I really don’t want to know the part of world that you may be in. The certain thing is that things are getting expensive in every part of the world no matter how little it can be.
If things are getting more expensive, a lot of people may not be able to afford what they used to and this will lead so many people into debt. This isn’t even about what I’ve heard but what I’ve seen. Unfortunately, some people ain’t doing more than they can but they only have crazy responsibilities that may be choking and may lead them to debt.
In today's economy, most people almost always find themselves in debt. What's your take on being in debt in this era and what do you think are the positives and negatives of it?
Firstly, I’m totally against debt and I always try to shun it in every way but what if the situation warrants me to be in debt? I will surely be. Sadly, the world’s economy can be so draining that we see a lot more people in debt than before. For example, a man who’s the breadwinner of the family has four kids and all bills are on him. With the economic condition of the world, don’t you think such man will be in debt?
My take on being in debt is positive and can be a very good one. Debts are just like emergency saviors and can help clear your mess at that period in time and that’s one of the advantages of taking a loan but the major disadvantage is that you may have to pay more and more interest especially when you are the type who always extend loans.
I think there is a major mistake that people make. When I see people in debt, I mostly ask them what they use the money for. Honestly, I can’t blame a man who took a loan so he can pay his child’s school fees but how does he pay back? Salary? And if yes, what does he have to depend on for the whole month? Nothing?
I’m sorry to say but apart from emergencies like life threatening diseases, school fees or fees with deadline, the best thing we can take a loan for is business because you know you will surely get something out of it but not spend it on something you cannot benefit from. That’s what I feel but you may know better.
Have I found myself in such situation and how did I get out of it?
I don’t think there is anyone who has never been in debt and unfortunately for me, I took a loan for my fun lifestyle. I was just so lucky that someone helped me pay back the loan after I had extended it multiple times.
Also, that was when I knew that the best thing to take a loan for is business.
Debt can be helpful, debt can be draining!