How can debts turn someone into a long time slave

[WATFORD]

We all know what it means to be in debts, having debts pilled up for us can never make us sleep well and even build our wealth. Do you always ask yourself if debts can turn someone to a long time slave? What i mean by long time slave is continuing paying the debts you you're into till eternity. We should be careful and always try to avoid debts because debts can turn someone into a long-time slave in a few different ways:

High Interest Rates: If someone borrows money at a high interest rate, they will end up paying back much more than they originally borrowed. This can create a cycle where they are constantly making payments but never making a dent in the principal amount they owe. As a result, they may end up stuck in debt for a very long time.

Minimum Payments: Credit card companies and other lenders often require only a minimum payment each month, which can be a small percentage of the total amount owed. If someone only makes the minimum payment, it can take them a very long time to pay off the debt, especially if the interest rate is high.

Limited Income: If someone has a limited income and a lot of debt, they may be forced to prioritize their debt payments over other expenses like rent, food, and utilities. This can make it difficult for them to save money or make progress towards paying off their debts.

Collection Agencies: If someone falls behind on their debt payments, they may be contacted by collection agencies. These agencies can be aggressive and intimidating, and they may take legal action to try to collect the debt. This can add to the stress and anxiety of being in debt, and make it difficult to break free from the cycle of debt.

 

[Yan1]

Limited income is have a lot to do with turning someone into a long time slave over a dept.sometimes when someone does not even have something to cater for himself how will he be able to repay the dept?
Another thing is that some people are fun of spending unnecessarily, for something that are not important at that moment untill when the money has vanish that is when they will remember that they have something most important to be doing with the money.

When you're unable to repay your dept on Time the interest will keep increasing everyday turning you to a long time slave.