Living In Debt

Most of us would rather lose face and borrow money from a loan company or anyone they know rather than living with nothing just to raise ourselves for the better, hoping that we will be able to pay them once we get on our own feet and we, too, start to help others by lending them some. However, this is mostly the most abused situation where one would just run and hide if they couldn’t afford to pay anymore — which, sometimes, lead to loss of their own property, or worse, their lives.

I’ll be honest here: I was able to avail of a certain training course from borrowing from a legit loaning company, while I still have outstanding debt from government-run social services. I have several reasons for doing this, one being my obligation with my family. Just recently, I borrowed a huge sum again, so obviously my current debt tripled than the usual. I already set up a plan to pay them in due time but I have to make sure to get paid double than what I currently earn. The problem now is how and where I’ll be able to get such money to pay.

My dad once said that if we have to borrow money from somewhere or someone, we have to pay for it, no matter how big or small it is. I’ve been living in that advice even when he was still alive, just to be sure that if and when we’ll ever borrow again, it will be double than what we ask for. Of course, there is this obligation to settle it on time.

Like I’ve said before, and it’s just my opinion, borrowing and lending anything is most prone to abuse. I once borrowed a Japanese dictionary from my classmate back in high school but being too engrossed in it, I totally forgot to return it until it just stuck in my drawer. That might also happened to my How To Draw Manga first edition book at the same time when I agreed to lend it to my classmate who also loves drawing manga like me — and she failed to let me know nor returned it. It has been, what, nineteen years, since I had it. It was my supposed birthday gift to myself.

But then it made me think, she needed it more than me, as much as I needed the dictionary before. But as years went by and my perspective on money and debt changed over the years, it made me think that there is a limit to this kind of exchange.

I have a job that only pays me when I’m at work, and I’m worried as to how my current budget will go as my obligations pile up. With all these problems involving money, I came up with a conclusion that having a part-time job can only save me from having a huge debt that might take me forever to pay.

For those who have plans to apply for a loan or borrow something from someone, my advise to you is to only take enough that you can manage to pay, whether in one go or in installments (surely each loan will have corresponding interest) and only apply for a loan if you think you have an urgent need. You need to make sure also that you have enough to pay for it later on and ask help from a financial adviser on how you can maximize your budget to cover up your loan expenses. Don’t you ever think that there will be someone to back you up with household expenses and such because you’ll never know when it will last or if they will provide at all. I’m not saying this to lose trust on your family members but let’s take it as some kind of help to lessen the burden of tightening the budget, because who knows if they’re also having the same dilemma as we do.

It would be better also to be transparent to your loved ones about you having debt. You need to let them know that you’re doing whatever you can to lessen it, if you’re unable to pay it all. This is to make them aware that you have your own obligation to face for their sake.

Strangely, though, I haven’t told my family about my situation, but I have plans to do so. For now, I have to find a way on how to control it, I’m sure I’ll be able to, in a clean way.

But the ultimate lesson here? NEVER BE IN DEBT. If you think you’re not bold enough to borrow money however which way, it’s better for you not to be in debt at all. Because at least, the only obligation you will have is to provide for your family and for yourself. Worrying about another obligation would only lead you not to do anything at all out of fear. I’m slowly learning my lesson, and just as my father said, no matter what, I have to pay every single cent of my outstanding loans until I don’t have to worry about them anymore.