Small Bad Borrower Habits That Can Cause Big Money Problems

Remember that moment when you pull out your credit card or click “confirm” on a loan app and tell yourself, “Just this once.” Sure, but let’s be honest: those “just this once” moments can quickly turn into big money problems.

Below are common mistakes that can put you in a terrible debt situation.

1. “I need it RIGHT NOW!” Instant Lending

Yes, we’ve all been there – strolling through the mall when all of a sudden you see those must-have shoes or the newest tech gadget. All of a sudden, the “need” becomes a “must-have” and you’re quickly swiping your credit card or getting loans from a licensed money lender online like there’s no tomorrow.

Don’t get us wrong—the occasional buy-on-the-spot is fine. The keyword is occasional, though, because you should stop borrowing money to spend if you find yourself doing it all the time.

Take a deep breath the next time you feel the urge to spend a lot of money. Give it some time, let the excitement die down, and then decide if it’s really worth it. After a while, your wallet will be grateful.

2. Making the minimum payments is good for your debt.

Band-Aids are known for putting them on a cut before you realize you need stitches. For now, they do the bare minimum but in the long run, the would remains unhealed. In fact, they’ll make the pain last longer and get worse over time.

Don’t fall into the trap of making only the minimum payment. Instead, try to pay more than the minimum whenever you can. In the long run, it can make a huge difference to have a little extra money now and then.

If you pay off your debts quickly, you’ll be able to spend your hard-earned money on things that matter more – like a true investment in your future self.

3. Not Reading the Small Print

Truly, reading the small print on a credit card or loan agreement is not very interesting. It’s like watching paint dry. But those little things can have a big effect on your bottom line. There may be sneaky fees, very high interest rates, or big penalties for paying off your debt early that lenders hide in the small print that can cost you a lot of money if you’re not careful.

So, read the small print carefully before you sign on the agreement and don’t be shy about asking questions if something isn’t clear. It may seem like a bother but the alternative means being slapped by these fees or charges you didn’t expect later on.

4. “Out of Sight, Out of Mind”

Bills and financial statements are things that no one likes to deal with – like all the money you wish you hadn’t spent, like ghosts of past purchases living in your mailbox. Forgetting about them and putting them in a drawer will only lead to problems.

Not paying your bills will not make them go away; it will make them worse. If you don’t keep track of your money, late fees, missed payments, and a lower credit score are all just around the corner.

Don’t stick your head in the sand; instead, make it a habit to check your bills and statements often. Every week or month, give yourself time to look over your money, keep track of what you’re spending, and make sure everything is going as planned.

5. The Juggling Act: Taking Out a Loan to Pay Off Another Debt

Life throws curveballs randomly, and they feel worse when you least expect them. Maybe your car breaks down or your pet needs surgery right away. It’s easy to get caught in the trap of moving money around to cover all your bases.

However, taking out a loan to pay off another debt may buy you time in the short term, but it will only lead to trouble in the long term. Instead of letting your money be a game of Jenga, make a budget and start saving. Every month, put some money aside for emergencies. That way, when something unexpected comes up, you won’t be caught off guard.

If you do get into a tough spot, don’t be afraid to talk to your creditors, like MM Credit, about what you can do. They are surprisingly willing to work with you, as long as you tell them the truth about what’s going on.


Don’t forget that taking charge of your borrowing doesn’t mean killing your style. This is about making better choices with your money and setting yourself up for a bright financial future. We’re telling you, those killer shoes feel even better when you don’t have a lot of debt.

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