Avoid Unsecured Debt
No more debt traps
We’ll talk about debt in detail sometime later, but this article couldn’t wait as it outlines the single biggest change you can do to fix your finances.
Broadly, any debt (loan) you take on comes in two forms - secured and unsecured.
Secured debt means that the loan is backed by some form of collateral. A home mortgage or a car loan are good examples. If you default on the loan, the bank can repossess the asset behind it.
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