What makes our lives dominated with debts?

Philippines
July 31, 2009 11:26am CST
Debts... a five letter word that many of us dreaded to hear or talk about. And yet the reality is, we all have debts. We may even deny it but sometime in our lives, there has been the burden of debts on our shoulder. The question is... why do have debts? I talked to a group of mothers in our community and gathered some substancial answers. Debts happen when we have expenses higher than our income, when we don't have savings for emergency cases, when the income in not enough for the mouths to feed, when you don't budget your money well and when you don't honor God with your finances. Debts come in many forms now: loans, credit card, cash advance, borrowed and many more. In reality they are all the same. They suck money from us and they create a lifestyle of extravagance too. Are you also affected with debts?
3 responses
@cher913 (25895)
• Canada
10 Aug 09
well, in our case, its not necessariy greed but its more like trying to survive. my hubby has been in and out of work, with non of it being his fault, but just the economy and whatnot. but in some peoples cases, its definitely greed.
2 Aug 09
I got in to lots of debt when I was 18 and now I am 21 it is almost paid off and I am then going to begin saving for rainy days and emergencies as it is good to always have a back-up plan incase of job loss or family emergencies. Also, what happens when something around the home breaks and needs replacing urgently, people are just too lax with their finances and will take credit left right and centre. I have not had any loans, credit cards or anything since I was 19 and there is no way that I would ever let myself get in to that kind of debt again now. The only debt I want to have in the future is a mortgage and this is something that is really going to be worthwhile!
@cher913 (25895)
• Canada
31 Jul 09
not only that but many people have been out of a job for some time and sadly we all still need to eat and to just survive. it is tough if you have no steady income to support your eating habit. by living and not having money come in, debt arrises.