May 27th, 2008 by Damian Papworth

So many people have debt problems today.  It is little wonder with the recent soaring petrol prices and declines on the stock market.  A debt you took out and could afford just 12 months ago could be a real problem today simply because of unrelated factors such as the need to pay more for petrol, or the need to pay higher interest rates on things like credit cards.  Debt problems can occur not because you take out too much debt, but because global economic conditions change.  This is a real problem.  As when external circumstances put you under debt pressure, it takes your focus and resources away from where they should be, in high yield investment programs.

That is how I got into debt problems.  I was cruising until a number of unrelated “events” caused my existing debts to become a real debt problem.  The weird thing for me is that my level of debt when I was cruising was exactly the same as my level of debt when I was in trouble.  It certainly made me realise how easy it is to get ito debt problems.  The story of how I got into thix fix, and subsequently out of it is here:  Debt: Issues and Solutions

debt crisis, debt cycle, debt issues, money management