Do You Have a Debt?

@mchavez11 (1406)
Philippines
November 28, 2009 11:23am CST
Most people told me that almost everyone has debt one way or the other. Some say that the world revolves around debts. Like for instance even bigger countries like America find themselves borrowing money from China. How about you? Do you have a debt? Whether it may be a small debt from another person or a loan from a bank, would you happen to owe anyone money one way or the other? As for me, I would definitely say yes to this question. Although I'm really trying my best to eliminate this stressful practice once and for all. And To people who don't have debts, please give some advice to get out from it permanently. Thanks.
3 people like this
26 responses
@DCLehnsherr (1041)
29 Nov 09
Hi Mchavez, I also have a student loan debt but I don't have worry about paying that off until I am earning over £15000 a year I believe it is, when it will be taken from my wages. Since I don't think I will ever be lucky enough to earn that much I will probably have it wiped off without being reduced (I think it goes after 50 years or something) and so I don't worry about it too much. I will only start worrying about it if I ever get a good job lol. I don't have any other debts though because my parents did and seeing how they could never afford things has turned me into a saver instead of a spender. I never use credit cards unless I absolutely have to, and though I have an overdraft I never use that either because I really don't want to turn into my parents lol. I only buy what is necessary unless something I really want can be covered by survey rewards so I am not really spending money lol. But yea, saving is definitely how I am going to try and stay out of debt! All the best, and good luck getting out of your debt Dranz
@vandana7 (87196)
• India
29 Nov 09
Hi Dranz, Long time no see. :) Well, I too have debts. About 11,35,000 INR (approx $25,222). But I dont feel so tense about it. :) I am sure I will be able to clear it in less than 10 years. :)
@maximax8 (31162)
• United Kingdom
28 Nov 09
At the moment I don't have any debt so I am pleased about that. I am living in the house that I won 100% of. There is a need for me to sell my house and if I did that I wouldn't be able to afford a bungalow unless I did get about £50,000 debt. When I traveled to New Zealand and the Pacific Islands I spent much money. I came home feeling really poor. I got a credit card and paid for lots with it. Before I knew it I was about £2,000 in debt. When I got my next teaching post I tried hard to pay off all that debt. I remember popping down to my bank with £300 a time unless all my debt had gone. I know that some people and some countries have debt. I think having a mortgage is fine because at the end of the term it is about owning a house. I suggest budgeting for people that are in debt with credit cards. I advise them to pay off as much as they can afford each month. Then the interest amount of money will lower. Good luck to everyone that is in debt.
@vandana7 (87196)
• India
29 Nov 09
The right way to go maximax. :) I am a great advocate of mortgage loans because I think paying from future money is paying lower value as the purchasing power of that money would be much less. :) I wish people would not be so scared of debts. :(
@MJay101 (711)
28 Nov 09
You're right: most people do have debt. Sometimes, it's not monetary - for instance, a debt of honour. My main debt is my mortgage, though without it, I'd not own a house. Thankfully, we're not in the negative equity boat (yet!)... Either way, I accept that the only way I could afford to purchase a house is to borrow against it; I don't have obscene levels of savings that would permit outright purchase. I think high levels of debt can be troubling (and stressful) - because there's the feeling that you always "owe" someone. It restricts your freedom. (For instance: I have to make monthly payments, or lose the house; so I'm tied into paid employment for the next ten years or so.)
@mchavez11 (1406)
• Philippines
3 Dec 09
You're right. At least its a house that will soon be yours. By the way, nice pic comrade. :-)
• India
29 Nov 09
You are absolutely right.......... Especially in this time of prices going up we need to take loan whether small or big... you can avoid debts upto little level by avoiding unnecessary costs....
• Philippines
29 Nov 09
Hi. Yes, I do have debts. Personally, I consider getting into debts as one of the worst decisions I've ever made. Little by little, my husband and I are working hard to get out of debts.
• China
29 Nov 09
hi mchaves,yes,most of people have debts in the world and i have too. to purchase a house,i borrowed a loan from a bank last year,and i started to pay monthly payment from this year begining,it is really very stressful for me,but i have no other choice,to own a house,it is not workable to depent on savying money everyday,the price of house is hiking more quick than the salary. i do hope to clear up the debt one day and get out from it permanently.
@mawong79 (215)
• Malaysia
29 Nov 09
Im starting have a debt since college time which is study loan, now housing loan and car loan somemore. I would definitely say that we live just work for banks and hoping to get out from this soonest possible.
@TrvlArrngr (4051)
• United States
29 Nov 09
Getting out of debt is very hard. Usually I try to make a dent in mine around tax refund time. I try to not use my credit cards but things always come up or happen and I have to resort to using them again. It is a vicious cycle.
