The Various Dangers Of Debt
A debt may be good or bad, but one aspect of debt that doesn’t change is that debt is dangerous. If you think about it, it’s crazy and scary how a few simple credit card transactions slowly and gradually transform into a mountain of debt? Debt opens a lot of doors to financial misery. Here is a list of a few dangers of debt which will help you avoid it at all costs: 1. Debt is deducted from your net worth - There are two methods of increasing your net worth, either by increasing the value of your assets or by decreasing your liabilities. Debt always falls in the category of liabilities. If you do not have any money that you owe to your creditors, you have nothing to deduct from your net worth. Adding to your net worth is going to make you wealthy gradually. 2. Getting out of debt is very tough - Perhaps swiping a credit card or getting a loan takes just a few minutes, getting out of it can take years of toiling. Living a debt-free life can be quite a cha