.

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YOU ARE IN DEBT? NOW WHAT?? This image helps you to AVOID debt traps at all steps by making few suggestions to follow so that you never see yourself being in that position.

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What is credit card trap? He shares his experience with debt trap through his credit card and he never knew what it meant until he was in the position himself. He fall in the TRAP himself and now he will share his experience as to what he did and how he got himself completely out of it. He was fully aware that credits cards were a trap, he was warned about them several times and the manager that carries along and never took it to be serious. The same individual who thought that they have self-control when it comes to money is the same individual who was in debt trap with his credit card. This video is different from all of the other videos because he shares real life experience about debt traps and how he managed to pull himself out it. He shares his advice that worked on himself to help other people get out of being in debt.

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Here's Why Credit Cards Are a Trap | trying2adult

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How to AVOID debt traps and find out in a matter of minutes what you can do. Then this is the video that you should be watching. This video demonstrates many steps that individuals could take such as being being judicious and spending the money only on essential items rather than buying everything that is for material purposes. Why not stop and think about what is important to purchase rather than rushing to buy it because it's on sale but not an item that you actually need. The process of avoiding debt traps is to stop, think and then purchase. Being wise with your money is the way to go. Thus, this video is different from all the other because it's short, concise and it gets to the point. Letting you know all the details in a matter of two minutes. Yet, understanding in great details about the ways you can avoid it while you can without being financially unstable and unable to provide for yourself or even your family members.

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There are many ways to avoid DEBT trap but this video mentions how to change you habits and manage your finances better than what other videos have recommended. It discusses how individuals should spend less money than they earn, do not EVER borrow money for things that you want to spend that are not deemed to be important but rather wants more than anything. Set a good credit limit for your spending on the everyday basis for instance, $150 is all I can spend today and sticking to the budget plan. Lastly and most important start a savings account to help back yourself up whenever you need to borrow money or pay off loans you are able to depend on yourself rather than the bank or even other people who lend you money. This video is different from other vidoes because it focuses on three main issues which is spending , saving and income. It points out all the significant solutions to not putting yourself in debt.

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Struggling with debt and cannot get out of it? well you can watch this video that shows a YouTuber that goes into detail about his experience about what it's like being in debt from tuition, credit card debt and how to be back on track. He was in a $30,000 debt because although he had the money to pay off his debt, he did not and the loans accumulated over time without him paying much attention to his financials. What did that do for him? Only got him into debt trap and now he has to dug himself out of what he put himself into in the first place. By doing so, he managed to be back to financially stable without putting himself in the same situation. But although he was in serious debt, and had bad spending habits he co-signed for his girlfriend that only caused him to be in more debt and decreasing his credit score. This video is different from the other videos because he share his entire experience from all the way from the beginning where it happened to what he did and still doing till this day to live debt free.

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30k Debt (How I Got Myself In and out of the Debt Trap)

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What did you learn about your topic that surprised you the most?

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What did you learn about your topic that surprised you the most?

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The most important lesson I received from debt traps is sometimes the small habits of spending start accumulating over time or the debt that you are not paying right now while you have the money all ends up leading you to a debt trap position that you do not want to imagine for yourself. Debt traps follow you around at all times and it does not matter where you are, you will be reminded that you have all of this money to pay off but you don't have the money because you made poor decisions by putting yourself in debt. Not paying your tuition, not paying your credit cards, not paying your auto loans and many more direct you to having so much money to pay in the end, and sometimes you may not be able to pay all of that off because it is beyond what you are capable of paying. So it's important to check your pockets before spending, make wise decisions and think about your future. It does not matter how young you are, just remember it starts off small and then becomes a big thing and then you never know if you will be receiving the help to get rid of these debt traps until you start making a difference yourself.

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Provide a real-life example of how this topic is relevant or interestingfor you.

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Provide a real-life example of how this topic is relevant or interestingfor you.

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This topic is relevant and of interest to me for various reasons. One being, at one point I was over-spending and constantly would not think about my financial situation except putting everything on my credit card and just waiting for the bills to come and knowing in the back of my head that I will not be able to pay this because I'm not working that much. I was spending double than what I was working and let's just mention that it was not on essential products but more on products that I wanted for myself but I was aware that I do not really need it. I continued to go on like that for quite awhile until one day when I was about to purchase a car and what was required of me is a good credit score. They checked my credit and noticed how low it is and the finance dealer was telling me his experience of making bad financial chooses such as not paying off credit card and letting that become a debt that affects you in the long term. Ever since then my life completely changed, and I start making a difference to improve the way I was spending. That was my life changing experience to come out of going into debt traps.

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If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

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If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

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The most important thing to pass on is make a change now in your spending habits before it becomes too late and your unable get yourself out of debt trap. Making small changes will help you see the positive outcome and impact in your life. You will be more stable and you will thank yourself later for making small changes to your overall spending habits. Just remember debt trap only bring you stress, and effects your physical well-being and your mental well being as well. why sacrifice going through that when all you have to do is AVOID being in debt at all cost starting from now? Making a change for YOU. To HELP you in the end. To make you HAPPIER in the end. This is all about YOU.

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DO NOT MAKE UNNECESSARILY PURCHASES ON YOUR CREDIT CARD 

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DO NOT MAKE UNNECESSARILY PURCHASES ON YOUR CREDIT CARD 