Effects of Debt on Family, who will bear the consequences?
As we can see, many goes into debt willingly, while others do so due to situations. Many don't like to budget their income, they spend everything they earn and they also borrow in their future for today's excesses. Buying with debt to use products or services is not an actual payment for the product or service, but is a requirement for future earnings.
I have always seen debt as something that is not good, but somehow we have to be affected by it. If you are in debt, there is little you can do
On the other hand, debt is allowed, people found it easy to purchase houses, cars, and buy other things with their money at hand. With debt, expensive things can be purchased as they want.
This influence of debt is considered an important part to look in at home. As we know, the higher the debt, the more risks we have. For individuals, the cost of repaying debt can exceed the ability to pay due to both external events and loss of income.
However, when the whole family is in debt, their stress will increase and they will worry more about the debt they face.
My family is facing a lot of debt stress due to the loan taken several years ago, as I said before, some are in debt due to situations. When things get tougher in the family and you're raised by a single parent, you know what it's like, there's no choice but to take out a loan and send us to school and use future earnings to pay. I can say that my family is in debt because I want a complete education and live under our own roof. There's a big difference when you build up a business loan and when you get it for what you don't earn monthly, weekly, or daily.
Obtaining a loan to send the children to school and build a house is such a large debt that it is very complicated to pay off. To avoid future debt, the whole family has to endure hardship.
Debt becomes almost the biggest player in the family because it already causes a split in future income and future income is no longer enough to spend. Sometime No more consumerism, it takes effort to get what you need.
I can only tell you what it takes to deal with the time when half of the family salary is in debt. It is becoming more and more suffocating, I can't say that it is very moving to get a loan because it is convenient and easy to do what is needed in a short time, but the consequences in the future look very bad.
Finding a place to support the family is going to be my priority. Using Hive as a source of income to help us with our day-to-day expenses within the loan repayment period did not have much of an effect on the family. I do things without asking the family for anything and I solve a small financial problem for my brothers. That I have to continue next year.
In short, there are many negative effects of debt on the family and there are also positive effects. If the family takes a bad situation and uses it as motivation to change, they can have a good solution to the problems. However, if debt becomes a bigger player in a family than it can handle, it can lead to problems, so it's good to minimize debt so it doesn't affect our family spending.
Did you Read?. Thanks for Reading to the end
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