Lessonfifteen
🧨 Mission 15: Financial Pitfalls to Avoid
🎥 Watch the briefing below. The final quiz unlocks automatically when the video ends.
📘 Lesson: Common Traps & Smart Defenses
1) High-Cost Debt
- Payday & auto-title loans → extremely high APRs.
- Rent-to-own → total paid often far exceeds retail price.
2) Minimum Payments = Maximum Interest
Paying only the minimum stretches debt and increases total interest. Pay as much above the minimum as possible.
3) BNPL Caution
Multiple Buy Now, Pay Later plans can cause missed payments and fees. Track obligations carefully.
4) Compare by APR & Total Cost
Don’t be fooled by “low monthly.” Longer terms often mean more interest overall.
5) Overspending Controls
- Use a list, spending caps, and the 24-hour rule for wants.
- Turn off one-click and remove saved cards on shopping sites.
6) Red Flags & What to Do
- Pressure to act now, unclear fees, upfront charges = walk away.
- If you can’t pay, contact the lender early for hardship options.
🔒 Quiz will unlock once the video finishes.