Let's talk about DEBT!!!

January 10, 2021 9:14pm CST
A friend the other day shared his struggle with debt that keeps growing as he owes so many people and lending institutions money. He has not been gainfully employed for more than 3 years. All his savings went to paying things like health and car insurance, supporting his friends and family, and he also made a few investments that did not work out. His money ran out, and so he resorted to borrowing. What this has led to is a huge amount of money he owes, and given that he has no income to pay it off, he is literally drowning in debt. Efforts to get a job have been futile and I fear he is falling into depression. Have you ever been in a similar situation, and how did you get out?
8 people like this
6 responses
@Hytton03 (5451)
• Philippines
11 Jan 21
Oh sad that's really hard. It didn't happen to me. I hope your friend survive in his situation.
4 people like this
• India
4 Mar 21
@FionaRubi Debt isn’t the real problem, the source of the problem is that you need more money.
2 people like this
@Hytton03 (5451)
• Philippines
12 Jan 21
@FionaRubi welcome
11 Jan 21
Thank you Anne
2 people like this
@Janet357 (75646)
11 Jan 21
At my age 40, I have never ever borrowed money from.anyone. I always have money. Not that i am rich but I always live below my means. My income may change, but my lifestyle never. That's my secret.
4 people like this
11 Jan 21
Great advice!!
1 person likes this
@prinzcy (32305)
• Malaysia
11 Jan 21
I still have debt to pay. Managed to clear some of it. I prioritize. Clear the smallest and have the highest interest first. Then tackle the huge one bit by bit.
1 person likes this
11 Jan 21
Great advice!!!! Will definitely recommend this too!! Thanks!
1 person likes this
@jstory07 (139308)
• Roseburg, Oregon
11 Jan 21
I was lucky that I had the same job for 46 years and loved that job. I hope his situation gets better.
4 people like this
11 Jan 21
46 years!! Wow!! Thanks Judy
@rhuenz (10643)
11 Jan 21
Debt is really a trouble , Trying to avoid it.
3 people like this
11 Jan 21
Avoid it at all costs. Simone has given an excellent tip up on the comments. Even if your income changes, do not change your life style to an even more expensive one.
@Cheyee (8344)
• Pakanbaru, Indonesia
11 Jan 21
We have a lot of debts, but my husband is government employees so we are lucky we still can pay it every month. But we need to be careful with our spending.
1 person likes this