Debt can be a useful tool for managing large purchases or covering unexpected expenses. However, when not managed properly, debt can quickly spiral out of control, leading to financial stress and even bankruptcy. This blog post will explore what a debt spiral is, how it happens, and the steps you can take to break free from its grip. 1. What Is a Debt Spiral? A debt spiral is a situation where an individual’s or family’s debt continues to grow at an accelerating rate, often leading to financial distress. As debt accumulates, the ability to meet repayment obligations decreases, leading to…