One of the problems with money is that there never seems to be enough of it to buy all the things we want in life. However, the lack of funds doesn’t necessarily stop some of us from getting the things we desire. Thanks to our culture of credit, there are many sources from which we can borrow – bank loans, credit cards, payroll advances, and informal money lenders.

I can still recall my first loan transaction. After graduating from university, I wanted to buy my own television so that I could determine what I wanted to watch instead of depending on my parents’ viewing preferences. Even though I didn’t have any money to buy one, my mother had saved up enough money in my credit union account over the years to allow me access to a loan.

Thinking back on that experience in which I had to fill out forms, get proof of income and find a suitable guarantor, I remember that it made me feel important, as if I was doing a very grown-up transaction. It also felt great knowing that I could get what I wanted even though I didn’t have any money! Continue reading Breaking The Cycle of Debt →