What is Debt? Finance talks

I find it quite fascinating how the is a wealth of information about being financially free and an a open attitude to talk about how to overcome debt from our American friends. Just type financial freedom on google or youtube and you get videos about Dave Ramsey,Suzi Orman, The cheapest family in America and the likes of people like Mr Money Mustache. If you listen to all their advice it boils down the same message even though their methods of getting there are different.

What fascinates me is that debt is openly talked about in America so there is a lot of information available to help those who might be financially struggling. On the contrast, here in the UK a lot of people are burried under debt but yet no-one speaks openly about it. I feel as nation we need to speak about debt and help each other achieve financial freedom. I am currently on my journey to financial freedom but I'd like to help others achieve this as well. A lot of people when they hear the word debt they think of credit card debt or pay day loans but this is not the case. If you search the definition of debt..this is what comes up

debt

dɛt/

noun

1. a sum of money that is owed or due.

   "I paid off my debts"

   synonyms:

   bill, account, tally, financial obligation, outstanding payment, amount due, money owing;More

   • the state of owing money.

     "the firm is heavily in debt"

     synonyms:

     owing money, in arrears, behind with payments, late with payments, overdue with payments, overdrawn; More
   • a feeling of gratitude for a service or favour.

     "I would like to acknowledge my debt to my teachers"

     synonyms:

     indebtedness, obligation, liability; More

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Translations, word origin, and 

If debt is the sum of money that is due or owed then things like Store cards, Car payments or anything that has been financed or have not been payed outright is considered debt. A lot of us often feel like if we can afford the monthly payments then financing is ok. Most of us including myself would say things like "Why use up my life savings for a car when I can pay a couple hundred a month. Besides I can afford it so it would  make sense . "

In-light of this I hope you can realise what constitutes as debt and hopefully you are inclined to go on a debt free journey and get financial freedom. In the next posts I will be sharing how I live a debt free life and how I bought my 4 bedroom house at the age of 24.

I hope you enjoyed this post.

Pam
xxx