This first, very first advise from me, is not to get into debt at the first place. You can take that to the bank. It’s valuable. I am in debt I know. My girlfriend got some money (she doesn’t work, which is okay, so someone sent her fare and some money for shopping…argghh men!!) and she decided to start repaying off some of her debts. … TF…
I mean, who pays off debts during a pandemic. Everyone, even governments suspend repaying of loans. I didn’t think she was being a genius at this time. The idea of repaying off debts at the height of COVID-19 pandemic was outrageous. But she insisted. . ..my own bank gave me a holiday, 3 months, and I am enjoying the holiday. Business is really bad and we need any small amount we can get.
She said “I want to feel better about my self. I want to be free.”
“Free from what? After all…its a mobile phone app that gave you the money” I tried to instill sense into her but she wouldn’t listen. In fact, she constantly interrupted my ranting with her hand telling me to stop talking, without her talking, you know what I mean!
For her going into debt should be more about her she feels rather than the necessity and desire to achieve. It’s about how she feels at that time and what she wants to feel in the near future. She has no clue about life. I sometimes look at her and think, she is just being her.
Getting into or out of debt should be driven by how you feel. In fact, it should be driven nothing but reason to invest in a project that will repay off the loan. Loans are juicy but the long term effect mismanaged loan is bitter bile. You’ll keep ruminating on how you should never have even, for a second, thought about taking the loan.
I have a student loan, defaulted and some other small loans that I took the loan to get myself out of the mad. I was stuck sometime back and it was bad so I had to get into debt.
Is there an alternative to debt
Yes. Save now when you don’t have a need. A need for money will arise one time and you will have to look for money either way.
You could consider the possibility of reaching to family and friends if you have a noble investment idea. They will listen and they will help. Those who don’t are probably not family or friends. So choose you, friends.
Pheutesmus once got into trouble with a traffic officer over expired insurance. That a serious offense don’t drive without valid insurance for your vehicle. So the officer asked for a hundred dollars cash bail about 10k Kenya shillings. He didn’t have. I am one of his friends so he asked us to contribute. I didn’t have so I told him he may have to spend the night in a police cell. I am a bad friend. I know. I can’t go into debt to help you get out of ignorance to obey the law.
Does paying off your debt make you feel better?
I think there is that sigh of relief. I personally feel better when I repay off my debts. That sends of achievement and self-satisfaction. It’s a good thing. Sex is even better when you’ve paid your debtor It shouldn’t be the same feeling when taking a loan to consume it with investments that don’t make sense.