Debt Management.

[junder]

It is indeed not recommended to take out a loan just to fulfill what we want, such as fulfilling our desire to be stylish or something else, because if we really want to fulfill what we want, such as buying an asset or property that we want which has a high price, even though its role is not that important because it is the goal is just to be stylish, it's better to use money that is money we collect, like money collected by saving. I myself am like that, I have a job and income but when I want to buy property or other luxury items then I save for the object that I want, and I also feel very proud to be able to buy what I want with my own money, not borrowed money. .

If it's for an investment or business that has something to do with profit, the profit can be obtained depending on how we run it, maybe it's not a problem, because sometimes we need additional funds to be able to continue the investment or business that we run, but before that of course We have to think first about whether by borrowing money we can pay it later or not, if it will only make things difficult, it's better not to.

People do only realize when its already too late or something that have been happening into their lives on which this is the only time that they would really be making out those kind of realizations on the time that you would really be considering out that it was really that very wrong or something a mistake. Debts are neither good or bad, it would be depending on the application that you had set out. If you are someone whose really that wanting to have some loan just because you are really that liking on buying something but you are obliging yourself on having that kind of payment then there would really be no issues.
On the time that you would really be making yourself that becoming irresponsible on the time that you cant be able to pay up your loans then this is where problem would be starting.

Debt management is really that something that you would really be needing to have. If you cant be able to make yourself that handle up well on this manner then you are really that
prone into such disaster.

well, in my opinion, don't borrow money just to buy the things we want, if we really want the things we want then what we have to do is work hard, not by taking out a loan, although maybe we can pay it another day, but in my opinion it's better It's better to just hold back for a while until we have the money to be able to buy it, because if we buy it with cash and actually use our own money, the feeling will be very different, I experienced this myself, where I want to own a motorbike, and with me having a job that earns me enough money to be able to buy it even if it's not enough, and the way I have to save is by collecting the money I earn, there was a thought that I wanted to borrow money and buy what I wanted then I paid the loan monthly, which I I'm afraid of a disaster like losing my job after having debt, therefore I prefer to collect money first and then buy what I want.

In my opinion, by borrowing money, it will probably burden our minds, where we will continue to pay until it is paid off, even though we don't know our fate in the future. However, there are some people in my environment, especially those who work in factories with quite large salaries, who dare to buy a motorbike by borrowing money and paying it every month, but I don't think about that because I think it has its own risks as I was afraid of.

[Kriptogram14]

It is indeed not recommended to take out a loan just to fulfill what we want, such as fulfilling our desire to be stylish or something else, because if we really want to fulfill what we want, such as buying an asset or property that we want which has a high price, even though its role is not that important because it is the goal is just to be stylish, it's better to use money that is money we collect, like money collected by saving. I myself am like that, I have a job and income but when I want to buy property or other luxury items then I save for the object that I want, and I also feel very proud to be able to buy what I want with my own money, not borrowed money. .

If it's for an investment or business that has something to do with profit, the profit can be obtained depending on how we run it, maybe it's not a problem, because sometimes we need additional funds to be able to continue the investment or business that we run, but before that of course We have to think first about whether by borrowing money we can pay it later or not, if it will only make things difficult, it's better not to.

People do only realize when its already too late or something that have been happening into their lives on which this is the only time that they would really be making out those kind of realizations on the time that you would really be considering out that it was really that very wrong or something a mistake. Debts are neither good or bad, it would be depending on the application that you had set out. If you are someone whose really that wanting to have some loan just because you are really that liking on buying something but you are obliging yourself on having that kind of payment then there would really be no issues.
On the time that you would really be making yourself that becoming irresponsible on the time that you cant be able to pay up your loans then this is where problem would be starting.

Debt management is really that something that you would really be needing to have. If you cant be able to make yourself that handle up well on this manner then you are really that
prone into such disaster.

well, in my opinion, don't borrow money just to buy the things we want, if we really want the things we want then what we have to do is work hard, not by taking out a loan, although maybe we can pay it another day, but in my opinion it's better It's better to just hold back for a while until we have the money to be able to buy it, because if we buy it with cash and actually use our own money, the feeling will be very different, I experienced this myself, where I want to own a motorbike, and with me having a job that earns me enough money to be able to buy it even if it's not enough, and the way I have to save is by collecting the money I earn, there was a thought that I wanted to borrow money and buy what I wanted then I paid the loan monthly, which I I'm afraid of a disaster like losing my job after having debt, therefore I prefer to collect money first and then buy what I want.

