Dumb Move No. 2: Going into debt for items that lose value
A related dumb money move is going into debt for items that lose value. Buying a house with a mortgage can be a smart financial move because you can almost always count on it appreciating (i.e. gaining value) over time.
But think about your credit card debt. What did you buy with that money? Do you still have it? If you do, could you sell it for what you paid?
I’ll go out on a limb and say the answers to those last two questions are maybe “no” and “definitely not.” Rather than go into debt and pay outlandish interest for items that are quickly tossed or become worthless, save your pennies and pay cash instead. If you’re not sure how, you may be making dumb money move No. 10 below.