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Living with debt can feel draining. While many borrowers can find their credit card statements intimidating, for others, it can be their loan balances. People tend to accumulate debt over time. Some debts, like a home or a car loan, are referred to as "secured loans." But, sometimes, certain situations can force us to opt for high-cost debt, which can either be in the form of credit card debt or borrowing from the market at very high-interest rates. Such situations can lead us into a debt trap, which implies that we have more debt than we can repay.

However, turning your financial situation around requires some work. It requires commitment, strong self-discipline, and your get-out-of-debt plan. With the right financial prudence, you can always escape the debt trap.
 

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Start with some dividend-generating shares or preferred shares, from blue-chip safe organizations. You will be happy to see these dividends come every quarter, no matter how the stock is doing.
 
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