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In this article we talk about 2 debt traps a lot of people will fall into this year and what to be aware of in order to stay away from them. This article is dedicated to everyone who has decided to look at their financial health and make a conscious step to change their situation.
The years 1970, 1980, 1990, 2000, 2010 and 2020 are decades that have one thing in common. They bore witness to the international market and economy going through extremely difficult times. The good news, we always came out of it stronger, however, these things will continue to happen due to the market always correcting itself in order to bring in to check bad practices.
The best thing about turbulent times is the levelling of the playing field. This is where sense and long term strategy beat market hysteria and fear.
All the volatility in the market presents excellent opportunities to invest in companies with excellent track records of success.
Turbulent times provide anyone with a once in a lifetime opportunity to put aside as much money as they can to build their future wealth.
The way to do this is to first understand what debt traps to avoid so that you have more money to invest instead of being stuck with bad debts that drains your bank balance and leaves you living pay-check to pay-check.
If at all possible, here are the 2 debt traps you should avoid this year: