How to live debt-free?

@cacay1 (83237)
Cagayan De Oro, Philippines
November 24, 2023 1:52am CST
There are so many people who almost drowned in debt. But we cannot blame them, in fact, I also experienced this when I borrowed money from the bank. I was almost drowned. It is simply because if you fail to pay a single month, the interest surcharge. It was hard for me to fight the bank why charging me that so high. In order to set free from the supposed doomed life of debt, I worked harder. I applied as an insurance agent and luckily got sufficient training and licensing. So, I attacked the world of prospecting, and fortunately, I was able to close 1000 clients. They got a group personal life insurance and got a commission that amounted to P100,000 ($2000 USD). I was on Cloud 9 at that time when I received my commission and was congratulated by the insurance manager. The next day, I went to the bank and paid and the manager was feeling aghast about my payment of P 55,000 (1,100 ) cash. We should not stop believing in ourselves that we have the guts and ability to solve a crucial problem without tears to abide but mind to decide. There are many ways to be debt-free. Let us just look around and see our sources of money-making like insurance selling, fruit selling, veggies selling, cooked food selling, and more. They are only the few I mentioned, many are still around needing your hands to toil.
13 people like this
14 responses
@iKONICNoona (4030)
• Philippines
24 Nov
This is just my personal opinion on how we can live debt free. I used to work in a lending company , actually its our family business and I know how loans and debts works. Some people apply for a loan to support their needs like if you are a budinessman or owner of a business who needs extra funds to run a business a loan can help specially if your business can pay for the loan through your business earning. But , if you apply for a loan just for your luxury needs and you dont have any means to payback your loan then its a problem. If a person wants a debt free life , maybe each person should live only by what we earn , I mean if you have your source of income do not go overboard in spending . Live life by your means as they say. Forget about luxury first and start saving. Buy things you only need and be a wise person too.
3 people like this
@cacay1 (83237)
• Cagayan De Oro, Philippines
24 Nov
@KONICNoona, you're so right apply loan only if intended for business not for luxury there's no income coming so loan can't be paid. It's best to live beyond our means and much better living in frugality.
@just4him (310128)
• Green Bay, Wisconsin
24 Nov
I know the feeling of being in debt without a way out. I'm no longer in debt and refuse to live that kind of lifestyle again.
2 people like this
@cacay1 (83237)
• Cagayan De Oro, Philippines
24 Nov
@just4him yes it's not good feeling having debts. They're bothersome.
2 people like this
@cacay1 (83237)
• Cagayan De Oro, Philippines
26 Nov
@just4him, we feel restless.
1 person likes this
@just4him (310128)
• Green Bay, Wisconsin
24 Nov
@cacay1 Yes, they are.
1 person likes this
@LadyDuck (461941)
• Switzerland
24 Nov
The only way to live "debt free" is to work hard and never to spend more than what you earn.
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
24 Nov
@LadyDuck correct, others borrow money to enjoy a road trip then the next month problem to pay starts
1 person likes this
@LadyDuck (461941)
• Switzerland
24 Nov
@cacay1 - I do not feel sorry for those in debts because they want a luxury life and they cannot afford it.
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
26 Nov
@LadyDuck That's true they realized the hardship of paying once received a notice
1 person likes this
@aninditasen (15838)
• Raurkela, India
24 Nov
My husband and me did take a loan to build a house but with God's grace we repaid it with our monthly income. My elder son helped us too. I am really frightened to take loans. Rather I am investing small amounts in the bank.
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
27 Nov
@aninditasen yes at the extreme.
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
26 Nov
@aninditasen, it's scary indeed if we loaned in the bank. The enemy is the interest that surcharge monthly.
1 person likes this
@aninditasen (15838)
• Raurkela, India
26 Nov
@cacay1 It's really scary. The rate of interest that keeps mounting becomes a headache. I therefore didn't take a credit card too.
1 person likes this
@arunima25 (86090)
• Bangalore, India
24 Nov
Having a debt is like a big burden on head and heart. The sooner we get rid of it, the better it is. I am glad that you worked hard and paid all your debts.
