Debt is money owed to a person or entity that must be paid off by a deadline. Debt is used by many corporations and individuals to make large purchases that they could not afford under normal circumstances. A debt arrangement gives the borrowing party permission to borrow money under the condition that it is to be paid back at a later date, usually with interest.
Bellow are some reasons why you should always stay away from debts of all kinds:
1.Debts makes you unable to plan your future .
This is because you will tend to use most of your income to settle the debts you have. According to Nathan Morris,” Every time you borrow money, you are robbing your future self.” Hence you’ll keep borrowing more and more to satisfy your needs and not to develop yourself. Its hard to stay away from loans but try your level best to avoid it. It is for your own good.
2. Debts are always expensive
Debts always have some interest in it. This means you will not pay what you borrowed only. Hence you have to pay what the lender gave you plus the interest. This is quite expensive indeed, hence you should learn to stay away from it. Remember the proverb “better go to bed hungry than to wake up in debt” .
3. Debts will always make you think about the lender more than yourself.
Instead of thinking about your needs and objectives you will always be stressed out by your lender . You will always struggle to find ways of settling you debts. This will tend to make you life extreemly harder and harder. According to HENRY WHEELER SHAW, "Debt is like any other trap, easy enough to get into, but hard enough to get out of."
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