Why do you think that it's very difficult for one to get out of indebtedness?

[Stardom22]

Frankly speaking, the financial resources are very scarce. Therefore the more you take loans is the more you get into the indebtedness and the more difficult to get out of it for sure.

 

[Mike30]

Based on where I live (USA). Before you become an adult and the lack of financial education from parents plus the current social culture is to have the "Latest" thing, that If you don't have the money, don't worry, use credit... It is enslaving the lives of young people.

When I arrived to USA, the first thing people around me taught me was to apply for credit cards to build up my credit score. Before teaching me that credit is a tool that can help you to leverage business or it can enslave you if you use it for your consumption. That simple lack of knowledge did cost me 20 years enslaved. And it is really hard to get out of debt even if you make a lot of money due to the lack of knowledge.

 

[pousinha]

Based on my experience, what I see in Latin countries is spendthrift habits generating more and more debts. Average people here don't get rid of futile spending habits, so vicious circles come.

 

[codescript94]

Because of credit card interest, this is an evil that haunts people.

 

[eLdavis]

It's extremely hard for most persons who are in debt to come out of it because they have easy access to funds and loans they can borrow and use.

 

[Stardom22]

It's extremely hard for most persons who are in debt to come out of it because they have easy access to funds and loans they can borrow and use.

You are absolutely very right. It's seems very easier to get loans than repaying back because that is the nature of the debt

 

[Stardom22]

This year my credit card bills are very high and income has reduced , because the opportunities were diverted to the friends and relatives of top government employees. So I am selling or letting most of the domains expire to reduce my credit card bills.

That's very sad. ln my country then it's very difficult to get any permanent and pensionable jobs be it in the formal or the informal sector.

 

[freelancermaria]

Reducing debt can be difficult, particularly in cases where obtaining a credit card or loan is not difficult. I was younger when I went through it. I made the decision not to apply for a credit card again because of this.

 

[pousinha]

Because of credit card interest, this is an evil that haunts people.

Well, credit cards work for me the other way round. They help me to control the expenses and postponed payments help to hold investment without advanced withdrawals.

 

[Augusta]

Some is just due to low financial planning. Some people don't plan their financial life as such they always run into murky water

 

[Springtime]

Once you have debts, you must have self discipline and determination to repay th e loan on time. If you borrow money to repay debt, you'll never get out of indebtedness.

 

[Augusta]

Getting out require action. You can't get out of a thing if you don't work at it. So it is to work at it always to pay back