Avoiding Financial Traps

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Business

Business & Economics

6 Financial Products the Middle Class Should Stay Away From

Summary

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72% Informative

Avoiding the wrong financial products can be just as important as choosing the right ones.

Middle-class consumers should steer clear or at least use these products carefully.

High-interest auto loans and misleading “buy now, pay later” plans can quietly drain your finances.

This leaves you in the position of having to roll negative equity into a new car loan, building even more debt. “Instead, if you can, put a higher deposit on a car when buying it to bring the interest rate down, and consider a used car to avoid the depreciation issue,” Gibson said. While many of these products can be tools if used appropriately, try to avoid getting yourself into debt or financial trouble by using them. More From GOBankingRates This article originally appeared on GOBankingRates.com : 6 Financial Products the Middle Class Should Stay Away From.

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful