Understanding Debt

Gaining an understanding of debt is a very important step in securing your financial future. Saving requires time and discipline and sometimes it is tempting to use debt to get what you want now and pay for it later. It pays to be extremely cautious of such a strategy and this can have a serious impact on you later in life.

Let’s say for example, you have managed to incur a credit card debt of $10,000, with an

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