Household Debt will be the Next Pandemic
How to reduce your debt and stay ahead of trouble
Debt is a worldwide problem that affects more than seventy percent of the world’s population; a number that truly boggles the mind.
Whether it’s because of trend-loyalty or pandemic related unemployment, more and more people are living outside their means.
For some people, they accept debt as a norm; trying not to put too much thought into it. They continue to live their daily lives while the debt sits there, growing and eating away at their hopes for a better life and the possibility of achieving their goals.
We live by the logic that having debt is normal, that it’s just a part of life. You have student loans, car loans, credit cards, and a mortgage, and that’s just the way it is. The Global consumer debt tally as of 2020 is currently standing at $253 Trillion, which goes to show the true scale of the problem.
Good Debt vs Bad Debt
So, let’s talk about debt. What is debt?
In the financial world, there is a common belief that there are two kinds of debt, good debt and bad debt.
