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Pitfalls To Avoid Falling Into Debt

Failure to budget: A budget is the most effective way for individuals to gain control of their spending.That lesson seems to resonate more with young people than older men and women. A 2019 poll from Debt.com found that 74 percent of consumers between the ages of 23 and 38 use a budget to govern their spending, while only 67 percent of consumers between the ages of 39 and 54 use a budget. A failure to budget can increase the risk of spending impulsively and make it hard for consumers to see what’s coming in and what’s going out.That’s a recipe for accumulating debt.