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The Role of Budgeting in Avoiding the Snowball Effect of Credit Card Debt
Manage episode 363752781 series 3470273
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Budgeting plays a crucial role in preventing the snowball effect of credit card debt. Individuals can effectively manage their finances, prioritize expenses, and avoid excessive debt by creating a budget. A budget helps track income and allocate funds for essential needs, savings, and debt repayment. It curbs overspending and discourages reliance on credit cards for discretionary purchases. With a well-planned budget, individuals can maintain financial control, make informed decisions, and break free from the cycle of increasing credit card debt.
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