The Debt Economy: The Good & The Bad

Hello, every one it's @Joetunex and @Josediccus here again, in this video we talked about debt. The good and the bad side of it, and how it works in the economy of different states (South Africa & Nigeria). We talked about personally owing debts and the circumstances which have led to us being debt-free.

@joetunex talked about his arrangements with a car dealership for a popular business back in South Africa and how the arrangements nearly ruined him.

@josediccus talked about the flexibilities of the credit system in Nigeria and how it's run and determined by private lenders in the country.

Apparently, a lot of Nigerians try to stay away from debt because of its financial repercussions and because of the terms and conditions that surround it. However, we both agreed that it is perceived to be negative but this isn't true, it is only so when it's uncalculated and bad.

We talked about the different irresponsible reasons why people choose to put themselves in debt and why it's important to understand one's financial background, antecedents, or experience before they can choose to be recipients of the money and be in debt.