Debts are not good

We start every habit considering little much won’t hurt and by this, we develop a habit and are not able to delay our gratification. Likewise, we start debiting money for smaller pleasure, and later on, it intensifies. This generally happens in today’s world due to fast fashion and technology replacement happening every year. To cope up with it and to mark their presence as wealthy individuals even by loaning for money; people are not hesitant to follow this trend and then they fall into debt.

So, here are mentioned few points, why debts are not good:

It encourages you to spend more than you earn: When you become habitual for loaning money, you can’t really control your temptations for buying new things. You would feel like you are getting what you wanted for free but eventually, that spending has to be balanced and you will realize you have no saving and that would hurt you.

Any time you take out a loan or charge something on your credit card, you’re borrowing from the money you hope to save in the future. Do you want to spend your money buying something that will give you momentary pleasure and make you worry about its debts afterward You never know what changes may happen in your income, so it’s always better to control your debts.

When you have debt, it’s hard not to worry about how you’re going to make your payments or how you’ll keep from taking on more debt to make ends meet. The stress from debt can lead to mild to severe health problems including migraines, depression, and even heart attacks. The deeper you get into debt, the more likely it is that you will face health complications and societal pressure to pay off your debts.

Debt puts unnecessary pressure on the household’s finances and creates a lack of financial security for your family. It can bring changes in your behavior and can ignite arguments about spending habits with family members dependent on you. Even your marriage life can be at risk even if your partner is earning you will always keep a check on who ​is creating more debt, and how much debt is too much. These fights can escalate and lead to a breakdown in the marriage.

You feel free while swiping your card or signing loan documents, but this is just an illusion. In general, you pay a price for the debt you create and that price comes in the form of interest. The higher the interest rate, the more you’ll end up paying for your debt. Also, the longer it takes you to pay off, and the higher your debt load, the more interest you’ll pay. So make control on your unwanted expanses just to show off in your society.

So, it is advisable to clear all your debts as quickly as possible. Take hold of your current expenses and pay off your debts first because one who who actually manages their money effectively and makes proper balance with their expanses and savings never have to worry about debts and lead a quite balanced and lavish life. So if you really want yourself a tag of self-sufficient do not fall for debts anymore. Because sometimes debt can be equal to death.

One life. Live Boundless