{"id":25723,"date":"2021-04-27T16:07:41","date_gmt":"2021-04-27T20:07:41","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=25723"},"modified":"2023-06-05T13:31:00","modified_gmt":"2023-06-05T18:31:00","slug":"3-types-of-debts-to-avoid-at-all-costs","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/3-types-of-debts-to-avoid-at-all-costs\/","title":{"rendered":"3 Types of Debts to Avoid at All Costs"},"content":{"rendered":"\r\n

Most people have some form of debt<\/a> whether it\u2019s a car, mortgage, etc.\u00a0 As long as you\u2019re making your monthly payments on time, it\u2019s not a big deal.\u00a0 It can even help build credit history<\/a> and boost your credit score<\/a>.\u00a0 However, there are some types of debt that can quickly spiral out of control and cost you a lot more than you anticipated.\u00a0 Here are 3 types of debt to avoid at all costs.<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

Payday loans<\/strong><\/h2>\r\n\r\n\r\n\r\n

Payday loans<\/a> take advantage of people who are in a bind and need money fast.\u00a0 They\u2019re easy to get because lenders don\u2019t check your credit, but the high interest rates make them hard to pay back.\u00a0 It’s not uncommon for payday loans to come with an APR<\/a> of 400% or more.\u00a0 The average loan is two weeks and usually you\u2019re charged a $15 fee for every $100 you borrow.\u00a0 Let\u2019s say you need $500.\u00a0 You’ll need to repay that amount plus an additional $75.\u00a0 For someone who’s already struggling to make ends meet, it won’t be easy to come up with the extra cash.\u00a0 If you\u2019re unable to repay the full amount by the due date, some lenders will let you do a rollover to extend the due date.\u00a0 However, there\u2019s yet another fee attached.\u00a0 According to the Consumer Financial Protection Bureau<\/a>, over 80% of payday loans are rolled over or renewed within 14 days.\u00a0 So, if you\u2019re considering a payday loan, expect to get trapped in a cycle of debt.<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

\r\n
File your taxes now!<\/a><\/div>\r\n<\/div>\r\n\r\n\r\n\r\n

\u00a0<\/h2>\r\n

Credit card debt<\/strong><\/h2>\r\n\r\n\r\n\r\n

Credit cards<\/a> are great when used responsibly.\u00a0 They\u2019re convenient, they can help you build your credit and you can earn rewards for your purchases.\u00a0 The key is to only charge what you can afford and pay it off by the due date.\u00a0 Unfortunately, credit cards are the most popular form of debt.\u00a0 Many people overspend and end up paying high interest rates.\u00a0 Right now, the average credit card interest rate is 16.15%, but you can expect to pay even more if you miss a payment.\u00a0 Once your payment is more than 60 days late, credit card companies can apply a penalty APR up to 29.99% to current and future purchases.\u00a0 That\u2019s an expensive mistake that can really ruin your finances.\u00a0 So, think long and hard before you swipe your credit card.<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

Unpaid taxes<\/strong><\/h2>\r\n\r\n\r\n\r\n

Trying to outrun the IRS<\/a> to avoid filing and paying taxes will only lead to expensive consequences.\u00a0 First, you\u2019ll be penalized for missing the tax deadline.\u00a0 The penalty is 5% of your unpaid taxes for each month it\u2019s late.\u00a0 After 60 days, the minimum penalty jumps to $435 or 100% of your unpaid taxes, whichever is less.\u00a0 You\u2019ll also be penalized for not paying your tax bill on time.\u00a0 The penalty starts at 0.5% of your unpaid taxes each month it\u2019s late and can climb up to 25%.\u00a0 You\u2019ll also accumulate interest on your tax debt.\u00a0 If you continue to ignore your taxes, the IRS can put a lien<\/a> on your property, garnish your wages, make you forfeit future refunds, and revoke your passport.\u00a0 One way or another, they\u2019re going to get their money.\u00a0 If you still need to file your 2020 tax return, ezTaxReturn<\/a> can help.\u00a0 It\u2019s the fastest and easiest way to do your taxes.\u00a0 If you owe money, but can\u2019t afford to pay the full amount, we can help you apply for an installment agreement with the IRS.\u00a0 So, you can pay your debt off over time.<\/p>\r\n

 <\/p>\r\n

File your taxes online in 30 minutes or less.\u00a0 It’s fast and ez!<\/h2>\r\n","protected":false},"excerpt":{"rendered":"

Most people have some form of debt whether it\u2019s a car, mortgage, etc.\u00a0 As long as you\u2019re making your monthly payments on time, it\u2019s not a big deal.\u00a0 It can even help build credit history and boost your credit score.\u00a0 However, there are some types of debt that can quickly spiral out of control and […]<\/p>\n","protected":false},"author":3,"featured_media":25743,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-25723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"\n3 Types of Debts to Avoid at All Costs<\/title>\n<meta name=\"description\" content=\"Some types of debt can quickly spiral out of control and cost you a lot more than you anticipated. 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