Being in debt is a natural occurrence especially for people who have more wants than what they have. On the other hand, there are people who could not even meet their basic necessities so they are forced to borrow from people and from credit institutions. Borrowing may be normal but once it gets out of hand then it can already become a serious problem.
There are people who earn enough for their basic needs but who yearn for more material things so they tend to borrow excessively. Spending too much and beyond your means can be dangerous because it can lead to indebtedness. When a persons expenses are way beyond his earnings then he may be in trouble.
People who cannot control their spending habits often end up with nothing on their backs. Statistics show that Americans have at least three credit cards per household. This means that majority of Americans are living comfortable lives because of credit. Using credit cards could not be helped due to the popularity of plastics. However, credit cards have been known to wreck reputations and even peoples lives.
Being indebted up to your neck can be a horrible situation. A person who has numerous debts is often...
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