In my opinion, by borrowing money, it will probably burden our minds, where we will continue to pay until it is paid off, even though we don't know our fate in the future. However, there are some people in my environment, especially those who work in factories with quite large salaries, who dare to buy a motorbike by borrowing money and paying it every month, but I don't think about that because I think it has its own risks as I was afraid of.

Yes, it's true, it's better to buy something with cash rather than credit, or borrow money from other people, it's better if we collect money little by little then we buy the item with the money we save, not from debt, most people now prefer to borrow. For their prestige, they use branded items from debts. What are they doing? It's better to be free from debt as it is, than to be free from debt, rather than having a lot of debt, debt makes us lose our minds, because from a little debt over time the debt continues to increase because once we have debt, we can easily borrow tomorrow. going into debt again, for me going into debt is like we are looking for a disease, if we can we will pay it off, if not, what we do is by going into debt again to pay off the debt, over time what happens is digging a hole and closing the hole, going into debt here and there to pay off the old debt, That's why I think debt is a disease. If we can avoid debt, it's better to avoid it before we fall into debt that keeps piling up, live as we are without debt.

[poodle63]

well, in my opinion, don't borrow money just to buy the things we want, if we really want the things we want then what we have to do is work hard, not by taking out a loan, although maybe we can pay it another day, but in my opinion it's better It's better to just hold back for a while until we have the money to be able to buy it, because if we buy it with cash and actually use our own money, the feeling will be very different, I experienced this myself, where I want to own a motorbike, and with me having a job that earns me enough money to be able to buy it even if it's not enough, and the way I have to save is by collecting the money I earn, there was a thought that I wanted to borrow money and buy what I wanted then I paid the loan monthly, which I I'm afraid of a disaster like losing my job after having debt, therefore I prefer to collect money first and then buy what I want.

In my opinion, by borrowing money, it will probably burden our minds, where we will continue to pay until it is paid off, even though we don't know our fate in the future. However, there are some people in my environment, especially those who work in factories with quite large salaries, who dare to buy a motorbike by borrowing money and paying it every month, but I don't think about that because I think it has its own risks as I was afraid of.

usually having mentality of differentiating buying something that actually unnecessary is good for the long term there are many people that didn't even realize they don't really need the stuff they want until they bought it then they realized that actually they should be sufficient with using not expensive stuff but went on buying expensive stuff just because they can and suffer financially from that.
i've seen the discipline of money management actually helps a lot, even for an employee with determined salary could save up for saving and then make side hustle out of their investment.
I think this is why having financial education is crucial so that we know how to manage our money wisely.
because there are too many people out there being too consumptive ended up broke later on in their life and need a support just to live, definitely i won't be striving to be such person instead i want to become a self sufficient person with wise financial management so that i won't burden anyone in the future.

[Agbamoni]

well, in my opinion, don't borrow money just to buy the things we want, if we really want the things we want then what we have to do is work hard, not by taking out a loan, although maybe we can pay it another day, but in my opinion it's better It's better to just hold back for a while until we have the money to be able to buy it, because if we buy it with cash and actually use our own money, the feeling will be very different, I experienced this myself, where I want to own a motorbike, and with me having a job that earns me enough money to be able to buy it even if it's not enough, and the way I have to save is by collecting the money I earn, there was a thought that I wanted to borrow money and buy what I wanted then I paid the loan monthly, which I I'm afraid of a disaster like losing my job after having debt, therefore I prefer to collect money first and then buy what I want.

In my opinion, by borrowing money, it will probably burden our minds, where we will continue to pay until it is paid off, even though we don't know our fate in the future. However, there are some people in my environment, especially those who work in factories with quite large salaries, who dare to buy a motorbike by borrowing money and paying it every month, but I don't think about that because I think it has its own risks as I was afraid of.

This is very relatable. Borrowing money for something we need when it is not for emergency is not necessary. For instance, you do not have a tv or an air conditioner, but you need it. We do not have to borrow money because these are just live needs to fulfill desires and pleasure. It's something that when we save gradually, we can achieve them. But choosing to borrow some money to buy those things is not advisable. The best time i see borrowing of money necessary is for emergency, especially when it involves someone's health.

What i noticed is that it is very difficult to pay back a loan when the loan taken was used to start a project. Perhaps, doing furniture's in your house and beautiful it is a project. Some persons take loan to start doing all these in their new apartments, so they end up needing more money to complete the. By so doing all other money that comes in after taken the loan is being used to complete what they have started which will make them take long to pay back the loan.

