It’s easy to be turned off by the idea of money or personal finance. Money is greed. Money is boring. Money is selling out. The problem is, there are a lot of entities that count on that mindset so they can take advantage of consumers. And if you don’t take control of your finances, they will be glad to do so.
Man holding money in fist image from Shutterstock
Debt traps are services that count on your financial ignorance and neglect so they can profit off of your bad decisions. Before you know it, you’re stuck in a payday loan scheme with an interest rate of 400 per cent. Yes, 400 per cent.
It’s not always easy to combat this, but it starts with control and knowledge. Of course, there are much larger issues at play here. It also has to do with poverty and financial literacy and consumer protection. That said, those larger issues still point to the importance of taking back control and learning to manage your finances.
Money might seem boring or intimidating, and it’s a lot easier to brush it off as unimportant and greedy, and so many entities thrive on consumers doing just that. A better idea? Don’t be afraid to look under the hood and know what you’re dealing with.