HAZEL'S ASSIGNMENT
Debt is a matter in which all people from all walks of life can relate to. It is mainly for the reason that each and every one of us probably has his/her own familiarity regarding this. Viewing it in a smaller scale, individually, we experience personal predicaments like financial crises in which in some circumstances we’re left with no other recourse but to resort to “borrowing”. Viewing it in the broader side of the spectrum, our country is one concrete example. Either way, one “borrows” in order to suffice the needs and sometimes unnecessarily to satisfy what one wants.
Aforementioned, debt is anything that is borrowed. Hence, the basic principle simply goes like: “Whatever is borrowed must be returned.” But that rule doesn’t just end there. It is important that it abides with a set time frame. We then say that “Whatever is borrowed must be returned on time.”
Keep in mind that during the negotiation, the debtor promises to pay in due time and the person lending anything expects the other to keep his/her word. Failure to do that will cause inconvenience to both parties. But the disadvantage falls more on the debtor. He/she will make negative impressions of himself/herself and will jeopardize his/her reputation for shamelessly not keeping his word of honor. More so, it may cause a gap or even a feud between the two parties.
Furthermore, all of us know that a person has both physiological and psychological needs. In a layman’s term, a person has both needs and wants respectively. Needs are those essential for survival which basically includes food, clothing and shelter. If these are the only things to be spent on, there would definitely be no problem in terms of finances. But, take this. The rest of the “not-so essential” would fall under the wants or the desires. The latter is an indirect yet immense factor that one would instantly consider borrowing as an option to let ends meet, rather appropriately to be able to bask oneself with ones desires.
Debt can also come in other forms aside from monetary. To name one is this so-called “debt of gratitude” a.k.a as “utang na loob” which is common to the Filipinos and that which we are all well-versed about. This kind of debt is distinct among others because first, it is non-material and also because of its nature. This is the kind in which one does not ask or borrow anything from anyone. A person willingly renders his/her service or helps another person in anyway in which the person being rendered upon feels a deep sense of gratitude to the one lending a hand. One is not obligated to pay back but a driving force pushes a person to make a favor in return—it is gratitude.
Over and above, the key points to ponder on are the following:
1. Whatever is borrowed must be returned on time.
2. Word of Honor
3. Pay it forward. (Gratitude)
4. Prioritize the needs rather than the wants.
5. Be money savvy!
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