Depending on how debt is managed and utilised, it can be a helpful financial tool as well as a potential risk. When used wisely, debt can help achieve goals and take advantage of opportunities. However, excessive debt, high interest rates and irresponsible borrowing can lead to financial stress and negative consequences.
It is essential for borrowers to carefully assess their financial situation, budget, and repayment capacity before taking on debt and use debt responsibly to achieve their financial objectives.
