Like fire, debt is a good servant but a bad master. If you manage your unsecured debt well, it can be rewarding. For example, credit cards let you earn cashback, miles or points on your purchases. Personal loans or credit lines can help you tide over a difficult situation when you need cash urgently as well. This is all well and good if you manage to make your payments on time. But just like fire, debt can quickly turn into a bad out of control master if you take on too much of it and fall into financial difficulty.

Source: SpongeBob SquarePants | Giphy I’m sure you would know, but falling deeply into debt with several creditors can be highly stressful. You will have to keep track of a thousand and one payment deadlines, and your creditors will regularly remind you of how much you...