Talking about debts, I believe more people are getting into debt at a younger age. People have blamed the evils of credit cards but there are many other reasons why some people get into debt, like taking out secured loans or unsecured loans.

Whatever it is, if one is in debt, he should take control of his finances and start doing something to right the situation. I read the article Debt consolidation ‘an option for those with money problems’ on the website of Magic Loans and I have to agree with the writer.

I have seen many people who are in debt and they think it is only a small issue. They take out a loan elsewhere to cover their existing loans. Sometimes even taking a loan against their credit card or taking out a payday loan with high interest rate.

If a person in debt is aware of his financial problems, he should calculate his options and one of the viable options is debt consolidation. How long can a person juggle his borrowings and prevent interest incurred from snowballing? Sooner or later the debt will get too huge to handle.

It is not wrong to be in debt but it is if we are not proactive about it and end up not doing anything positive to reverse the situation.

A few posts back, I wrote about the financial hardship of my family. The lucky thing was that no matter how deeply we were in debt, my parents managed to avoid bankruptcy. I do have a couple of distant relatives who were declared bankrupt and it is quite a hassle for them after that because they were not supposed to travel, own properties and they had their passport revoked.

A friend of mine was a bankrupt too but his wife is a smart lady. Although they did not have the help of professional debt solutions, his wife set up a hair salon at home and luckily for them, business was brisk that she managed to use her profit to bail out her husband from bankruptcy, over the years.

Once the husband was a free man, financially, he managed to secure a good job and has been working ever since. When one is a bankrupt, nobody will employ him. Even a former bankrupt will have problem looking for a job. Meanwhile, the wife expanded her hair salon business and now, owns a salon in a posh area in the city.

Although it may seem like the end of the road when we are so bogged down with debts, there are solutions. It is just that sometimes we are so obsessed with the figure amount that we do not see the solutions even if they are right smacked in front of our eyes.

But one thing is clear. To get rid of debts, we just have to earn and earn.

People who know me personally know that my family was in a huge financial dump about ten years ago. In act, the debt incurred was so huge, we are still paying it off little by little.

Some people think that going into business is all great but they never mention that one wrong move could cost you your home and family. Well, almost in my parents’ case.

What we did was to get to work. All of us. For myself, I compromised my college education. Till now, no one believes that I did not attend college like everyone else my age. Well, they do not have a huge debt to settle. I Did, I still do.

We handed the money we earned to our mother, who despite not knowing much about proper Debt Management, I have to say that she managed the debts pretty well, keeping tabs on whom to pay off first, whom to negotiate a lower interest rate or ask for a halt in interest charges so that we could just offset the principal only.

Life has not been easy riddle with so many debts but we have been managing fine by the grace of God and as long as we keep earning, we can manage to settle the monthly installments that my mother came into agreement with the creditors.

My friend told me that even if I may have family debs to shoulder, I should not forget to live. Well, it’s hard because at the back of my mind, I only have one thing: to rid the debts so that I could start saving for the future. My future.