Debt traps

Of course there are many potential debt traps in today’s society. However, the greatest debt trap is always oneself. There are many temptations to overspend your money. But it is always you who says “yes”. What can the individual do to avoid stepping into one or the other professionally laid trap?

• Take time to think through every purchase, however small
• Discuss purchases with people of whom you know that they can handle money properly
• Make a list of the most important things that you really need and limit yourself to these when money is available
• Remember when making part-payments that the cost is only spread and not reduced. As a rule, the cost even rises due to charges and interest
• Make a list of all incomes and outgoings, and consult it whenever making a purchasing decision