Some kinds of borrowing are easy to get into and hard to get out of.
Watch out for
- High-interest instant loans and loan apps
- Buy now, pay later used for everyday items
- Borrowing to repay other debts
- Long loans for things that lose value quickly
Protect yourself
- Read the full cost, including fees
- Borrow only what you need
- Use only regulated lenders
- Build an emergency fund so you borrow less
This article is general information, not personal financial advice. Consider speaking with a qualified professional about your situation.
