When it comes to money matters, the most common mistake we commit is taking on too much debt. Having high-interest debts, such as credit cards, payday, or title loans, can make it extremely difficult to climb out from under.
Many people struggling to pay back debt are tempted to take out other short term loans to help them get through the next month. Unfortunately, this strategy is destined to fail and usually increases debt owed and unmanageable monthly payments.
To ensure you pay your debts on time and don’t forget a payment, use an automatic payment system such as bill pay to guarantee the minimum balances are paid on time. Failing to pay your loans or credit card balances on time will result in penalties and fees, causing your debt obligations to balloon even higher.