Taking Control of your money and debt

There are those among us who do not have debt. Those are the unusual few. If it is you, I applaud you.

Cloud Analytix
2 min readSep 28, 2020

Debt is a part of life. It is unavoidable to a large extent for most of us. Acquiring debt is anything from using a credit card, purchasing a home through a mortgage, or borrowing money for your education (I have been there a lot).

Most of us get sucked into taking on debt very early in our lives. This provides us with a chance to deal with financial institutions. But it can also place us in a burdened position. One that is very difficult to get out of. A seemingly small and immaterial debt today, can take years to get out of if not managed correctly.

Credit Cards are probably the biggest culprit of unplanned and uncontrolled debt. It is also the source of the largest interest rates. In my home country, the interest rate on credit card averages between 21% and 35% (depending on your credit score). That means, for every $100 of debt that you have, you will pay at least $21 of interest annually.

Debt due to overspending is a burden. It will weigh on you, your family, and completely occupy your mind if it gets too bad. It CAN bankrupt you.

The worst thing about debt is that it is emotional. The purchase you made was most likely emotional. Maybe it was an emergency purchase due to overspending and not saving up an emergency fund in the first place. It does not matter. The debt will still have an emotional effect on you. Or at least, the debt had a significant effect on me.

Until you know how to control your debt, it is almost impossible to save, invest, build an intimate financial relationship with your life partner, or achieve financial freedom.

It does not matter how big or small the debt is. Subconsciously it can start to feel like you are drowning. That you cannot manage it. What I need you to know is that it is manageable.

I have been through the debt trap before. I got out. You can too. It is never too late to get your finances in order. No matter who you are, what you do for a living, or how much you earn.

The following articles on this topic will all form part of a series. It will hopefully provide you with the tools to take control of your money and debt. It will provide you with the tools to take one step closer to financial independence.



Cloud Analytix

Cloud Solution Provider. Passionate about cloud business efficiencies and security.