• Thursday, June 13, 2024
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BusinessDay

Are you living in a cycle of debt?

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It is one thing to be indebted; it is yet another thing to live in the circle of debt.

Living in a cycle of debt is to be constantly entangled in paying debt after debt. This situation can be frustrating especially when one finds himself or herself edged in the cycle of debt.

Sometimes, it is even difficult for those entrapped in the cycle of debt to realize it. If you find yourself in any of these situations, then you are plagued with the cycle of debt.

When you are always borrowing to finance life style, you are living in a cycle if debt. If you have to borrow to pay your ward’s fees, borrow to pay your rent and other utility bills, you are living in a cycle of debt.

When are always “robbing peter to pay Paul” , that is borrowing to settle older debt, you are living in a cycle of debt because you have just succeeded in renewing the debt cycle.

When you are “leveraging on other people’s money” and you always use people’s money that is in your custody to meet your need and then replace it before it is collected or even realized you have spent it, you are living in this same circle.

When you plan on money that you have not seen, that is anticipating that you will earn some money that you are not even sure of earning and worst still, you plan your budget on it, you are living in a cycle of debt.

Keeping up appearance even when you can no longer afford the lifestyle you are used to living and then have to borrow to finance this life style constantly, you are living in a cycle of debt.

When you cannot withstand peer pressure and have to borrow to be accepted among your peers and friends, then you must be living in a cycle of debt.

Hope Ikwe Dosunmu