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Debt Has Become a Central Issue for Families and Individuals

Posted On : Sep-06-2010 | seen (674) times | Article Word Count : 547 |

As the majority of the population is unwilling to compromise on their way of life, while being incapable of upping their income, they are going to rely on bank loans and other kinds of outside financing to a greater extent.
There is a line from one song that keeps coming back whenever I think about the times we live in and it goes something like every generation has its own disease. And the ailment that is likely to plague the contemporaries the most is astonishing levels of debt, for individuals, families and larger organizations, including countries. It is or is going to be a major consideration around which entire strings of key decisions will be taken so that obligations towards banks are honored. Indebtedness has already begun affecting the way people approach bringing up children, college education, everyday lifestyle, work-life balance or even relationships and the list is bound to grow larger. As the majority of the population is unwilling to compromise on their way of life, while being incapable of upping their income, they are going to rely on bank loans and other kinds of outside financing to a greater extent. If you count in growing budget deficits and borrowing needs of some industrialized nations, the picture becomes complete and it is handling debt that dominates the landscape.

In a timeless competition between savers and spenders, it is the latter that are in the pole position in the modern consumerist society. Shopping temptations lead people to tap into their credit cards and get even deeper into the red, which is made easier by the leniency with which lending institutions give out money. Not even the credit crunch has managed to revert the tide, despite causing a spike in the amount of savings, so it is a safe bet that nothing else will. Most people are primed early on and conditioned throughout their lives to keep forking out on masses of things and services. Living big is valued and promoted and living beyond one's means is widespread and not condemned enough. This way loans have come to be a common sight that actually sustains the whole system, being one of its foundations.

Unlike a generation ago, individual credit has become a source of financing for tertiary education, resulting in off-the-campus graduates starting their work with dizzying levels of financial liability. For years or more often decades, dealing with what they owe banks will remain at the forefront of their regular considerations as repayments will continue to loom every month. In a weak economy of today, when landing a rewarding job right after college is something of a rarity, the prospect looks doubly menacing. Not even a successful keynote speaker at the commencement speech can assuage their fears with wise words.

Families are bound to feel the strain equally painfully. Difficulty making ends meet has been thoroughly researched, as numbers of foreclosures mount, unemployment affects entire communities and living costs rise. Financial problems translate into marriage problems and contribute to a likelihood of wanting a divorce as one spouse continues to desire a rich life, with two cars and gadgets like a pen tablet, and the other has different priorities. Going separate ways while being stuck in debt makes things no easier as dividing liabilities becomes an issue in itself. And as younger and younger people are indebted, for example due to college costs, even first-time couples have to contend with hundreds of thousands of obligations partners may bring into their relationship.

Article Source : http://www.articleseen.com/Article_Debt Has Become a Central Issue for Families and Individuals_31914.aspx

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I am a web designer and a passionate writer. I also work as a keynote speaker. I write articles about computers and accessories like mini mouse, webcam or pen tablet.

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Category : Finance : Debt Consolidation

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