By Ana Fernando, Account Executive, Debt Recoveries Australia
We often hear people say something like this; “I want to buy the clothes that famous celebrities are wearing,” or “have you seen the latest iPhone series?” It seems like everybody is busy chasing to have the life that we think is going to make us a better person.
In thinking about debt, it is like getting the enjoyment first, then suffering later. Debt is like giving us the passport to bankruptcy IF we are not careful. It may be fun or exciting today, but tomorrow is a different story.
Below are some facts about debt and some advice on how not to suffer later.
1. Debt will take you further than you want to go!
To Illustrate this, I will be using somebody else’s story. My friend was out in the mall to meet another friend. While she is waiting, she decided to walk around and passed by on one of the stalls selling shoes on sale which are her weakness. I am reasonably sure that when she first saw those pair of shoes, she never planned to get any loan to buy anything, but she never stopped staring at them. Instead she went inside and asked for the price.
2. Debt will keep you longer than you want to stay!
My friend coveted for the shoes on sale. She bugged her husband to give her money to buy the shoes which he declined on several occasions. His salary is only enough for their family needs. Then she thought of borrowing money from someone although she promised to herself that it will be her last purchase.
If she only knew her desire for material things would lead to losing her family in the end, she would never have gotten into the habit of borrowing money in the first place.
3. Debt will cost you more than you want to pay!
Her first loan didn’t cause her any harm. It was just a small amount and managed to pay it on time. However, that first loan didn’t stop from there. She borrowed multiple times for different amounts and different reasons. She woke up one day realizing that she can no longer pay the loans she made. Not only did she borrow more than she is capable of paying back, now she had to borrow from different people just to be able to cover up another debt. Slowly, it became part of her system.
When her husband found out, they had a very heated discussion about it which led them to separate and lost custody of their children. All these were the result of her seemingly innocent, curious stares on those shoes.
If you are an individual suffering financial hardship or has debts that you think you can’t pay anymore, do not be disheartened. You can seek help from a Financial counsellor. You can contact Financial Counselling Australia on 1800 007 007.
Don’t be afraid to contact your debt collection agent and talk to them about your outstanding debts. You may be surprised how much we are willing to work with you and help you avoid bankruptcy.
ADC Legal Litigation Lawyers is a legal practice specialising in commercial advice and litigation, debt recovery and insurance claims recovery disputes. For more information, email us at firstname.lastname@example.org or call 1300 799 820. Talk to us about your litigation or dispute concerns via Skype at adclegal.