When does everyday borrowing become a problem?

Updated
young African American woman working on finances at home wearing purple jacket sitting at dining table.
young African American woman working on finances at home wearing purple jacket sitting at dining table.

Borrowing is woven into the fabric of modern life. While former generations might have lived by the rule that they never spend what they haven't already saved, for many younger people nowadays that's simply not an option. From university fees, to the rental deposit, and the small matter of being able to afford to eat before the first monthly paycheque comes in: often there's no alternative.

The question is, how can you spot when this borrowing becomes a problem, and how can you stop this having a long-term impact on your financial life?%VIRTUAL-SkimlinksPromo%

Advertisement