Poles in a growing debt spiral

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Poles are increasingly falling into the so-called "debt spiral". This is worrying considering unemployment and even natural disasters, weather anomalies or diseases generate expenses for us. Payday loans are not a way out of the situation. In addition to the real amounts, sometimes you have to pay back horrendous interest. And taking out another loan is not the way to get out of trouble. How to cope? How to avoid falling into the debt spiral and not being fooled by high interest? Is it worth taking the first payday loan, which is usually free? I will answer these questions in the following entry

A debt spiral is not a pleasant thing. Technically, it can be described as a large disproportion between the level of our income and the state of our expenses and obligations. The simplest way to say it is that our debt significantly exceeds our income. Debts also include all the installments taken out, which often result from living beyond our means.
Why a spiral? Because this situation can be compared to a financial carousel. No rational way will allow you to get out of it. You have to take out more loans to make payments, usually after the deadline. It is a life of stress, without a moment's respite or inner peace. Each loan is associated with interest.
Why do we talk about a spiral? Because a person who is in debt up to his ears gets on a financial carousel from which there is no way to get off in any reasonable way (at most, you can jump off). In order to egypt whatsapp database off one debt, he has to take out another. In this way, he generates higher and higher interest and eventually reaches a wall. Nobody wants to lend him money anymore, and creditors very firmly demand that the debt be settled. It sounds weak. The debt spiral is a life drama that is really hard to deal with.

Over 2.2 million indebted Poles
The National Bank of Poland conducted research that shows that there are 2,200,000 Poles on the list of debtors. The total amount of debt owed by our compatriots is already PLN 38 billion. The research also showed that several hundred thousand citizens have debts that significantly exceed their income. This is worrying. It turns out that they are physically unable to repay the debt to lenders.
The largest percentage of people in debt are mature people (aged 30-40). The young, which is comforting, show a tendency to save and are aware of their money. However, the problem is on a large scale. People get into trouble and save themselves with payday loans (theoretically they save). The spiral is tightening, hurting people within its reach. This is already a nationwide problem. Citizens need to be made aware that this is bad and help them before the spiral tightens too much. Easily accessible and quick cash loans available online are also to blame .

How to avoid falling into a debt spiral?
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photo: flickr.com

First of all, don't be fooled by the ads you see on the street, on TV and hear on the radio. Buying more goods is not the point of your life. Cut back on your spending and start saving regularly, even small amounts. This way, you will protect yourself against unplanned expenses and you will not have to reach for dangerous, short-term loans. If you intend to take out a payday loan, think carefully. Will you really have the money to pay back the money? Money disappears quickly, and you have to pay off debts. The first loan from a non-bank company is often free. However, think about whether you will really have the money when it comes time to pay back the borrowed money. If not, or you are not sure, limit the amount of the loan or do not take it at all. Instead of getting into debt, look for additional income. Extra work after hours, tutoring, freelance writing, translations, childcare, or some other form of earning extra money that you are good at.