Top Dumb Debt Moves to Avoid this 2014

If you want to maintain your finances this year, here are some debt moves to avoid.

MSN Money recently released a list of 10 moves to avoid if you are trying to find financial relief this 2014. Financial silliness is not limited to them, and we can’t give them all of the blame. Check out this list of 10 decisions to consider that could possibly lead to debt.

1. Accept admission to the most expensive college that accepts you even though you have no idea what your career will be or how much you’ll earn

You are not doing yourself any favors by attending an expensive school that may saddle you with tens of thousands of dollars in student loans until you have a clue as to what you may be doing for a career. Until you find your passion, keep expenses in mind and consider a lower-cost university or community college and limit the amount of loans you secure.

2. Get married without checking your fiance’s credit report

Show me yours and I’ll show you mine. I know it’s not very romantic, but neither is finding out you won’t be able to buy a home when you wanted because your spouse has horrible credit and a large debt load. Knowledge is power. You owe it to yourself (and your intended) to find out what financial situation you are marrying into before you say I DO.

3. Apply for a job without first checking your credit report

Like it or not, many employers use the information contained in applicant credit reports as part of their selection process. You don’t want to be surprised by a question about your finances in an interview. Or worse, never get to be a finalist because of an inaccurate or explainable negative item from your credit report. Remember, 25 percent of all credit reports have errors!

4. Don’t save for emergencies because you can’t afford to

This is an oldie but a goodie. No emergency savings means you are setting yourself up for debt. You can’t be the master of your finances if you don’t have a savings cushion in place.

5. Take out a payday loan just until you get paid next week

The payday loan cycle is very hard to break. If you didn’t have the money for that unexpected expense this paycheck, why do you think you will have the money next paycheck? Look for alternatives to fund the expense such as selling something you don’t need or borrowing from a friend or family member.

To check out the complete list, please visit http://money.msn.com/debt-management/top-10-dumb-debt-decisions-in-2014-1