Will Buying a Home Bankrupt Me?

If you have to buy some furniture, consider buying something used until you're prepared financially to do something else. Never spend your mortgage money on something frivolous. And watch the plastic. Paying for essentials with a credit card may lead you faster into a financial quagmire. 

If you ever find yourself unable to make house payments and are worried about foreclosure, phone your lender to work out an arrangement. Or, turn to a not-for-profit credit counselor or agency (it should be free, or virtually free) to draft a strict debt management routine and put you on a payment plan. You can lump debts into one loan consolidation and pay off a specific amount each month, typically at a lower interest rate than you otherwise could.

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