Debt and Things To Remember

Getting into debt is normal for any adult that is short of funds for paying for an education, a home, to scale up a business or for an investment.

Debt for many people, is unavoidable but it is also nothing to be ashamed of. However, before you borrow remember

A debt is a commitment

A commitment is a promise or a pledge to do something. Usually in the future. So before you make that commitment to go into debt, think carefully because a commitment is binding. Meaning, you are binding yourself to everything that comes with taking out a debt.

More importantly you are committing to the repayment of a debt. And this may mean that a substantial part of your income will go to it. And it means that you are committing to changing your lifestyle ( never use a debt just to keep up with a lifestyle ) and cutting back on a few things while you service the debt.

It needs checking

Borrowing is easy and if it is not checked it can easily become a way of doing business or maintaining a lifestyle. And it can become a horrible cycle which  leads to more debt, an increase in costs, and an eventual default.

Keep in check what you spend money on. Be aware at all times where you are with your debt servicing committment because if not, at some point, the interest costs will rise above what you intially prepared yourself for. And will become a significant monthly expense. This in turn will lead to stress and your even thinking of taking out another loan to pay off the very high bill. So whatever you do, keep up with your required minimum payments.

Try to get out off debt as soon as possible. And remember  even if you can afford all of your monthly debt payments, you’re trapping yourself in your current lifestyle by staying in debt.

It is Not a Death Sentence

The first thing to realise is that having a lot of debt is not a death sentence. And secondly, the frist step to getting out of it is acknowledging that you have too much debt.

You will be judged but no judgment should make you feel like you must give up your life. None at all. The past is the past. Just take a realistic view of the situation so you can start taking action.

You can talk to someone about it. You can ask for help to get out of it and you can look at exactly where you stand. How much income do you bring in each month, and where does all of the money go?

It’s essential to track all of your spendings. So, do whatever it takes to make that happen. Then make a list of the amounts of debt you have.Next, start looking for where the money can come from. This will mean taking a look at the inventory you have accumulated over the years.

Your car, his or her car, your phone, your home. Downsizing can bring in a subtantial amount of money. And you are better of selling these things yourself than forfieting them to the person or oranisation you owe money to. Remember  that lenders NEVER have your best interests at heart.

Also, look to downsizing internet and TV bundles, to big lunches out with coworkers, to getting new clothes and shoes, to swopping shopping at the mall to the local market. Do as much as you can. If you’re serious about getting out of debt, you will change your habit.

Most importantly, stay disciplined. Spend cautiously and take a conservative approach to how you handle money.


A Zambian site sharing quick read articles around work, money and adulting life with selective interviews and quotes.
The founder, editor and lead writer who left university with a good grasp of public administration, economics, money, banking and international relations is also qualified in journalism and creative writing. She has been published in Drum and The BBC Focus on Africa Magazine and has been featured in several local and international publications.
An avid bird watcher with an extraordinary fondness for chikanda ( a Zambian delicatessen that vegans and non-vegans world-wide are putting on their bucket list ) she often tweets in poetry and short prose @kwachalelo