My thoughts about debt

Debt is a term associated with the borrowings , If your borrow a stipulated amount of money and if you are not able to repay the borrowings within the stipulated time, the interest however keeps on accruing because we all know interest is the only thing which doesnt sleep, it keeps on ticking.

If you are not maintaining proper accounts and are unaware about the incoming and outgoing flow of funds, and , if your borrowings are very much more than the required earnings to repay for the borrowings then you are vulnerable to get trapped in debt.In other words debt management should be given due consideration.

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When you get trapped in debt there may be circumstance where you should sell your owned house or the gold ornaments to repay the debt. Every huma being has a name, and the respect. In order the maintain the respect that people have bestowed upon them , and inorder to prevent from defaming their name, these are the steps which are taken to overcome debt.

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One of my relatives also got in the debt trap, they were living in opulence couple of years back, due to mismanagement and not scrutinizing the daily business affairs have made them to see these days, thay had to sell their house to repay the debts.

I always suggest try to increase the source of incomes and also try to manage and maintain them as well . even if your earnings are less doesnt matter but accounting should be accurate, you should know from where the money is coming in and towhere money is going out.