In this day and age, it is nearly impossible for people to go through life without taking out a loan. With that being said, a lot of people are concerned about taking out loans, and assume that they will somehow ruin their financial futures if they do. This is far from the truth — if taking out a loan ruined people financially, then the majority of people in America would be in real financial trouble. Right now, it’s estimated that seven out of ten people have at least one credit card — which is, in essence, a loan, as credit taken out is paid back over time. For that matter, 88% of home buyers have mortgages, which are home loans. With the costs of property, cars, college, and much more rising, it’s very likely that you will have to take out a loan at some point or another.
What can cause trouble isn’t so much the act of taking out a loan in the first place, but taking out bad loans or trusting bad i