What is Debt? Is Debt bad? Does it have a negative impact on your life?
A Definition of the word Debt:
Money borrowed usually from a bank or financial institution. The borrower pays interest for the use of the money and usually has to repay it within a set period.
When Debt is not a problem you probably look at it as outstanding credit or you might not even think about it at all, you just pay it every month or week.
Wasted Money
When I think about how I used to borrow money I feel quite sick, I used to borrow and borrow some more making minimum credit card payments then every 6 Months I'd pay it back with lots of interest. I wasted lots of money in interest thousands of £££££££'s.
What happens if I don't pay my debts?
Lots of bad things happen if you don't pay your debts its a slippery slope heres how it looks:
