People say that there is good debt and bad debt. The good debt is the one which you have so that you can make an investment. This of course will mean that you have a business idea that you believe will pay off in the long run. The bad debt is the one you take out so that you can purchase stuff which does not pay you back in any way.

Experts say that people are better advised to stay away from the bad debt. Obviously if you aim to borrow money for investment purposes you should also weigh your risks. While the so-called bad debt is not a good idea I have seen some people who really manage their debt well and do not end up in trouble. Personally I do not subscribe to the idea of borrowing money. Perhaps when I have a brilliant business idea I may be tempted. As for the bad debt, I do not think it is worthwhile.

For me debt equates to bondage and I do not like the idea of being in bondage. Being a Christian the scripture which comes to my mind is the one which says, 'the borrower is servant to the lender'. Because of my personal beliefs, I am not comfortable borrowing money. My advice to anyone in debt is to pay off your debt.

How do you go about paying off your debt? When I was in the university I took advantage of the government loan facility. Everybody I knew applied for one. It was the thing to do back then and I liked the idea of being independent financially, not having to ask for money from my mum. Fortunately, I did not get full cover for the entire time I was in the university which meant that when I completed my course I had a small debt to pay.

I was one of those unfortunate people to get trailed immediately to pay back the money I owed soon after finishing the course. Some people could get away with it due to poor file management by civil servants in the ministry of higher education. In fact I heard some reports that some unscrupulous people were bribing responsible officials so that their records would disappear and they would not have to pay back the loans.

When I was trailed by the debt collectors, I had no choice but to devise a way of settling my debt. It was not easy at the time. Fortunately I managed to get a job though it was an entire year after I had graduated. I negotiated with the debt collector to pay the entire loan over 6 months. It was a huge sacrifice, but it did work out and in half a year I was debt free. That really felt good. Had I been wiser I would have converted the amount I had been paying monthly into savings after completing the loan payment. But, like most people I thought that was the best time for me to spend money on all those things I had wished for and had not been able to purchase.

People say that there is good debt and bad debt. The good debt is the one which you have so that you can make an investment. This of course will mean that you have a business idea that you believe will pay off in the long run. The bad debt is the one you take out so that you can purchase stuff which does not pay you back in any way.

Experts say that people are better advised to stay away from the bad debt. Obviously if you aim to borrow money for investment purposes you should also weigh your risks. While the so-called bad debt is not a good idea I have seen some people who really manage their debt well and do not end up in trouble. Personally I do not subscribe to the idea of borrowing money. Perhaps when I have a brilliant business idea I may be tempted. As for the bad debt, I do not think it is worthwhile.

For me debt equates to bondage and I do not like the idea of being in bondage. Being a Christian the scripture which comes to my mind is the one which says, 'the borrower is servant to the lender'. Because of my personal beliefs, I am not comfortable borrowing money. My advise to anyone in debt is to pay off your debt.

How do you go about paying off your debt? When I was in the university I took advantage of the government loan facility. Everybody I knew applied for one. It was the thing to do back then and I liked the idea of being independent financially, not having to ask for money from my mum. Fortunately, I did not get full cover for the entire time I was in the university which meant that when I completed my course I had a small debt to pay.

I was one of those unfortunate people to get trailed immediately to pay back the money I owed soon after finishing the course. Some people could get away with it due to poor file management by civil servants in the ministry of higher education. In fact I heard some reports that some unscrupulous people were bribing responsible officials so that their records would disappear and they would not have to pay back the loans.

When I was trailed by the debt collectors, I had no choice but to devise a way of settling my debt. It was not easy at the time. Fortunately I managed to get a job though it was an entire year after I had graduated. I negotiated with the debt collector to pay the entire loan over 6 months. It was a huge sacrifice, but it did work out and in half a year I was debt free. That really felt good. Had I been wiser I would have converted the amount I had been paying monthly into savings after completing the loan payment. But, like most people I thought that was the best time for me to spend money on all those things I had wished for and had not been able to purchase.