Debt ; a threat and enemy of financial freedom.

in LeoFinance • last year

Hello Hive

The best form of life we can live is a life free of debt.
You may not be wealthy but it is important to stay out of debt.

Screenshot_20221218025435.png

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Borrowing a few bucks during hard times shouldn't be that bad as we all need something to survive on, but running into debts that amount to millions is disheartening for some folks have lost their lives committing suicide because they are unable to pay the debts they are owing and there is no hope of resolving the situation. They feel that it is better to end their lives rather than go to prison because of the debts on their profile.

How do people run into debts.

This is both a personal and generalized questions as individuals may have some unique reasons why they ran into debt while we may have a common reason as well.

  • Borrowing finances to start a business. Most business start up require some capital base which banks readily offer just because they are interested in their returns and may not necessarily have the business or its owners in mind.
    Central banks in different countries give out huge loans to their citizens instead of a business grant that will keep them out of debts.

  • Mismanagement of company and public funds; A lot of hands have gotten into trouble for mismanagement of funds, they take companies funds for personal use and even loan it to their friends living luxuriously on these monies until the debt roll gets larger.

  • Through theft.
    Well regardless of how careful one can be it is important to know that its possible to run into debts from internal or external theft.
    Money kept in ones care can get stolen by any means and been responsible for that money you run into debt either for been careless and not watchful enough or from a setup from an enemy... Just anything is possible.

It is important to look into others experience and lookout for the loopholes that can get one into debt.

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     last year  

    I will use this as motivation to help push me out a bad debt I am in right now.

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     last year  

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       last year  

      Very good post! Debt is a prison.

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         last year  

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           last year  

          Debt is indeed an enemy to financial independence and one has to be careful. Even if one is in debt which is inevitable, there should be a way to pay back and shouldn't occur consistently because it will delay one's journey to becoming stable financially.

          Then, going into debts because of your carelessness is a wrong thing.

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