How To Overcome Debt Addiction?

[Good-Guy]

We all know that being addicted to something bad is bad. It is always good to get addicted to good and healthy things. Unfortunately, when the term "addiction" comes into our mind, we tend to think about negative things. This is because many people in this world are indeed addicted to bad things and we can say that debt is certainly one of them. Debt is never considered a good thing at all. We all borrow money in some point of our life. However, our life becomes miserable when we become addicted to borrowing money. Getting addicted to getting loans could be a serious problem that should be addressed.

Many people do not realize that being addicted to debt would simply increase your debt because in many cases, you would not be able to pay the loan back and the increasing interest rates would simply over-burden you. According to the Canadian Consumer Credit, around 36 percent of folks in Canada have a harder time having a settlement about their debt and 40 percent of people in Canada do not believe that they would ever be able to pay off their loans. So, what steps could be taken to stop debt addiction?

 

[Deleted member 28127]

Sometimes you find yourself obliged to get a loan but this leads to taking new loans every time and every day means finally you will get recursive debts as you find yourself expanding more than before debt this is the sad truth.

 

[Caramelle]

While debt can be useful in certain situations, it should generally not be the first resort. People shouldn't think that debt is always the solution to all their financial needs. Credit limits are bound to be maximized at some point if we depend mostly on debts and credit cards to support our lifestyle and needs. Countless lives have been ruined by the indiscriminate use of debts. Debt addiction needs to be stopped before it becomes too late.

One of the important things we need to do to overcome debt is to deny ourselves access to debt. If you are holding credit cards, stop using them and keep them in a location that will make it difficult to reach them. Pay them off as soon as you can and discipline yourself to live a cash-based lifestyle. In other words, only buy stuff that you can afford to pay in cash at the point of purchase.

Stopping debt addition will usually require serious lifestyle changes and commitment. Losing access to debt will likely mean depriving yourself of certain luxuries in life that you can't afford yet. It may mean missing out on occasions like reunions that will require you to spend considerable amounts of money. You will likely hold off high-ticket purchases that make life convenient and comfortable or stop yourself from indulging in luxurious food and experiences. It's a huge sacrifice in most cases but it's all worth it because your happiness and peace of mind depend on the decisions that you will be making today.

​

 

[Deleted member 28127]

It is not related to luxury or food sometimes if you have children then with a low salary you find yourself incapable to pay all the bills related to school and expenses then you find yourself every year getting a loan by the start of school days as an example. There are some people getting debt for luxury but they are few one.

 

[eldavis]

One of the best ways and the first thing to do or try, to not get an addiction, the best is to abstain from it. There is this popular saying that prevention is better than cure, so instead of looking for ways to cure or handle addiction to borrowing ( dept ) is to not be addicted. For those who might have already been addicted, the best way to go about this is by reducing your wants. The reasons why you are into dept is probably cause of how you spend too much on your wants ( wants are things that you do not need but yet you go ahead buying them )

 

[Alexandoy]

I know of some who are addicted to borrowing money. They are not comfortable when they have no loan to pay. It is funny because I am striving to have zero debt while some of my friends are thinking of borrowing money once they have paid up their last loan. I have experienced being deep in debt and it was very inconvenient when the budget is always short for my needs. When I was able to pay off the debts I made it a point to control my spending so that I will not borrow money anymore. To be honest, there were times that I still got a loan but I see to it that I pay the installments on time. Another thing is my expenses that I cannot over spend. My spending limit is always respected otherwise I will have a financial problem later on. If I do not have cash then I would not buy a new bed or new table.

 

[Kingsley]

Overcoming debt to me is not so difficult all one actually requires might be discipline, one of the major reason why people fall into the trap of debt and eventually become addicted is because many are trying to live outside their means. They are trying to impress others and to make people feel that they have made enough money and they are rich, hence to go out of their way to buy things that they do not need.


One of the major ways of getting out of debt is preparing a budget in all that we do to enhance we do not go beyond our limit and for us to also aviod wastage that wil come from unnecessary spendings.

Although some of the challenges that makes some people to become an addicted debtor is as a result of the economic situation mostly in this part of the world in west Africa Nigeria precisely, where it has been said that we now hold the position of been the world's capital of all poor peoples of the world. With this status that Nigeria is holding it is clear that people will find it difficult to get out of debt due to hardship unless the government intervene by making life easier.

 

[kudoncy4life]

While debt can be useful in certain situations, it should generally not be the first resort. People shouldn't think that debt is always the solution to all their financial needs. Credit limits are bound to be maximized at some point if we depend mostly on debts and credit cards to support our lifestyle and needs. Countless lives have been ruined by the indiscriminate use of debts. Debt addiction needs to be stopped before it becomes too late.

One of the important things we need to do to overcome debt is to deny ourselves access to debt. If you are holding credit cards, stop using them and keep them in a location that will make it difficult to reach them. Pay them off as soon as you can and discipline yourself to live a cash-based lifestyle. In other words, only buy stuff that you can afford to pay in cash at the point of purchase.

