16/08/2025
Why do people drown in Debt (UTANG)? π€
"Debt is already embedded in our culture" .
We must know how to classify Good/Bad Debt.
Reasons:
1. Misinformation of the society βThey feed us with wrong information that DEBT is good.(NORMAL LANG ANG UTANG ABNORMAL KA PAG WALA KANG UTANG).
2. Living in higher Lifestyle βDon't go broke tryng to look rich. Buying things we don't need just to show up to impress people.
3.Too many people spend money they haven't earned. To buy things they don't want to impress people they don't like...
4. Passed-On responsibility β After you graduate, it's now your turn to support your siblings education or your parents retirement.
5. Lack of Financial Literacy β This is the reason why you're not able to break the culture of Debt. This is the reason why you're not able to AVOID THE TEMPTATION OF SOCIETY..(Credit Cards, Car loan, Housing Loan, etc.)
It takes a lot of discipline how to get out of debt..
"Debt can turn into a disease. It could control your life diminish your happiness and limit your freedom." page 55 SSBYF book
γ ok