Kyke Davies has been speaking about debtors that refuse to pay. See the word “refuse”. There are debtors that have lost the ability to pay. There are also those ab initio had no intent to pay.
It is very easy to enter a debt trap. It starts with little sums. You have expectations of revenues and your expectations are dashed. Then the interest rates start affecting your plans. Then you get into more debt. Then you get confused.
Now with banks and such, you can renegotiate your debt. With people, or some you can’t. They might have expectations on your loan.
If you have no money, you should at least have a civil tongue and tone to those you owe. A debtor needs to be humble in negotiating debt.
How do you get out of debt? First you stop borrowing. Second you sell off your assets to pay down the interest if you have assets. Third, you renegotiate on time without prompting. Fourth, you seek ways to earn more and discipline yourself to pay.
If you borrow for consumption (fees, food and co), look at your life and make changes. Change your kids school, move into a smaller apartment and cut down. Never borrow fees for more than a term.
Seek help if you suffer an addiction to borrowing. Shout for help.
Resist the urge to do nothing and hope your lender will forget. It never happens.
Finally be civil to those you owe. You should never tell your lenders “you can’t kee yourself”. It’s certain to provoke anger.
There is a debt we all owe life… death. Be ready to pay that.
