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Neil Campbell on June 26th, 2009
photo credit: Nexeus Fatale What is a debt spiral? This is when the interest/repayments on loans reduce your available income so that you have to borrow more and more each month to keep up. It is a downward path that leads to serious financial problems and even bankruptcy. Example A family has a monthly income [...]
Continue reading about Beware the Start of a Debt Spiral – It Can Seem Like a Happy Day
3 years ago I was deep in debt and unable to see a way out. I was being called at home by debt collection agents – I dreaded the phone ringing. Every day I received threatening letters. Stress was making me ill and having to admit my situation to my wife was putting my marriage [...]
