Can debt be classed as an entity? If so, then it will certainly be the biggest enemy of the human race. Battles are being fought to win over debt but it is very difficult. There are so many battlefronts and certain debt can be so intimidating. Why is it that we have to grapple with debt and what can we do to win the war on debt?
The problem that society is dealing with when it comes to debt is the fear that it projects. Types of fear include doom and gloom; cyclical/never-ending trap; decline in health; reputation and shame. Why is it that there is a high rate of depression and anxiety around the world? Why is it so important to have prestige, something that is revolutionary, big items? What will be the significance and purpose? This is what money does and bad habits can easily be attained. It is like being in a leaky boat and hoping that it will not turn into a uncontrollable situation. The point is that negative thinking, being resigned, having no hope and shutting down will not make debt go away; it will just add to it and that is what it wants. If there is no initiative in attempting to fighting back against debt then we will never know what the attempt would achieve. There is hope, debt is man-made, we need to awaken and face reality.
Debt is a serious situation to be in and there is no need to be in it. We have to change our perception on what matters most in our life and to spend on what we can afford. We have to use credit cards where we know the amount that is being borrowed can realistically be paid off in time. We need to have both a mental and physical budget that we can look to and make it a habit to consistently follow it like law. We are our own enforcement officers when it comes to debt, spending and money. Whenever something comes to our mind that involves spending, we control our thoughts and must resist the temptations to spend outside of our means. We have to treat spending based on cause and effect; internalize what the effect will be and ultimately make our decision right away as soon as debt comes to mind.
As the importance is to avoid or eliminate debt altogether, this must be worked on collectively and gain support from the government. This will be a way to significantly reduce the average household debt. There is an article from KBS World Radio based in South Korea where there is mention that the government is planning to readjust and possibly wipe out debts from households that are in desperate need. This is a promising step where the point is to get this across to other nations. Not only will this strengthen confidence of society but it will tell society that the government understands the needs of the many and is committed to plan a reformation to win the war against debt.
In the end, society will need to learn from the lessens of debt and have the strategies through experiences on avoiding getting into it. Interest rates will not be low forever and already there are those that are feeling the pinch with the recent interest rate hikes in countries such as the United States and Canada. If there was one thing that I, writing this article, would wish upon all those affected by debt including myself, would be debt forgiveness, a reset, and have everyone access to debt avoidance education starting from the very young to the very old.