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
24 Nov
@arunima25 it's not good to ignore the debts. They surcharged.
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
27 Nov
@arunima25 very well said so stressful to think m
1 person likes this
@arunima25 (86090)
• Bangalore, India
26 Nov
@cacay1 You have to get rid off them as soon as you can. It's an added burden and at times can be really stressful.
1 person likes this
@MrDenata (12195)
• Indonesia
24 Nov
wow, youre amazing my friend
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
26 Nov
@MrDenata, thank you so much my friend.
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
27 Nov
1 person likes this
@MrDenata (12195)
• Indonesia
27 Nov
1 person likes this
@AmbiePam (86269)
• United States
24 Nov
I don’t feel sorry for people who go into debt because they buy their kids the latest toys, buy candy and other junk food, take big vacations, or buy brand new cars. I feel bad for people who go into debt due to medical costs, or because they need a new roof, or something like that. So many people buy things they don’t need, but spend more than they have. But for the people who can’t help it, and there are many of them, I DO feel bad for.
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
26 Nov
@AmbiePam yes that's true those who live in luxury despite nothing don't deserve pity. They spend beyond their means. I pity those with huge debt because of sickness.
1 person likes this
@RebeccasFarm (87036)
• United States
24 Nov
My advice is just stop buying anything but basics.
1 person likes this
• United States
26 Nov
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
27 Nov
@RebeccasFarm thanks my friend
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
26 Nov
@RebeccasFarm that is the best thing to do to buy only the essentials not the useless wants.
1 person likes this
@wiLLmaH (8801)
• Singapore, Singapore
25 Nov
It's remarkable how you turned the tide and transformed your financial situation through hard work and determination. Your story is a great reminder that with the right mindset and effort, we can overcome challenges and live a debt-free life. And this experience could serve as motivation and guidance for others who may be facing similar struggles. Kudos to you!
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
26 Nov
@wiLLmaH, very well said people must know how to manage their finances to avoid feeling and living broke because of huge debts. Thank you so much very much appreciated.
1 person likes this
@RasmaSandra (74596)
• Daytona Beach, Florida
24 Nov
I paid off all my credit cards when I left to live in Latvia back in 1994. Since that time an up to today back in the US I have no debt and only use a debit card when I need to buy something,
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
26 Nov
@RasmaSandra, you had a very wise decision paying your debts before migrating to other country. Interest of the unpaid credit card surcharges. The interest rate doubles every two years.
1 person likes this
@dya80dya (34616)
25 Nov
This is a good question. If we don't earn enough we have to borrow money.
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
26 Nov
@dya80dya, it's not advisable to borrow money if our income isn't enough. It's best to invest a small amount.
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
2 Dec
@dya80dya, you can invest through insurance or Mutual Funds.
@dya80dya (34616)
29 Nov
@cacay1 If we don't earn enough we can't invest. And where should we invest our small amount of money?
1 person likes this
@porwest (78788)
• United States
25 Nov
To me there is only one way to be debt free. Live frugally, keep as much of what you earn as you can, and INVEST wisely. That's it. That's the secret recipe. If all one does is spend every penny they earn, what they earn is worthless. And worse, spending BEYOND what one earns is an absolute recipe for disaster.
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
26 Nov
@porwest, very well said I agree with you to better live on frugality and invest wisely. If possible live within our means or no means.
1 person likes this
@simplfred (20641)
• Philippines
24 Nov
You are right we cannot blame those in debt, especially those who are indebted for some hard reason. Sometimes, an unexpected illness from one family, something severe can cause one to be drowned in debt.
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
24 Nov
@simplfred, that's real happening. Others sold their ultimate property just to save a sick family member.
1 person likes this
@cabuyogty (2375)
• Philippines
24 Nov
I don't want to have a debt and i'm trying to prevent it as i can.
1 person likes this
@cacay1 (83237)
• Cagayan De Oro, Philippines
26 Nov
@cabuyogty, it's not good to have debt but if it's emergency an individual may force to do it. It's scary.
1 person likes this
@cabuyogty (2375)
• Philippines
28 Nov
@cacay1 i feel that way too. Maybe still it's not good for me though.