29. Stuck in a Debt Trap
When you aren’t making a lot of money, it is easy to get yourself stuck in a debt trap. These are settlement scams, payday loans, and even pyramid schemes that require you to buy inventory up-front. Once you’re in one of these traps, the interest becomes so high you can almost never get out. Desperation forces people to make rash decisions. Some people feel too embarrassed to reach out to their friends and family when they are going through a hard time.
If you have been in this situation before or you might anticipate it happening to you in the future, try to prepare yourself for emergencies. Ask friends and family for help, sell your belongings on Craigslist, or try to set up a payment plan with your creditors. Do anything you possibly can before you resort to a payday loan.