Unemployment, medical bills, a shopping addiction – these may all be obvious causes of debt, but they certainly aren’t the only ways people end up in the red.
Other forms of debt are more insidious. They arrive looking like a big break or a money-saving option. But instead of getting you out of your financial hole, they actually dig you in deeper.
Don’t let these five hidden sources of debt say “Gotcha!”
Your New Job
The problem: Your new job is supposed to be your ticket out of paycheck-to-paycheck living, but a big boost in income is often accompanied by a big boost in spending.
“When people get a new job, it looks like a limitless amount of money so they splurge on a new car or a buy a lot of clothes,” says Joe Heider, founder of Cirrus Wealth Management in Cleveland.continue reading »