For most of us living with debt is inevitable in modern life. Almost everyone has some form of debt on another, a mortgage, an outstanding credit card balance, car finance deal or one of many other types of credit. Today’s easy availability of credit is a fairly recent thing. Back in the 1950s and 1960s it was harder to get credit, consumer credit was very tightly controlled by the government and mortgages were rationed.

Further back in history in the Victorian era the one thing that was more disapproved of more than sex was debt. Debt has an unpleasant sound to it particularly to the older generation. Also it’s a lot less fun than sex.

But just like sex it is hard to do without it, but we need to know the best way to handle it so that we can control it rather than it getting us in deep trouble.

Important things to know:

  • Understand what we are doing when we go into debt.
  • Know how much it is actually costing us.
  • Ensure that we have shopped around enough to keep that cost to the minimum. Be sure that we can afford what it costs, even if our circumstances change.
  • Have a plan to pay off the debt in our realistic future of time.