|
|
 Email this Page |  Write to us
How to avoid a debt trap
April 18, 2008
And now simple, everyday tips to help you avoid debt. Most of you might already know this
Before buying an expensive product, think well, it is a necessity or a luxury? You have to make a clear distinction of things you 'want' and 'need'? Can do live without it? If yes, then avoid buying it just because your friends or relatives have it.
Planning to buy a car? Go for the most economical model. Most often people go by looks. But looks hardly matter after you get used to car. What matters is value for money.
Always think about the incidental costs after you take a decision to buy any expensive item. You may think that buying a car will just involve paying off the loan amount. It comes with lot of other maintenance charges, which you should be geared up to pay.
You may be tempted to buy a lot of things with credit cards. Use credit cards judiciously. One of the easiest ways of getting into a debt trap is through a credit card.
Image: Don't go overboard while spending at superstores -- A Carrefour supermarket store in the Gubei district of Shanghai. | Photograph: Mark Ralston/AFP/Getty Images
Also read: Success mantras from a world champion
|
|
|
Advertisement
