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Many people advocate avoiding debt or credit – and with good reason even though there’s nothing inherently wrong with taking credit. Credit should be considered a tool, and when used correctly, you can build credit worthiness, and claim rewards. When used improperly credit can add stress, cause repossession, or foreclosure.
When credit becomes bad debt, it could have adverse effects on your finances, relationships, and add stress to your life. Interestingly, many people find out the hard way that it is much easier to fall into debt than it is to get out of debt. However, if you take charge of your finances, you’ll be in a much better position to get rid of debt than if you resign yourself to the limiting forces of debt.