Lenders encourage borrowers to refinance existing loans repeatedly, charging new fees each time while increasing the total debt burden without providing real benefit.
Yes. Landlords frequently check credit scores during rental applications. A poor credit history can lead to denied applications, require a larger security deposit, or force you into less desirable housing options.
Plan for known expenses (childcare, education) and build a robust emergency fund (3-6 months of expenses) to cover unexpected costs. This prevents you from reaching for credit cards when surprises happen.
BNPL services partition large costs into small, seemingly manageable payments, encouraging impulse purchases and allowing consumers to easily take on multiple concurrent debts that can quickly overwhelm their monthly budget.
Explore ways to increase income (side jobs, selling items) or reduce essential costs (downsizing housing, using public transportation). Seek hardship programs for utilities, rent, or debt.