Stopping debt addition will usually require serious lifestyle changes and commitment. Losing access to debt will likely mean depriving yourself of certain luxuries in life that you can't afford yet. It may mean missing out on occasions like reunions that will require you to spend considerable amounts of money. You will likely hold off high-ticket purchases that make life convenient and comfortable or stop yourself from indulging in luxurious food and experiences. It's a huge sacrifice in most cases but it's all worth it because your happiness and peace of mind depend on the decisions that you will be making today.

​

debt is really scary due to it returns

 

[Finger Geek]

I don't know why some people are in debt in the first place. Because the way I see it. Debt doesn't make us grow. Being in debt has many disadvantages and it can also bring an sickness to the debtor because if the debtor don't pays his debt and he is been disturbed by the debtor. He might not have rest of mind and might eventually have high blood pressure which is not good for the health.

But we can overcome this by not taking the loan at all. Why do we take loan if it is not for business? When we take loan for business. There is a big chance that it will be paid back. But apart from that, it will be difficult.

We can stop taking loan for unnecessary things and be free from debts. Most people take loan and eventually be a debtor for life because they want to satisfy there wants.

There are some things that we want but don't need and we can still do without them. But because some people want to satisfy there ego. They will become a debtor. But if this can be stopped and we are satisfied with what we have. Then rate of debt in the environment will reduce.

 

[Abigael]

Debt addiction is a really serious problem that many people face. It tends to deteriorate your financial life greatly. Just like any other addiction, having to stop it is not easy. But it is something that can be done. I was once a debt addict too when I was in campus. I would borrow compulsively just to satisfy my luxuries and desires. I knew I had a problem when I became so hopeless about paying back some facts. What I did was start to rewire my brain against the need to borrow. This takes so mech self discipline and it entails accepting your urge to borrow but never borrowing. After a month of saying no to this urge, I became stronger at not borrowing money.

 

[moonchild]

The topic heading is kind of funny but honestly what you said is on point, you won't realise this until you have to do encountered this type of people first hand, I have met some people that are always asking for loan and it's not like I have the money myself I'm just managing too, but this people will always find a way to ask me and before I wasn't that Enlightened about how life works and all other things about manipulation, I'll just give them and it will take them a very long time before they pay up.

In order not to be such type of person you need to always identify what's taking money from you and tackle it immediately

After that you should learn to live within your means and don't buy things you can't afford because you'll just be spending the money to keep up that image.

Learn how you can make more money by learning a new skill, this is will give you an advantage and will increase your savings.

I know these things are very hard to implement and you will fail sometimes but just keep on trying and stay focused one day you will overcome it

 

[Ajebo25]

Before you take a loan you need to foist think,where am I going to get the money to pay back???, You can't just take a loan with the thinking of you getting money one way or the other to pay back in the future.

Now you need to know that time flies I suggest from the moment you take the loan you should start thinking of was to pay back even if you are given the 6 months threshold, then as soon as you use the loan,you should start gathering the money to pay back even before the 6 months elapse you shouldn't just sit back and wait for the 6 months to elapse before you start looking for money to pay back as soon as you use the loan given to you start gathering the money to pay back bit by bit monthly till the 6 months reac so the lender won't have to ask your of his/her money before paying back

 

[Sotherefore]

Well if anyone that is addicted to loan is ready to stop it then there are so many things that should be put into consideration , the most important thing is the readiness of the person to stop this , He or she must be determined within himself to stop it at all cost .

If the person don't even see the need to stop it obviously such a person won't really be able to stop . When someone a person is able to understand that this is affecting him negatively and is willing to stop then that is when he will be able to adjust and change for it to have an effect.

There are some ways this can be done and one of the most important ways is just discipline , you can be disciplined to start up anything you are interested to do with your own money. When we are about getting loans sometimes we should always consider the dangerous side effect of the loan because this will discourage a lot of people from getting a it .

You should also partner yourself with business advisors because some business advisors will really tell you the best thing to do at a particular period of time than for you to do everything on your own .

 

[Kendy]

I find this thread very interesting because the rate at which people derive happiness in owing debts is alarming especially when it is gotten from their acquaintances and not from financial institutions. People do not care about their self image and they repay your kindness for dishonesty. I know how many times I have been in a state of chaos and loggerheads just because I decided to lend someone money and at the end of the time, they refuse to pay. Most of the people I loan money to always act as though they are not in debt or wait for me to remind them. Just a year ago, a so called friend had asked, that I borrow her money, which I did without any interest and she promised to pay back within a month. After a month, I did not hear a word from her and she avoided me even on social media like a plague. The second month passed and I could not take it anymore so I had to call her. She acted as though I had no right to get back the money. It was a battle before she paid and she paid in bits, always waiting for me to pester her. The best way to avoid such bad debts addiction is to have a good conscience.