It is no strange news that human life is constantly being plague by debt, and this terrible plague is preventing him from creating wealth for himself or at least creating a comfortably financial life. The will to create a secured financial future is constantly being sabotage by the claws of debt. Debt is one of the most popular destructive forces that have put many marriages asunder; it is the phenomenon that has destroyed many relationships. The current financial crisis seems to make debt independence a difficult task to achieve. Debts are of two types the good and the bad, the bad often turns to ugly. The good one, given careful consideration helps to build wealth and attain financial independence. Obtaining a loan for the purpose of investing in a product that appreciates in value or income-increasing investments or to build a business is a good debt but many factors must be considered before getting into this form of debt.

Many suffer from bad debt, people are more eager to take on bad debt instead of good one. An expensive lifestyle is constantly being maintain through series of bad debt, this often lead to destruction in the end. Every human being craves for a good life, freedom, joy and happiness, but today many of such craves are being fulfill at the expense of bad debt, we have been trained to associate acquiring materials things with being happy and living a fulfilled life. Gratification that should be delayed is constantly being transformed into instant ones, and instant gratification is the emotional representative of a destructive habit. There are legions of methods in which people are now being lure into the claws of bad debt, these methods makes debt independence difficult to achieve. These methods are presented in subtle ways, they appear harmless, because of this, and people never give it a second thought before they subscribe to such deceptions.

These deceptive methods create strong propensities in many thereby the self will to resist is reduced to zero. They acquire bad debt because it’s the easy way out, it’s the water that quenches the fire of many uncontrollable feelings. And so they begin to swim in the ocean of bad debt because of an awful crave of trying to prove a point to others, the fear of not being left out; or of being below the standard, the stupid desire to create a false image, the lofty expectation of status quo, the pride of significance. Therefore building wealth or creating debt independence becomes very difficult because bad debt is the terrible disease that eats up the money that would have being use in building wealth. The money for creating wealth is regularly used to pay off bad debt and also the interest. This could become a terrible habit that when a particular debt is paid off, people just slide into another because it’s a normal lifestyle.

Bad debt can be avoided by thinking about the endless implications, the frustration and the loss of self respect. A financial accountability principles must be established and adhere to, this sometimes could mean being accountable to someone in order to deal with bad spending habits. Proper guidance is also require do deal with uncontrollable emotions, having self confidence in oneself and not living by the standard of others is a ladder for coming out of the hole of debt and also leads to debt independence. Many find themselves in the prison of debt because of lack of self confidence; they always dance to the drumbeat of the wrong advices from others. Earning more income or extra income is the expressway to coming out of bad debt; it’s also the way to have financial security in old age, most especially with the current pension system going down the drain. There are lots of opportunities around and a bit of research will provide the way out.