Engaging oneself with debt is really not appropriate because this have a lot of disadvantages that affects one's aim to grow financially. The aim or mindset of achieving another goal would be disturbed by the debt we owe where we have no choice than to balance it up. Most of this debts come from when we borrow and as we may know it is very easy to borrow money or collect a loan but seems very difficult to pay back.
Our financial responsibilities to settle or clear out is important which is why you see people who borrow money with the aim of paying back. To some people it has become a daily routine where they borrow and then pay back with interest which might be of no favour but because there's no choice they just have to do so. However, having a means to pay back wouldn't shake anyone that much but when it has become a priority to do so it affects plans for the future.
Emergency cases are what drives most people into debt that wasn't planned and for some other people it involves business progress to avoid downfall of it. There are many ways in which people can find themselves into debt but what is required of them is to avoid money mismanagement where they need to know how to manage and spend money.
Living a life more than your financial capability is a burden to stop you from moving forward and when debt begins to troop in it becomes more of a financial challenge. Knowing your worth and the kind of lifestyle you live determines how possible your financial upgrade can come in place but when you fail to discover such financial challenges, it becomes a bigger issue.
I have a friend who was doing fine for himself where he works and controls a business of his own but then he has a bigger issue and that is the lack of managing money. This have being his disadvantage to the extent that he owes so many loan apps and instead of him to be planning of how to build a better financial live it has diverted him on how he can settle those loan apps.
Maintaining financial stability is never easy because so many challenges and obstacles do come in place that requires our actions to balance it up. This is a general challenge for every human but it is only those who know what they are doing that always scape through such financial problems with positive plans.
We should be aware that the more we try to settle or balance our financial expenses the more we realizes more are trooping in and as humans we have no choice than to find a way or means to clear them all. Dwelling on debt wouldn't help either because your only increasing the situation from worse to worst especially when their is no reliable source or means to depend on.
Having multiple source of income would really help a lot and as humans we need to work towards having as money to avoid financial troubles like this. Though it requires positive plans to achieve it but it would pay off if we eventually achieve that aim.
We are always going to need money and no doubt we will always come across financial expenses so what is required of us is to have a budget that will help minimize how spendings will take place to avoid welcoming debts.
Right on. Debt really holds people back, and should be the first thing tackled in a sound, simple financial plan. Personal opinion, not any sort of financial advice! Enjoyed the article.
It's a pleasure and I appreciate the feedback.
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Debt is unforseen that reflect bad on our financial life. Thanks for sharing !BBH
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It is really a distraction and disadvantage for financial progress.