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The Hidden Dangers of Using a Line of Credit to Consolidate Debt

Have you thought about using your low interest line of credit to consolidate your high interest debt? It might seem like an easy decision, but it could come at a cost if you don’t weigh the pros and cons carefully ahead of time. No one can predict the future with certainty, so considering things like rising interest rates, income changes, and how you manage your money is important.

Credit is a tool and when used wisely, it can help you reach your financial goals. Used in ways it wasn’t intended, credit can turn into debt that’s difficult to repay. Here are 4 dangers of using a line of credit that many people overlook…

Do You Think of Savings as An Important Expense?

Savings is an important expense for any personal budget.We all know that someone. They don’t look like they’re living life on a shoestring; they take annual trips, their kids play sports, and it’s not unusual to go out for dinner with them or take in a show together. But you can’t help but compare yourself; you earn about the same and have similar demands on your finances, yet they seem to be having an easier time. Do you wonder how they do it?

Most people aren't fortunate enough to have a stash of cash magically appear for them. A better strategy for financial freedom is to adopt a savings mindset. But what does that really mean, and better yet, how can you do that? Keep reading to learn more...