Basic Rules of Borrowing Money

Borrowing money is the act of receiving money from a lender with the promise to repay it at a later date, with interest. It can be a useful way to finance large purchases, such as a home or a car, or to cover unexpected expenses, such as a medical bill or a job loss.

There are many different types of loans available, and the best type of loan for you will depend on your individual needs and circumstances.

Here are some basic rules of borrowing money:

• Only borrow money when you need to. Borrowing money should be a last resort…