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I know of people who are wallowing debt. I am not saying that my hands are clean because I also have debts to pay. But I am aware that there are people who are in worse circumstances than me. And sometimes, it surprises me to find out the reasons why these people are in debt.
I can understand if there are really unavoidable circumstances that happen in these people’s lives…Or their families. But if I learn that they are in debt because of gambling or womanizing—wow that is a different story.
But if the problem is just overspending and making payday loans one too often, then I guess a financial rehabilitation program should be set in place. If these people are not helped by financial experts, they will just continue to wallow in debt.
And it is really a sad state. The bible says that the borrower is always slave to the lender. And that is very true. There are even people who make their paths narrow by trying to avoid the people whom they own money to.
If you come to think of it, hiring a financial adviser would mean an expense. But it is just a temporary expense considering that the counselor can help us get out of debt through sound financial advice and even teach us how to make the most of our money. That expert would guide us in making investments so that aside from our salaries or business profits, we can make our money grow through these high yielding portfolios.
I think that having debts is an eternal problem of Filipinos. But we can change and we can change our situations. We need a lifestyle assessment and after that, a complete lifestyle change in order to live our lives successfully and not wallow forever in debt.