Is Having Debt a Necessary Evil?

I, like everyone else, wants to be free of debt, to be financially stable and buy anything I want, whenever I want without giving a hoot or having to glance at my bank balance. Of course, we both know that this is something only a few people are privileged with. Most of us have to carefully budget and take into account how each penny is used lest we end up in the unpleasant debt rut. If we were to live out our fantasies, most of us would probably be the bill gates of this world or the super rich celebrities we see lead their lives with reckless abandon.
The question is, is having debt a necessary evil? Can we operate in this world without having debt of any sort? You probably know that some of us are born already indebted. If the concept of national debt or burden our countries carry is anything to go by, then it means that all of us are born into debt. The more indebted a country is; the higher the taxes, the higher the cost of living and ultimately, the deeper we get into debt to meet our needs.
With this in mind, the question of whether debt is a necessary evil can be answered as yes and no. There are those who belong to the school of thought that debt is a consequence of the choice we make be it good or bad. I ascribe to this school of thought as sometimes we are forced to borrow for a myriad of reasons. Of course, saying that we can save money until it’s enough to see us through college or buy a house might take ages. In fact, it will mean we forego opportunities which if hijacked could turn our lives for the better. In such circumstances, debt is a necessary evil which we must engage in to meet our immediate needs with the hope of making things better for the future.
On the other hand, debt can also be as a result of our reckless spending, poor choices and lack of financial discipline. Let’s face it. There are people who simply cannot control how they spend their money. There are people you can give a million dollars today and by the end of the year would be as a poor as a church mouse. It all boils down to financial decisions a person makes. I personally believe in the adage that failure to plan is planning to fail. It doesn’t matter how rich or poor you are. Evading the debt rut requires financial discipline in how we spend our money.
Reckless spending leads to unwarranted debt and inadvertently, bankruptcy. With the right planning, guidance and direction, debt can be avoided. We simply need to be disciplined, to use money for what we need not what we want and to follow plans or budgets as we set them. The power is in our own hands and ultimately, the decision and choices we make haunt us every now and then. Does that mean that we have the power to determine how indebted we can be? I absolutely concur. As my mom once taught me, never bite what you can’t chew. In the long run, it’s better to be safe than sorry.