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Main Reason Why People end up in debt
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[QUOTE="moonchild, post: 213710, member: 57467"] Well, debts are bad no matter how we decide to look at it, but sometimes it's circumstantial because this is life, there's no guarantee things will go as planned, we have emergencies, unexpected expenses and many more, so we can't runaway from debts completely especially if one is a low earner, this is also not a reason why we should borrow every here and then to satisfy our insatiable wants. Firstly, I think debts are incurred to solve a bugging problem is justified, for example school fees or hospital bill or other things that deals with a life or death situation or future plans other than that it's not advisable. Debt can make you lose control of your own finances because you will be constantly servicing a loan with your the money you make hence disrupting your plans and making you live the paycheck to paycheck life. In a recent report from an American research center in Ohio, US, they found out that more than 70% of American residents live from paycheck to paycheck, this is really bad and it shows lack of self control in individuals. In my country Nigeria, We have some loan sharks that came into the country mostly Chinese owned, that built apps and offer loan services with outrageous interest this has made a lot of people's condition worse because if you refuse to pay at the stipulated date they'll embarrass you by sending degrading messages to your contacts. This is just one of the millions disadvantages of loan or debt, stay away from loans and you'll live long [/QUOTE]
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