Why do Many People Suffer from Debts
It is no more news that the level of hardship us growing at a exponential rate in some part of the world and country.
So many family standard of living has begin to drop massively and one begin to wonder the rate at which some people are beginning to leave.
So many people who are living comfortable then before are now begin to leave in debt and one begin to wonder why do people fall in debt or why do they begin to be victim of debt even though they are living comfortable at one point.
To some people, there has been a point in ones of their life where they have been victim of debt and truth be told, the feeling of been in financial debt is not always good. To some people they might not feel bad as some people feel it and that is quite okay and to some people they have not experienced falling in financial debt before as been born with silver spoon as we will always say
But whether you are in one category or the other, one thing that has keep bothering me is why do people keep facing financial debt.
Does it mean they desire to? Well nobody actually desire to fall in debt as quiete much as I understand, nobody want that feeling of been in debt. Well to an extent some might.
With due research and talking from experience, I think I have been able to draft out some of the cause why people experience financial debt which I will love to discuss some today.
(1). Lack of money Management
Truth be told, this has been the number one serving major factor in why some or large number of people and family experience financial debt. When you are not able to manage your money, your money will manage you in debt.
So many people lack money management. They forgot money is a commodity that thoroughly need to be managed.
Money management in the aspect of controlling what you use your money to buy and do, when you buy or use them and the reason behind it
When you lack all these necessary precautions, it later point down to you been a victim of lack of money Management and at the end you become a victim of financial debt.
So many people suffering from financial debt shouldn't have if only they have learned to manage their money.
(2). Over-Spending
I think this really contribute and also share the same scenario with lack of money Management. When you fail to control the urge to spend, you will at the end of the day over spend which at the end of the day you Will discover seeing yourself wallowing in perpetual debt.
So many time the topic of over spending have always been ignored by people and the response is can't I spend the way I want? The question is not about you spending but of what reason are you spending.
So many people spend today because their pals are spending, because that is the trend been populated now and so they don't want to be left out, some spend because they were pressurised to do so and at the end of the day, they find themselves running in debts.
This over spending attitude has really crumble a lot of people financial world and will continue to do so. Quite Pathetic if you ask some people suffering from this habit that they didn't know they are suffering from this habit. Some believe it is norms and some believe they are just spending as the are meant to do so.
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