The Fastest Ways to Get into Debt

As we all know, getting into debt is a lot easier than getting out of  debt. While no one means to go into debt, it can happen to the best of  us. Often it will happen before you even know what hit you. Losing track  of your finances and engaging in irresponsible spending are ways to get  into debt quickly. This article is going to cover some of the fastest  ways that people get themselves into debt.

Car Leasing

When you buy a car, once you make that last payment the car is yours  until you run it into the ground or just get tired of it and sell it.  But when you lease a car you are basically pouring money down the drain.  Why spend thousands of dollars on a car that you will have to give back  when the lease is up. This is a bad investment to make and a surefire  way to get yourself into debt.

Gambling and Lottery Playing

While most of us will buy a lottery ticket every now and then, most  of us also have the sense not to spend a ridiculous amount of money on  lottery tickets. However, some people get carried away and start  spending hundreds of dollars a week on lottery tickets that get them  nothing. Others prefer to take their money to a casino and hope they win  it back even though most of the time, most of us don’t. Either way,  engaging in these activities too frequently is another quick and easy  way to get yourself into debt. So before you play the lottery or head to  the casino, think about how much you can afford to lose and when you’ve  lost it, leave.

Co-Signing A Loan

Generally speaking, when someone needs you to co-sign a loan it is  because they do not have good enough credit or income to qualify for  that apartment or car themselves. Co-signing a loan means you are  responsible for paying it if the other person defaults. This can lead  you into debt before you know what happened. So unless you know someone  is responsible enough to pay for their own expenses, avoid co-signing a  loan for them or even lending money.

Credit Cards

Credit cards are great when they are used responsibly. When they are not, you can quickly find yourself swimming in debt. It is far too easy and tempting to buy things you really can’t afford when you can just charge them to your credit card and pay for them later. The problem is, when later comes many people find themselves unable to pay back their credit cad company.

If you find yourself in debt one option is payday loans. They are an easy way to get the quick cash you need to get yourself out of debt.

Car Financing

Buying a car you can’t afford because you think you can justify it by  financing that car is another fast way to put yourself in debt.  Financing a car is not cheap. You are better off buying a car you can  afford without having to finance it.

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