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Have you noticed a lot of people are in debt one way or another? If it's not student loan debt, it will be bank loan debt or personal debt from money borrowed from friends and family.
Those people who are in one debt or multiple debts find it hard to pay it off. Why would someone allow himself to be in so much debt he cannot pay off in years?
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People often find it hard to repay debts because they may have limited financial resources, unforeseen expenses, or high-interest rates. Additionally, some people may struggle with poor financial habits or lack of budgeting skills, making it difficult to prioritize and allocate funds towards debt repayment.
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People often struggle with debt repayment due to several reasons. First, high-interest rates can quickly accumulate, making it challenging to meet monthly payments. Second, unexpected financial emergencies, such as medical bills or car repairs, divert funds from debt repayment. Third, low income or unemployment reduces the capacity to settle debts. Fourth, poor financial literacy may lead to inadequate budgeting and prioritization. Combined, these factors create a cycle of financial strain, making it difficult for individuals to effectively manage and repay their debts, perpetuating a challenging financial situation
Some people find it hard to pay their debts. They might have accumulated debts and surcharges. Failure to pay in a month would lead to double the interest on your debt especially if it is a credit card where the interest doubles every two years if failed to pay your debts.
