The world on the whole itself is flooded with debt. It’s a vicious circle, borrowing and spending. People borrow money for various needs and fall into debt. Those needs have to be prioritized and analyzed. What is the need to borrow money? Is the first thing to be considered and asked by self? Companies and joint ventures borrow money on a large scale to grow their business to a large empire. Sometimes loss occurs and all the money is lost.
Borrowing money is easy but repaying it is difficult. Making a right choice always matters. When it comes to students they take loan for their education, before repaying that, they again take up loan for higher education, which increases their debt to a very large extent. Before they even get into a firm they are in full debt. To come out of debt you should stop borrowing money and make changes to your lifestyle that is affordable. You can get more information about debt spiral if you search the internet.