• Philippines
29 Nov 09
Yes, its one thing that, unfortunately for mid-class people, we cannot avoid. Since there really are times that we need to ask for a debt from others. But in my case, I only got into debt once since I really needed money due to a sudden unemployment. But, other than that, I don't have any other debt. I'll be finished paying it off on December next year and I'll be free of the debt restraint. One thing that you can really do to avoid this is to save up whenever you have the chance. Don't spend and spend all the time... find time to save, even for the smallest amount you possibly can. Another good reminder is find ways that allows you additional income. That way, if you can't save up using your most stable income source, you can use your sidelines as source of savings.
@krkavsy (192)
• India
29 Nov 09
I too have debts. I owe 11K Rs to my friend. I have just got a good job. In the meantime I should get to use this site as often so that I can make good amount of money and free myself and settle my life.
• Romania
29 Nov 09
I would be happy to tell u that i have only one...but in reality i have some debts... i think that all we have debts in a way or other...the society we live impliment to our mind that is normal to have a debts...this make u more busy to fight and work to pay it back and almost nothing else. For example get a holioday credit...be happy 3 days or let say 1 week and then be happy all year long spending your time on paying back the credit... :)
• Philippines
29 Nov 09
I have none and not interested to have one. i hate to have debt as having it could only gives me a lot of headaches. i am better of to live a simple lifestyles. i do enjoy being debt free.
@aprilten (1966)
• Philippines
29 Nov 09
Yes, I do. I really want to be able to pay it off soon. I'm the kind of person who is not very comfortable to have debts. You said something about USA borrowing money from China. Is that really true. I thought it's the other way around. Well, they are in crisis now.
@badbasty (77)
• Philippines
29 Nov 09
yah. ia have a lot.
• Australia
29 Nov 09
Hi Mchavez, they say that there are two things that almost a guaranteed thing when a baby is born. That is, the baby is guaranteed to die, and be taxed. But I would like to add another guarantee, and that is the guarantee of being in debt at one point or another. Almost all individuals in our lives are in debt. And it isn't a bad thing necessarily. For instance, despite only being of 21 years of age, I am also slightly debt ridden. For instance, for my university studies, I have had to take out student loans from the government, and this is common among all students in my country. Am i concerned about this debt? No not really, because I know when I finish and I get a job, then I will be able to pay them back. Similarly, when I start working and want to buy a house, then I will have to get a loan to pay for a home or apartment. That is a fact of life, unless your parents give the house to you when they die or you live with them! In my opinion these are the only two situations that you should be in debt. For your education and for your first home or subsequent investment homes. I do not think it is wise to get into debt for a car, furniture, etc Because they also say 'that it is not how much you earn, but how much you save that counts' and that is absolutely correct. One must save to buy these products because these are not durable, that is they may last only a few years some times 15-20 years and they and then you will need to buy another one and you have foolishly paid interest on them. That is why I have told my self that I will never get a credit card. It is simply foolish, in my opinion, unless you are so rich that you can afford the interest charges. You say that the government is in debt all the time, well that is fine, because in economics, Savings = Investment, that is what is saved by the public is then lent out by the banks for investment in infrastructure, etc, but the problem is in America not many people save and so credit needs to be used and that is fine for a country like America because its a powerful nation. But getting into debt as an individual is another thing, you simply don't have taxes to increase to pay of interest you don't have exports, you only have a set income. My advice for you is to get into debt for education and a house, those are durable and are an INVESTMENT! Your degree is worth more than a million dollars over time until you retire, get into debt for a degree.
@yuna15 (2707)
• Philippines
29 Nov 09
Well technically I do because I have a credit card but I just use it for convenience. I also loaned money from SSS (a local government facility)for my daughter's birthday. It's ok to have a debt as long as it's not more than you can afford to pay. Loaning money is what keeps big businesses alive. As long as you are able to handle the money wisely then it's good.
@solared (1209)
• United States
29 Nov 09
Have credit card debt thats about it, not real bad just more than I prefer, had to use my credit card to pay for wisdom teeth surgery.
29 Nov 09
Perhaps it is not way,we can only work hardly.
• China
29 Nov 09
i have just the credit card loan now, but it's because i have nothing now. i'm an university student, i do not have a house, a car, a wife, children and so on. So, even the credit card loan seems a luxury to me. i think in the future, i'll be in a big debt.
@nyumix (1659)
• Belgium
29 Nov 09
At this time, I only have credit card loan that I have to pay. I don't intend to get loan or debt for something else. I am not a person that like to get debt or loan for consumption and I don't have any plan to get any loan.