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A very simple bad decision is to get into debt. And that is very expensive.
Dan Ariely
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Dan Ariely
Age: 57
Born: 1967
Born: April 29
Economist
Pedagogue
Professor
Psychologist
University Teacher
Writer
New York City
New York
Debt
Decision
Simple
Expensive
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The companies that provide debt, what do you think their goal is? Is their goal for you to fully understand the cost of your debt? No. So they're basically creating these approaches to make you feel like it is incredibly cheap or just to think about the cost per day rather the cost per year or cost for a lifetime. So debt is very simple mistake.
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It is very difficult to make really big, important, life-changing decisions because we are all susceptible to a formidable array of decision biases. There are more of them than we realize, and they come to visit us more often than we like to admit.
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What people do is they pay the small loans first. Why? Because they enjoy making the number of loans smaller. But of course it is a very ineffective way to pay debt down.
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It was shocking to realize how many low-income Americans don't have savings accounts.
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