Why do you think most people are deeply indebted?

[Stardom22]

Most people are very heavily indebted especially in the developing countries like Kenya. Both of the low and middle income earners are heavily affected by this disease. What is your take?

 

[Starmix]

I haven't experienced that in my life. It's better to work double or triple to avoid indebtedness regardless of nationality and race. We need to strive and follow only the dictations of our minds on what's good for us.

 

[eLdavis]

This could happen for various reasons though, in most cases it could be due to poor or no proper management of the resources that comes their way, or unessary spending.

 

[Kross]

The major reason why some people are heavily indebted is lack of planning. They don't realistically plan their financial life and bills payments. They're always overwhelmed with financial needs and would always borrow to pay because they didn't plan on how to pay them.

 

[Augusta]

it is because they like to borrow because for me it is all about working and living within your means

 

[Springtime]

There are many reasons. One reason is the person is not able to earn enough money to make a living. Another reason is s(he) does not spend wisely.

 

[Fire&Rain]

Il.speak on behalf of people in my country. Some people can take loans to go on a vacation or go for a drinking spree with friends. Non of these options help them financially. They end up being heavily indebted because one: they have previous debts and taking a loan added an an extra strain to their finances.

 

[Min George]

People that are heavily indebted are in that condition because some of them had to take debts to deal with a situation that was totally beyond their financial level.