Debts, a silent killer at Campus

Debts, a silent killer at Campus

The average number of students who pass through Universities have at one time borrowed a thing or two from their friends. This might be in monetary form or even material things that they borrow and fail to pay back. This article looks at how debts are extremely dangerous if not paid back. They have a string of related problems that campus students are likely to fall prey for.

For most students, campus comes with a certain pressure to fit in among their fellow students all from different backgrounds. Hence the pressure to constantly borrow money or good and expensive things from their friends becomes inevitable since just a few students at campus have proper income generating jobs. Therefore in order to look good and presentable among their peers at campus, students resort to borrowing money, clothes, shoes, jewelry, gadgets, books, name it!

Recent research has therefore confirmed financial stresses from debts as the leading cause of migraines, lack of concentration in class, insomnia,depression and sometimes suicidal attempts. If these issues are not addressed quickly, they can also lead to indulgence in unhealthy behaviors like smoking, drug abuse, alcoholism, prostitution, theft among others.

The problems mentioned above are as a result of failing to pay back their debts from the various individuals which also comes with threats such as confiscation of personal property, identity cards, bullying, beatings and shaming the victims in front of their friends. We have to admit, nobody would like such nasty experiences.

A student with a migraine
Student cries because of excessive debts

Here’s how to reduce debts (borrowing)

Save.  Saving the little money you have at campus is always the way to go in order to reduce debts. What students forget is that this money accumulates after a period of time and one is able to purchase whatever they want for themselves instead of borrowing from friends.

Borrow wisely.  Campus can be a stressful place to cope with a lot of challenges. Thus, borrowing is inevitable sometimes. But, DO NOT borrow something that is beyond your financial means. Let us borrow wisely to avoid a lot of debts.

Plan out spending strategies.  Avoid unnecessary spending while at campus. Students should endevour to buy what they need not what they want. This will save many from unnecessary borrowing and debts.

Pay in installments. Paying your debts bit by bit is the fastest way to clear them. Do not be scared to pay in installments. But, make sure to let the person you are paying to aware of your payment strategy. 

Cut living expenses. If you are not staying at home while at campus, look for cheap residentials (hostels) around your campus in order to cut on the costs of living and also avoid borrowing and debts in the short or long run.

Work.  Finally, you can find a part time job to sustain you while at campus. But, remember to prioritize books over work because they are the sole reason why you are at the university.

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