A new car, a fancy TV, a college education: People are often enamored with the things that they expect to get when they borrow money. But hidden behind all the attractive gains are a whole lot of losses.
In almost every situation, borrowing money to get stuff is a bum deal. Yes, borrowing money helps you to purchase something before you’ve saved the money to buy it outright. But getting that stuff comes at a high price — when you borrow money, you give up a lot of things. In the end, you lose more than you get.
Debt causes us to lose things that are both tangible and intangible. Here are five of the most important things you lose when you borrow money: