5 Things Moms Should Know About Debt

Many Americans are grappling with debt right now, whether that means student loans or credit card bills. But despite being a normal part of life, debt can quickly spiral out of control if left unaddressed. And the last thing you want to do as a mother is to leave behind a huge debt for your relatives to pay off should the worst happen.

Before that happens, it’s important to educate yourself about debt and what it entails.

Here are 5 things moms should know about debt.

Debt isn’t always bad

Sometimes, debt can actually pave the way to financial freedom, provided you can pay on time, so interest doesn’t build up. Case in point: business loans. The Balance notes that overhead costs like new equipment and employee salaries tend to be too steep for small business owners to pay in full upfront.


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