The Hidden Cost of ‘Good’ Debt: How Consumer Lending Can Sneak Up On You
Debt is a ubiquitous part of modern life, with many of us carrying some form of loan or credit balance from one month to another. In fact, according to a recent survey, the average American has around $38,000 in consumer debt โ including credit card balances, personal loans, and mortgages. While it's often tempting to view this as simply "good" debt, essential for purchasing homes, cars, and other necessary items, there's a darker side to this narrative that deserves attention.
When we think of debt, we usually focus on the obvious risks: accumulating too much interest, falling behind on payments, and harming our credit scores. But what about the less tangible consequences? The hidden costs that can sneak up on us when we least expect it? These are the financial equivalent of a slow-m...