A Foolproof Guide to Avoid Soul Crushing Debt

This guest post was contributed by Jane Sanders, who writes about debt management and other personal finance topics at DebtManagement.net.

“A man in debt is so far a slave” – Ralph Waldo Emerson

One of the greatest hardships a person can face is being burdened by debt. In addition to paying off the original loan, interest (often at extremely high rates) continues to add to the total, making the ultimate pay off far higher than what was borrowed in the first place.

Having debt robs a person of freedom. They can’t leave a job they don’t like to pursue a new career, bad credit often prevents them from buying essentials like a home or a car, and it hangs over them for years, chipping away at the amount they can spend and save. It also creates stress, because someone with a great deal of debt is only one misfortune away from bankruptcy.

Fortunately, debt problems are completely avoidable. All it takes is an understanding of the seriousness of debt and some personal restraint. Read the Rest of This Article »