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Are there problems attached to living in debt
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[QUOTE="Abigael, post: 290668, member: 25357"] Living in debt has always been portrayed as a big negativity in personal finance. But your analogy of most developing countries living in debt make it look like it is not a bad thing. Though you must admit that personal finance and a country's finance are two different things. Being in debt as an individual comes with the following effects; [LIST] [*]Mental health problems because you are always in pressure to pay off your debtor. [*]Poor financial stability, you may have to forego some of your needs in order to pay off your debts. [*]It gets even worse when you have to take a loan in order to pay off another loan. It becomes a never ending financial crisis. [/LIST] But that is not to say that loans are not useful. If you have a plan on using the money really well and are able to repay it, you will not face these negative effects. [/QUOTE]
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