Loans give us a chance to do, buy, and experience things that you simply could never pony up the cash to do. They make owning a home possible. For most people, auto loans the ticket to buying a car. In some ways, loans are even an opportunity to build wealth. And in others, they’re an opportunity to spend like you could be wealthy.
There’s a catch. Borrowing money costs money – and it can cost a lot. You pay fees and interest on your loan, and if you have a higher than average loan interest rate, you could spend years paying interest before you even touch the balance.
If you want to borrow, you need these smart money tips to help you protect your finances when paying back a loan.