Reasons why you should avoid debt
To avoid debt is one of the best financial strategies you can use. Being trapped in debt ties up your money, preventing you from doing everything you want with it. However, its consequences go far beyond money. Debt can have a negative impact on your work, health, and relationships over time. Paying off your debts can improve your life in almost every way.
1- Debt encourages you to spend more than you can afford
When a person earns without having to deal with the immediate pain of parting with money, he can get an emotional high from getting new things, he tends to lose track of his financial capabilities and spend more than he needs.
2- Debt takes from your future income
Being in debt means you are spending money, which you have not earned yet. Do you want to spend your money paying for something you’ve already used up and don’t get much value from it anymore?
3- Debt blocks your financial goals.
When you do monthly debt payments, you limit the amount of money that you set aside for important financial goals, such as retirement or education.
4- Debt can cause stress and serious medical problems
When you are in debt, it is impossible not to worry about how you’re going to make your payments or how you’ll keep from taking on more debt to make ends meet. The stress from debt can lead to mild to severe health problems including ulcers, migraines, depression, and even heart attacks.
5- The soul of the debtor is suspended
The Prophet (Sal Allaahu Alaiyhi wa Sallam) said:
“The soul of the believer is held hostage by his debt in his grave until it is paid off.” Tirmidhi
Debt is a very heavy burden to carry on your shoulders for a long time. There are things that happen when you take on debt.
Therefore, Muslims should avoid taking debt for non-productive purposes. Taking debt for consumption will make someone’s financial situation burdensome. Moreover, it has religious consequences when you leave this world by leaving the debt behind.
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