[Dunamisx]

I will advise as many people as possible to always avoid the use of loan as an alternative means to make it in life or starting a business, such is a bad idea because many have been in debt at the cause and couldn't afford to repay back their loan, we have to learn the various means in which we can earn and save for for the future use, instead of taking loan, we may not be able to manage our debts if we are into it on a wrong approach.

[nara1892]

I will advise as many people as possible to always avoid the use of loan as an alternative means to make it in life or starting a business, such is a bad idea because many have been in debt at the cause and couldn't afford to repay back their loan, we have to learn the various means in which we can earn and save for for the future use, instead of taking loan, we may not be able to manage our debts if we are into it on a wrong approach.

Although basically loans are not something that is forbidden or even forbidden but yes in the end you will experience a lot of adversity if you make or treat loans in the wrong way, namely as you said which is where utilizing loans to survive, although not this is a problem but if you are too excessive and even you don't want to work because you think that loans can help you in terms of making ends meet but still in the end the mindset and habits will lead us to disasters such as getting into debt.

The point is that we must think rationally and be someone who is responsible in any case, meaning don't make decisions before you really consider everything from various sides, especially from the negative impact, because by having this mindset then I think it is less likely for you to take a loan without having the ability to pay it.

[Wakate]

I will advise as many people as possible to always avoid the use of loan as an alternative means to make it in life or starting a business, such is a bad idea because many have been in debt at the cause and couldn't afford to repay back their loan, we have to learn the various means in which we can earn and save for for the future use, instead of taking loan, we may not be able to manage our debts if we are into it on a wrong approach.

Taking loan is never an option for me because I don't think I could use the fund well without being panic of how to pay for the fund. There are people that knows how to manage funds and they are very cool at that getting loan and using it to do business that would yield them more profits when used for investments purposes. Debt management is a very important one for anyone that would to monitor the way they spend and how they should track their spending which is going to give a full awareness on how to balance debt and expenses. If we know that we are not good at tracking our expenses then we need to try enough to follow the debt management.

[ferida504]

debt management is something that is important for individuals or businesses, because debt management will allow individuals/businesses to be able to buy or achieve something without having to interfere too deeply with their finances. however, sometimes individuals/businesses can experience problems with their debts due to poor management of this, and when this happens it may disrupt their financial condition because they need to resolve the problem immediately.

and because of this, it is important for individuals/businesses to be able to have productive debt, which means the debt is for profitable things, not for consumptive needs which are not really needed.

Almost everyone has debt, even if it's a small amount, but no matter what, there still has to be a way to control it so that it doesn't escape control, which is called a management system, because for every performance we have to create a kind of financial analysis program so that every business we run can run smoothly. perfect and healthy, debts and receivables also need additional information, for example the background of the person we are borrowing from so that problems do not occur in the future.

[Jating]

I will advise as many people as possible to always avoid the use of loan as an alternative means to make it in life or starting a business, such is a bad idea because many have been in debt at the cause and couldn't afford to repay back their loan, we have to learn the various means in which we can earn and save for for the future use, instead of taking loan, we may not be able to manage our debts if we are into it on a wrong approach.

Taking loan is never an option for me because I don't think I could use the fund well without being panic of how to pay for the fund. There are people that knows how to manage funds and they are very cool at that getting loan and using it to do business that would yield them more profits when used for investments purposes. Debt management is a very important one for anyone that would to monitor the way they spend and how they should track their spending which is going to give a full awareness on how to balance debt and expenses. If we know that we are not good at tracking our expenses then we need to try enough to follow the debt management.

It's really hard if you dig yourself in loans and debt that you can't pay off. I guess one classic example is having multiple credit cards. And this is the worst as you can take advantage and pamper and think that it is the right way or you have justifications that you can buy anything you want and then pay later.

However, when you max out even just 2 of them, most likely you will be in a huge pile of debt. And if you uses to pay just the minimum, then you have been trap by this banks. So as much as you can, closed everything out in a month or two. Hard lessons for me, as I'm on a debt reconstruction already and my goal is to pay them this year.

[ndutndut]

I will advise as many people as possible to always avoid the use of loan as an alternative means to make it in life or starting a business, such is a bad idea because many have been in debt at the cause and couldn't afford to repay back their loan, we have to learn the various means in which we can earn and save for for the future use, instead of taking loan, we may not be able to manage our debts if we are into it on a wrong approach.

