1. Buy everything you want anytime and anywhere. Clothes, shoes, gadgets and anything you fancy.
Timeline to trouble: Very fast. Approximately 1 hour. Spend all your salary in one hour and you’re in trouble for the rest 29 days.
2. When no cash in hand, use the always convenient credit card. Charge all your expenses into it and pay the minimum amount every month.
Timeline to trouble: Fast. Approximately 1 month. By paying minimum amount only, the magic of interest will bring nightmare to you soon. It will haunt you for many years to come.
A famous quote by Albert Einstein,
“Compound interest is the eight wonder of the world”
3. Take out a new loan to pay your current loan. It’s similar with a lie to cover another lie.
Timeline to trouble: Moderately fast. Approximately 2 months. Again, the interest will work its magic. Be prepared for non-stop calls and visits from your good old banks.
How long you going to be in trouble at this stage? Good luck, my friend. You need it.
