Hate Debt

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Posted by Sonnie

October 12, 2008 | 2,683 Views |

Debt is a powerful force to contend with.

During abundance, entrepreneurs take the liberty to borrow to expand or start a business. New couples on the other hand will borrow from banks to buy houses and cars.  Still others,  use credit cards to purchase appliances, jewelries, lap top and alike, on top of using the plastic for their daily requirements to live.

This is not necessarily illegal or immoral, however, when economic and financial crisis hit, like what the world is experiencing now, people will realize how hard it is to be in debt.

Because a debt

1. Put a person in bondage– When living in credit card, you need to pay the minimum, if you can’t pay the whole amount. However, the chunk of your payment goes to interests and charges, and not on the principal, making it hard for you to pay your debt.
2. May break a family and put it’s members in servitude– Some members of the family are forced to work in servitude (in some cases, as maids, in a foreign land) not only to feed the family back home, but to get out of debt.
3. Makes a person’s future at risk– If the place your kids call home is foreclosed, you have no idea the kind of risk this will bring to a family
4. Take away a person’s ability to earn– You will work hard but your hard earned money goes to creditors.

How to get out of debt? Listen to the podcast “Getting Out Of Debt” here

image borrowed from www.getentrepreneurial.com

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