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Main Reason Why People end up in debt
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[QUOTE="Richee84, post: 212888, member: 42448"] There are different reasons why people end up in debts. Debt is seen as a financial assistance given to someone in time of need or help. Debt have it advantage and it also have it own disadvantages. Mostly people go into debt when they are in need of financial assistance and there is no mean of getting it so they end up going to borrow money from financial institutions or cooperative in order to meet their needs at that time. For a business to expand and keep it customers they may need to borrow money to expand there business and improve their profit or total revenue. If an individual or organisation collect a loan and use the loan for the purpose which is been meet for then the loan has been utilize effectively and repayment of such debt will be much easier. But if a loan is not been use for the right purpose then it may be a little bit difficult to repay back such debt and the person or organisation will be plung into more debt which will be difficult to come out from. Debt when collected should be well managed so it won't be a continue liability on that person. [/QUOTE]
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Main Reason Why People end up in debt
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