Actually, debt is not always bad if we can manage debt well and correctly. Apart from that, debt can be good if we can actively make the debt productive so that it can generate income. If this doesn't exist, then it is true as you say, debt is a source of problems for everything that ends up digging holes and closing holes, even with debt we become stressed if we don't manage it well.

Many rich people are in debt because they can use this debt as a source of income because they owe money for their business. So it is not surprising that rich people are good at taking advantage of the debt system, and in fact that is the initial goal of financial institutions to pay debt interest. So that they can benefit from the circulation of money that we create. However, the problem for many people is that they are in debt for consumptive things, which is actually the same as us being in debt to ourselves in the future, in other words, it will become a burden for ourselves.

[Distinctin]

I will advise as many people as possible to always avoid the use of loan as an alternative means to make it in life or starting a business, such is a bad idea because many have been in debt at the cause and couldn't afford to repay back their loan, we have to learn the various means in which we can earn and save for for the future use, instead of taking loan, we may not be able to manage our debts if we are into it on a wrong approach.

Taking loan is never an option for me because I don't think I could use the fund well without being panic of how to pay for the fund. There are people that knows how to manage funds and they are very cool at that getting loan and using it to do business that would yield them more profits when used for investments purposes. Debt management is a very important one for anyone that would to monitor the way they spend and how they should track their spending which is going to give a full awareness on how to balance debt and expenses. If we know that we are not good at tracking our expenses then we need to try enough to follow the debt management.

You won’t be panicking if you have a stable source of income to rely on. Let’s say if you have a decent job or a successful business, then you won’t worry on how to keep up the payment since you have stable sources that will surely generate you good amount of profits. However, it’s still much safer not to indulge yourself in a loan. Aside that you can make a good amount of savings from your stable sources,  you won’t have to worry as well whenever you money comes in delay, as that will also add additional interest into your loan account.

[Text]

Borrowing isn't inherently bad, but it's how we handle those borrowed funds that affect our financial well-being. Unexpected situations can arise, and sometimes borrowing seems like the only remaining option.
But it's your responsibility to return it according to what you agreed upon when it was lent to you, whether there's interest or when you should return or repay it. I know many people who are buried in debt because of wrong practices, thankfully I'm not like them. I'm angry at people like them that's why I don't lend money anymore because I'm the one who will suffer in the end if they don't pay back. They say, I thought it's more embarrassing to borrow, but it's more embarrassing to collect.

In today's times, it's crucial to be practical to become debt-free. This entails not only cutting costs but also making wise investments, offering a holistic approach to managing debt.

[Iroh]

It is important for people to go for loan thst they can afford to pay back because taking so much amount of money as loan without any consideration on how to pay back is just putting more debt and financial burden on one's self.

It’s not just about the ability of the individual to pay back the loan on or before it’s due date. In my opinion, you must put the money taken out as a loan to good use. The ability to pay back is important no doubt, but the loan ought to be put to good use as well.
Note that loans that are being given out either from either loan sharks or  financial institutions(banks) would require a collateral that matches the value of the loan as well as an interest rate attached. If you don’t pay up when it’s time, your collateral would be then possessed and used to settle the loan.
Now imagine one taking out a loan of about $10k while using his home as collateral. Squanders it at the casino, finds it difficult to repay and loses his home.

[blckhawk]

The best debt management of all is to not have any debts at all, do what you can to live within your means, never go out of your way to spend more than you can afford, take for example eating out on a restaurant, you could probably just eat at home with homecooked meals, you're learning and improving a skill and you're spending less money. The only time that you should be borrowing money is when there's no interest and no due date involved in the loan or that there's a guaranteed money that will come and you were just out of money at that time, by all means do what you can to not get into debt or have a debt that will stay for a long time because it's a looming anxiety for you and you're never truly financial free if you still got a debt. Only time that a debt management is needed is if you've got a business.

Borrowing isn't inherently bad, but it's how we handle those borrowed funds that affect our financial well-being. Unexpected situations can arise, and sometimes borrowing seems like the only remaining option.
But it's your responsibility to return it according to what you agreed upon when it was lent to you, whether there's interest or when you should return or repay it. I know many people who are buried in debt because of wrong practices, thankfully I'm not like them. I'm angry at people like them that's why I don't lend money anymore because I'm the one who will suffer in the end if they don't pay back. They say, I thought it's more embarrassing to borrow, but it's more embarrassing to collect.

