Are You in Debt?

@mchavez11 (1406)
Philippines
October 23, 2009 2:19am CST
No matter how we work we still manage to get ourselves in debt one way or the other. With the economic slump throughout the world, most of us found oursleves borrowing money for food, clothing, transportation or other expenses that helps us survive. So how do we deal with this? How do we get out from this deep well? I know its normal to have this kind of obligation but don't you think that its way better if you're not in any debt? As for me, i'm currently in debt but I am looking deeper into solutions on how I can manage to eliminate this bad practice once and for all. I don't know but its better to imagine being free from owing someone money.
1 person likes this
6 responses
@veejay19 (3589)
• India
23 Oct 09
I have never been in debt in my entire life though my father was and which i repaid entirely. I am not rich but have learned to live within my means. This means buying only that which i require or need and not spend unneccessarily on items which are useless.I avoid luxuries and haphazard spending.Yes, the cost of living has gone up and things have become extremely expensive which makes it more imperative for us to keep our spending to the bare minimum.In this way we can keep ourselves from going into debt. All it requires is discipline and strong will power which unfortunately is completely lacking in todays generation.
@mchavez11 (1406)
• Philippines
23 Oct 09
Indeed. What you said is true. Absolute truth. In order for me to get out of debt I should have more self-control in spending. That's where I have to work on, I admit that I am definitely an impulsive buyer which eventually led me into debt.
@jndlponti (2403)
• Philippines
23 Oct 09
That is true. It is still much better feeling to be fre from owning someone a money. So if ever try to spend whst you have to be just enough of what you need. Never to spend more on what you earn to avoid debt. It also needs self control and self discipline. It would be hard at the start but later on you would still learn.
@mchavez11 (1406)
• Philippines
23 Oct 09
Thanks that's what I also noticed. Its so hard to have a self-control and discipline especially if you really desire something and then you make a way in getting it. That type of action usually leads to debt. I'll keep in mind to always have self-control and think first if I really need it and afford it.
• Philippines
23 Apr 10
Hello mchavez, Like you I am also in debt. That's why I am trying to live simply as possible. I don't buy useless stuffs or stuffs that can wait before buying. i just buy the necessities at home. I am trying to pay all my debts so that I don't have any worries that somebody will always call me to pay something. Take care and happy mylotting red_amethyst
@nawanta (328)
• Indonesia
23 Oct 09
A friend told me that wealth = asset + debt. So, it's okay to be in debt, as long as our salary are still sufficient enough to fulfill our daily needs.
@R_amy26 (11)
• Philippines
23 Oct 09
yeah.. i agree with you... as the only one whose working in the family im super into debt too...i don't know how to budget money..
@zhuhuifen46 (3484)
• China
23 Oct 09
I was in debt when purchasing my apartment. Planned debt is nothing frightening as long as it is under your control. Many people here took advantage of the then relatively low house prices, and own their houses. But we cannot be indulged in credit consumption. From the recent economic crisis, people realize it is stupid to be over-optimistic. On this issue, the oriental thinking seem to hold good merits. We spend less than we earn, except on special cases like house purchase.