Don't Borrow Money For Longer Than The Thing You're Buying Will Last

Going into debt is, at best, a decision that should be made with caution.

However, there are certain situations where it’s necessary or beneficial.

The debt and stress incurred for that specific purchase will not be worth it.

If you have to borrow, match the repayment term to the life of that purchase.

You should still weigh your purchases based on what you’re free to already afford.

However, this is one very helpful red flag.

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Photo byJeff Ferzoco.