That depends on your financial status, if you're below the middle class or on the verge of poverty, you're probably better off not borrowing and trying your best to budget what you've got, it's also a bad idea to borrow or loan money when it will take you a long time before you can return it, you will destroy the connection you've got with the person or that you'd have a hard time making them trust you because you've borrowed from them and you didn't return it at the right time.

[MissNonFall9]

Borrowing or taking loans is not bad but being a debtor is where the problem lies. What I'm trying to say is that, it's normal to be in need and borrow when you lack, but owing for too long or not being able to clear your debts at the appropriate time, is the problem and can be very embarrassing. Now that's where Debt management comes in, Debt management to my understanding is a process where by one plans strategic means of attending to their debts thereby avoiding numerous debts and be debt free.

 Dept Management is something every human is supposed to be aware of so as to help tackle the problems of being a debtor. Left for me, one who is in debt is like a slave and is bound to face being embarrassed if not they don't apply debt management. That's why before one should take loans, there are many things that's need to be considered. However here are the necessary steps people should take to become debt free;
 Learn to cut cost: one needs to avoid too much spendings, normalize spendings only on necessary things, either for food bills, craving or wants, your expenses should be focused on your needs and not wants.

 Make Budgets: making a bucket list of budgets would aid you to monitor your income and also help you to make right decisions on important expenses.

Avoid spending beyond your budget: this is also another way of debt management because when you spend only what you can afford, it would help you from being a debtor cause you'll be more focused on things you need.

Do not borrow funds to clear debts: doing that automatically makes you acquire more debts and it keeps accumulating because you won't seize to acquire outstanding debts, it would continue to go in cycles until you work hard to earn and become totally free.

Clear debts on time : no one is above being in debt, however one shouldn't settle with being known for a debtor, it brings embarrassment and could cause emotional trauma, therefore one needs to keep tracks of their dept and work on paying them off, beginning high interest debts down to minor ones, needs to be strategic with clearing their debts.

Right choice of investments: investmenting on the right business is just like saving for the future, cause you'll always have a financial support to fall back to, and also avoid taking loans, therefore the right choice of business would guarantee you have a safe heaven rely on instead of taking loans.

Make wise spendings: Consider your financial strength before purchasing items, purchase only items that are of needs not the ones that don't match your financial strength.

 Another way of debt management I could think of is to learn to make proper financial decisions, one should educate themselves financially about  investments and how to plan financially to be debt free.

 Here are some debt management charts to help you understand further.

https://images.app.goo.gl/SrXEfxH6TghMQ5JN6



https://www.google.com/imgres?imgurl=https%3A%2F%2Ffastercapital.com%2Fi%2FMastering-Debt-Management-Strategies-to-Conquer-Interest-Shortfall--Understanding-the-Importance-of-Debt-Management.webp&tbnid=F0OKGlIo-js0SM&vet=1&imgrefurl=https%3A%2F%2Ffastercapital.com%2Fstartup-topic%2FImportance-of-Debt-Management.html&docid=P-4lD9dQy_YHRM&w=1350&h=759&itg=1&source=sh%2Fx%2Fim%2Fm1%2F2&kgs=29fb4c3855f0be51&shem=abme%2Ctrie

                                    In Conclusion
 The concept of debt management isn’t talked about often, this is why most people dwell so deeply in debt and they can’t afford to pay it off. In worst cases where the debtor can’t pay back, they tend to take their life, giving up so easily just in the name of frustration. Sometimes taking debt can be a way out for one, that's if you have an innovative mind and know how to utilize the resources given to you. Some people just don’t know how to manage funds, borrowing money to clear debt or to fund your lifestyle isn’t just the best idea infact, it’s just the beginning of your borrowing cycle. If you don’t have any reasonable plan then there isn’t any need to go for a loan.

After all no people or any state in the world is self-sufficient. If necessary, he has to import or purchase many things such as food services public resources and others. Many countries borrow for strategic purposes and many countries borrow for specific needs. The key issue here is how to manage these loans. The more efficient the country is in debt management the faster the country can develop. In this regard all the ways you have highlighted are undoubtedly very valuable but the most important are public awareness transparency and accountability. Because I have seen many countries where there is no lack of constitution or law, there is no transparency and accountability too, no objective is accomplished and delinquency is involved which is highly reprehensible.

[bestcoins1]

Almost everyone has debt, even if it's a small amount, but no matter what, there still has to be a way to control it so that it doesn't escape control, which is called a management system, because for every performance we have to create a kind of financial analysis program so that every business we run can run smoothly. perfect and healthy, debts and receivables also need additional information, for example the background of the person we are borrowing from so that problems do not occur in the future.

