Poor Man’s Debt

Expensive Poor Man’s Debt is commonly seen when someone has come out of poverty and has enough money to finally start saving. Since there is extra money, individuals finally get to purchase the luxury car or the nice apartment that they have desired. Scan2 2Be care with these purchases, without a financially mature mind, the debt of these expensive purchase could leave you still living paycheck to paycheck again. Even though these are expensive items, you cannot resell the apartment or resell a car financed by the bank. All that was creating was another bill and nothing is gained from going into that kind of debt.

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