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For many individuals and companies, debt is a means of paying for emergencies, addressing cash flow needs, managing risk, expanding a portfolio, creating relationships with financial institutions, and reducing taxes. Debt has many functions in personal and corporate finance. While it can solve many problems, it can also get out of control.
Losing control of debt is also known as a debt spiral. How does a debt spiral start? It usually begins with one loan—a student loan, mortgage, or other large loan. Such loans can be considered good debt when used to improve financial health. A mortgage can help build an asset, and a student loan can be a stepping stone to a successful career.
Taking out a loan implies you are liquid enough to cover regular payments. Unfortunately, many can falter in this and start looking for risky means to cover their debt. The trouble begins when borrowers take on other forms of debt to supplement their needs and even pay for the original loan. They may also take riskier forms of debt, such as revolving debt. High-interest loans like payday loans may lead to high costs that push people to borrow more.
Things can quickly go out of hand. Interest rates could skyrocket to triple digits if the borrower cannot manage the continuing debt cycle. Apart from increasing rates, loan repayment problems could stay on one’s credit record for several years, making it difficult for the borrower to get a new loan in times of need.
Although there are no quick solutions to break a debt spiral, you can get started on a plan to deal with it and solve it in a reasonable time frame. Here, we discuss the ... Read More
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