Debunking Loan Misconceptions

[Jim]

Debunking loan misconceptions is crucial for financial literacy. Loans aren't always bad; they can help achieve goals like education or homeownership. Interest isn't inherently evil; it's the cost of borrowing money. However, excessive debt and high-interest rates can lead to financial strain. Understanding loan terms, borrowing responsibly, and having a repayment plan are key to using loans wisely.