Post
Topic
Board Economics
Re: Things to avoid when you earn a lot or become rich
by
wiss19
on 16/06/2024, 20:16:55 UTC
To most, debt is a trap.  It's like being in a hole that the sides keep caving in - you have to expend effort just to keep even and even more of you want to get ahead.
I think the ones who said that debt is a trap, are only the people who also don't take loans. Maybe there are still people who thinks that debt is risky or can give them a headache, though they have no choice but to still continue availing it because they also need the money for something important. I think this isn't totally wrong, and maybe if we are on their shoes, we will also do the same thing.

In the United States, the biggest debt traps are student loans, new car loans, and credit cards.  Collectively, these will keep most people poor their entire lives. 
Not only in the United States but I think it is also the same as other countries. Maybe they will struggle financially afterwards but they can say that at least, they are now enrolled and can study on their chosen school or courses, they can now drive that new car that they have been dreaming of, and they can now have that other items with the help of their credit cards.