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Many companies nowadays make it so easy and convenient for people to borrow money.

When we go to the mall, we always see promos stating:

0% interest installment rates.

Buy now, pay later!

But the truth is ALL DEBTS NEED TO BE PAID WITH INTEREST.

According to J. Reuben Clark,

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Debts can turn into a disease. It could control our life, kills our happiness, and limits our freedom.

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• Do you have debts?

• Is debt good or bad?

• Should we get into debts?

The good news is not all debts are bad. We have good amd bad debts.

Good debts are those that have a potential return on our money.

Take for example the debts to finance a business or your child's education.

Bad debts on the other hand are like credit cards debts, loans that have no potential return.

For example you borrowed money to buy a high end gadget for your personal use even of you still have one.

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Getting out of debt may be one of the hardest thing to do. As what they say, once you taste it you would always want it. It takes a lot of time and self control. But you must persevere. You can never be free until you are debt free.

The first thing to do to manage debt is:

Live below your means. Don't spend more than you make.

As simple as that. There must have an extra self-control.

Here are a few tips to manage your debts.

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✔ Pay off your credit card debts in full and on time to avoid incur charges.

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✔ Use cash or debit cards. If you have 5 credit cards, cut up the 3 cards and retain only eith one or two cards. And of course use this for convenience purposes.

✔ Spend on necessities, not luxury. Buy only what is important. Change the habit of spending to the habit of saving.

✔ Make a list of all your debts and pay them off one at a time.

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Good day steemit!