Wikipedia defines Debt as "that which is owed; usually assets owed, but the term can also cover moral obligations and other interactions not requiring money. In finance, debt is a means of using anticipated future purchasing power in the present before it has actually been earned. A debt is created when a creditor agrees to lend a sum of assets to a debtor. In modern society, debt is usually granted with expected repayment; in most cases, plus interest".

Debt or commonly termed as "utang" in our country is literally so common that it is hard to find people who do not have debt at all in one way or another. There are some who incur debt to have capital for their business endeavor, to buy a car or a house, to go to school, to have extra funds for other purposes and some just use their credit cards or take loans to buy wants that they might not be able to afford without the loan.

I hear a lot of people who couldn't wait to receive their salaries because they need to pay debts or say that they have a very small take home pay due to automatic debt payment deductions. I have also heard about people burying themselves in loads and loads of debt some due to wanting so many things in life that might not be needed at all or due to their gambling activities.

Sometimes, a lot of people don't notice that they are just paying for the interest for the loan and not yet the loaned amount itself. This leads them to years and even decades of being in debt.

Who doesn't want to be debt free? Who wants a stress free life? There are suggestions on how to manage debt and be debt free. According to wikihow, there are five main steps to make this happen or possible. First, one should assess his problems. How much money do you owe and to who or whom? What ways can one pay for it just like the need to get another job or to sell some of his or her things. Second, one might need to change his behavior. If debt is due to overspending or deficit spending, one should do some budget planning. Furthermore, a good suggestion was to bring a frugal friend when shopping to give good advice. Third, it is best to itemize one's highest interest debts. Start with credit cards since they usually have 3 percent and above per month interest rate then car payment next mortgage, etc. Moreover, it is advisable to pay off the one with the biggest interest rate and to pay off the loan with the smallest balance left. Fourth, if priority debt is payed off, the amount used for it on a specific time basis can be used to pay off the next prioritized debt. Fifth and final step, try to prevent having debt. Every pay check or profit sharing, put aside some money for necessities, bills payment and savings. Also, put aside money for non-necessities so that one can buy a want without incurring debt. If one uses his credit card, it would be good to pay it off in full every month so as not to incur finance charges.

According to wikihow, "Most people try to live beyond their means to temporarily improve their quality of life. This only makes things infinitely more difficult in the future, and impossible to overcome in older age". There is nothing wrong with enjoying life and living the good life but this might get complicated if we put ourselves in debt that leads to stress and years of struggle. Lastly, there is nothing wrong with taking loans most especially if it is due to an emergency or a need for (additional) capital to be more productive so as to earn more.