If you have ever faced such a complicated problem in terms of debt and also in terms of receivables, of course you yourself already know how to handle it well because this is also based on your own experience. And for entrepreneurs or businesspeople who have taken debt to make their business more advanced, I think this is a good example of placing debt as an important thing because with this we can develop our business to be bigger. But what needs to be remembered in this case is about how we pay it on time so that other problems don't occur, because most of the problems that occur through debts and receivables are when someone doesn't pay them on time.

[hyudien]

Yes, it's true, it's better to buy something with cash rather than credit, or borrow money from other people, it's better if we collect money little by little then we buy the item with the money we save, not from debt, most people now prefer to borrow. For their prestige, they use branded items from debts. What are they doing? It's better to be free from debt as it is, than to be free from debt, rather than having a lot of debt, debt makes us lose our minds, because from a little debt over time the debt continues to increase because once we have debt, we can easily borrow tomorrow. going into debt again, for me going into debt is like we are looking for a disease, if we can we will pay it off, if not, what we do is by going into debt again to pay off the debt, over time what happens is digging a hole and closing the hole, going into debt here and there to pay off the old debt, That's why I think debt is a disease. If we can avoid debt, it's better to avoid it before we fall into debt that keeps piling up, live as we are without debt.

I agree with that, if we have a clear income and of course before that we should be able to manage our finances well, and with that, we should just save to buy what we want, don't force ourselves to be able to buy by borrowing money. with the idea that you can pay back the money you borrow because you have a clear income, because if you can buy it with cash, why should you borrow? Also, by saving, we train ourselves to be able to manage our finances well.
Don't let us force ourselves to be able to buy what we want by borrowing money, because no one knows what our fate will be like in the future, just to be safe, in my opinion, it's best to be able to buy what we want by collecting it.  money first. rather than borrowing money and being afraid of problems such as accidents or maybe it will make things difficult for us in the future.

[dezoel]

I will advise as many people as possible to always avoid the use of loan as an alternative means to make it in life or starting a business, such is a bad idea because many have been in debt at the cause and couldn't afford to repay back their loan, we have to learn the various means in which we can earn and save for for the future use, instead of taking loan, we may not be able to manage our debts if we are into it on a wrong approach.

Business loans are not always bad but there are some factors one needs to evaluate before they go ahead and take a business loan. The very first thing they need to check is whether they have a foolproof business strategy or a business idea that you know can be successful and earn you enough revenue that you can use to keep expanding your business and also repay the loan you have taken to start the business.

I wouldn't recommend anyone taking personal loans because it becomes extremely difficult to pay back the loan if you don't have a good income or a running business that you know can let you cover up the loan and the commission and repay it before the deadline provided by the lender.

[eightdots]

I will advise as many people as possible to always avoid the use of loan as an alternative means to make it in life or starting a business, such is a bad idea because many have been in debt at the cause and couldn't afford to repay back their loan, we have to learn the various means in which we can earn and save for for the future use, instead of taking loan, we may not be able to manage our debts if we are into it on a wrong approach.

Business loans are not always bad but there are some factors one needs to evaluate before they go ahead and take a business loan. The very first thing they need to check is whether they have a foolproof business strategy or a business idea that you know can be successful and earn you enough revenue that you can use to keep expanding your business and also repay the loan you have taken to start the business.

I wouldn't recommend anyone taking personal loans because it becomes extremely difficult to pay back the loan if you don't have a good income or a running business that you know can let you cover up the loan and the commission and repay it before the deadline provided by the lender.

Most people think that once they start a business, things will always go well. Sometimes the business you have established may not provide you with the results you want and it may be difficult to repay the loan you took out when starting a business. In order to avoid such a situation, it is necessary to make a very good plan and analysis.

The income from the business you will establish must be sufficient to repay the loan. The problem is not just paying the loan, the earnings must be continuous for the sustainability of the business. There are many problems like this, and planning in detail is of great importance when managing debt.

[TheUltraElite]

I would say dont be in a debt or attempt to make choices in such a way that a debt is never incurred. A debt is a constant headache, at least from my perspective, it makes me uneasy to feel that I owe someone money and have not been able to return it till date, be it a bank or a friend.

The concept of debt management comes in because people dont spend as per their needs and their income. If they did, they would never be at debt at all. There are methods to cut down on expenses but few people actually are diligent enough to employ those.

Try putting your credit card away and manage your expenses in a way that you have some saving at the end of the money - its a rigorous exercise, but it can be done.