17 Worst Debts To Avoid That Will Follow You Forever

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High-interest credit card debt: This refers to balances accumulated on credit cards with high annual percentage rates (APRs), leading to significant interest charges if not paid off quickly.

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Payday loans: Short-term loans with extremely high interest rates, often targeted at those with poor credit or low income,

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Overdraft fees: Charges incurred when you spend more money than you have in your bank account

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Personal loans with high interest rates: Loans taken out from banks or alternative lenders with high interest rates, which can result in substantial interest payments over time.

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Medical debt: Bills accrued from medical expenses that are not covered by insurance or are beyond what individuals can afford to pay out of pocket

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Tax debt: Money owed to the government from unpaid taxes, which can result in penalties, interest charges, and legal action if not addressed promptly.

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Student loans with burdensome terms: Loans taken out to finance education with high interest rates

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Gambling debt: Money owed as a result of gambling losses, which can quickly escalate due to the addictive nature of gambling and high-risk behavior.

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