Debt Can Delay Your Destiny

October 7, 2020 By Diana Myrie 1



I follow many groups on social media and it never ceases to amaze me the overwhelming interest that is generated when there are posts that deal with the availability of loans.

Debt continues to define who we are economically as a people. The more debt that we take on, the more it results in us introducing obstacles to an otherwise clear pathway to experiencing true financial freedom.

We’ve all heard about ‘good debt and bad debt’: Bad debt is akin to slavery.
Your value to the financial institutions is based on good credit, which is based on your history of managing your debt. That is, paying and repaying on time, along with other considerations.

Don’t let lenders be the one to determine who you are just by looking at a balance sheet and seeing a growing liability. Who wants to be weighted down by an anchor where you are tied to your balance due and outstanding, compounded by added interest?

If you can no longer make the necessary payments to service your debt, the debt collector will be contracted on your behalf. This is an additional cost that you will bear. How you pay from then onward will depend on the arrangement you negotiate. You can choose to consolidate, or the other option, which should only be considered in a worst case scenario, is for you to declare bankruptcy. Paying off debt is only part of the solution. It is more of a mindset that I am seeking to encourage. One where an over reliance on debt is overcome like a drug user who becomes clean. If this is not accomplished, then it’s like a slave who secured his freedom only to find himself recaptured and resold to the highest bidder and the cycle continues.

Being tied down by debt can be avoided by putting plans in place to avoid acting on impulse. Many out of control financial situations are brought about by acting impulsively. An easy loan can lead to a hard life. Having cash to do with as you may is a great feeling. A loan used to buy a designer handbag or sneakers brings instant gratification. it’s an enjoyable high that everyone experiences at some point in their lives. Then comes the low when you realize that the loan has to be repaid.

Ask yourself the following questions before taking on more debt:

  1. Is it worth it?
  2. Will it pay for itself?
  3. What will be impacted if I do this?
  4. How long is the pay back?
  5. Can I still make payments if I lose my job?

Credit is good when you consider the consequences connected to the decision you make when the next loan opportunity presents itself.


Dale Myrie, Sun Life Financial Advisor

Dale Myrie has more than 17 years years experience as a Financial Advisor in Jamaica, Barbados, and Ontario Canada where he now calls home. He is currently pursuing the prestigious CLU and CFP designations (Chartered Life Underwriter and Certified Financial Planner). To reach out to him directly you can email



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