THE PRACTICE OF DEBT MANAGEMENT; SOLUTION TO THE GLOBAL ECONOMIC CRISIS

The problem of debt has eaten up into the global economic system which led to the current economic crisis we are facing today. A problem that started from the financial sector and like a diseases it have currently spread to other sectors of the global economy. Though the government has made and executed so many economic policies to arrest this ugly situation but the fact remains that this problem started from individual bad economic management and it will end if we portray and change to good economic management. In other words, it started from "me and you" and it will from "me and you". Let us learn to practice debt management from today to restore the economy of the world.

Debt management is a process of taking control of your debts by having a proper debt management plan, and be disciplined to follow your plan to achieve balance in your budget or to be far away from debt. It helps when you are able to match your expenses with your income not letting the former have more upper hand in your budget. Being in debt is like being in bondage and every individual who wants to be free should try as much as possible to stay away from debt.

As an economist, I love the study of Economics which is a discipline that studies the management of available resources to meet wants in the midst of scarce resources. To achieve a successful combat against this global economic war, every individual, family, firm, government will appreciate economics and apply it in their every day life.

We should learn to manage our debts even before you go for it. Don't throw your credit cards on things you really don't need. Don't borrow money to spend on unnecessary things. When I say necessary or unnecessary things, it varies from individual to individual because what Mr. A might consider necessary may be unnecessary for Mr. B and vice versa. Know what you really need by organizing your needs in order of priorities to make most of your resources.

We all started this economic crisis and we all need to work hand in hand in our individual ways to help curtail it. This should not be left for the government alone. Knowing that you are responsible for your credits will help you cut your impulse buying. Debt management should be taught by every teacher to his students, every parent to their kids, every organisation to their workers and every government to their citizens. We all need to understand and practice debt management.


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