Manage debt responsibly from "summary" of The Dumb Things Smart People Do with Their Money by Jill Schlesinger
Debt is not inherently bad, but it can become a problem if not managed properly. Responsible debt management involves understanding your borrowing capacity and being mindful of your spending habits. It's about using debt as a tool to help you achieve your financial goals, rather than as a crutch to support a lifestyle beyond your means. One common mistake people make is taking on too much debt without a clear plan for repayment. This can lead to a cycle of revolving debt that becomes increasingly difficult to break free from. To avoid this trap, it's important to borrow only what you can afford to repay within a reasonable timeframe. It's also crucial to have a budget in place to track your spending and ensure that you're not overspending ...
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