Living In Debt

May 14, 2007 – 8:01 am

I feel that many people are become less able to manage their finances. For one, it is getting increasingly easy to apply for loans, especially unsecured loans and the interest rates are so high but the borrower will never think of that when all he wants is some cash on hand.

Many of my friends are already living in debt although they are still young. Most have a car loan while some have home improvement loans. The worst people are those who take out secured loans so that they can start a business. I think these are the worst lot because can you imagine what happens if their business venture fails and then they end up losing their business AND also their asset, most probably their family home?

Sometimes, I feel like the poorer one is, the worse it gets due the the ease in apply for loans, hence the a life riddled with debts. Unfortunately, this is the reality of life in the 21st Century.

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