Without This One Thing, Staying Debt-Free Is Impossible
Being in debt can compromise your financial security, as paying interest eats up cash you need to make a workable budget, cover living expenses, and accomplish financial goals. It's something to be avoided, and you'll likely want to address it ASAP if you're already in debt.
But for far too many American families, becoming and staying debt free can seem impossible. Whether you find yourself struggling to get out of debt or struggling to stay out of it, borrowing often feels like it's an inevitability. And indeed, this is the case for the majority of us. Unless we have one key thing: an emergency fund. Here's why it's essential to staying out of debt.
Image source: Getty Images.
Source Fool.com
