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Why people get trapped in debt

Because of our basic living expenses, we incur debt. We obtain credit cards, bank loans, cash loans, clothing accounts and other accounts to keep up with the demands of our daily lives. But it is not always possible for people to pay their debts regularly on a monthly basis, and still have enough money left to pay rent, buy food, transport, school fees, cell phones, etc…

People often get trapped in debt by taking out more and more loans and credit cards to pay for old loans, and they get deeper in debt as they struggle to keep their cars, houses, and other possessions from being repossessed. Sometimes a person’s debt become too much and their monthly income is not enough to pay for everything…

This causes a spiral of debt that is almost impossible to get out of yourself… It is crucial that you speak to a debt counsellor who can help you! You will be able to keep your house, car, and other assets. You will also have a bit more breathing space financially, as your debt counsellor will negotiate with your creditors for lowered monthly installments, lower interest rates, and make sure that you have enough money to live from every month.

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