M7 said we avoid debt

At this point of writing, I am still in debt but better than I was at the start of the year as I’ve been coming clean and have resolved to get out of debt completely and to never get there again.

I had not been in serious debt before, until 2020 when my wife and I got into a construction project that drained us and needed some extra funding to complete at a faster pace. I eventually went into my  investment clubs and got as much as I could and also acquired a salary loan to top up and finish in record time. Although on paper, the total interest i've paid (or will pay) for all the facilities combined is less than what we would have incurred on rent over the period, we have upon reflection realized this debt thing is just not going to be our thing!

Our thing? You know there are people who live on debt after debt; they are always asking their friends for soft loans or their office accountants for advance payment and their investment clubs for loans. They get a loan to clear an old loan. Conversely, there are also those who somehow get loans and push thriving projects. I respect that small percentage, but apana, this shall not be my portion!

Why?
1. I have never been limited to be generous as i have been in this period. A friend is wedding and you wish to contribute X amount, but the first thought that comes to mind is your debt and how that extra 300,000/500,000 could help clear the "other" debt in time. You eventually give grudgingly or with reservations. 

2. In the first place, I shouldn't have gotten into debt. I should have been patient, constructed at the pace that matched with my income inflows or savings. This would have pushed me to either be more entrepreneurial and increase my sources of income as is always the case when one is in scarcity or i  would have allowed and developed the project at a normal pace rather than the quick lazy option of debt. 
Debt is the lazy quick fix option. Debt is the single boy having leg before they are married, before they are ready to commit(have all resources ready). As cozy as the entanglement might be, there are consequences to all these actions. Premarital sex leads to immediate attachments (financial slavery where you are obliged to bow/negotiate with your creditor at all times), STDs(higher interest that always swallows up on your profit), more sexual partners (many people in debt have more than one person who demands them money) and some times unplanned pregnancy(a bad debt could lead to an unplanned bankruptcy or loss of property).

3. “... the borrower is slave of the lender." Proverbs 22:7 and I kid you not - I have at some points felt smaller in front of all those with whom I am indebted. You can't just question them even on simple issues. You can't just say no to them even on their minor requests. You can't just resign to pursue what you are passionate and called for because how shall you finance the bank loan? You begin to tread carefully with all your creditors even on areas where you ought to have a voice or raised opinion. 

4. Debt limits planning and creativity. How do you plan to invest when there’s a growing monster in the backyard ? Defaulting on any debt that seamed manageable and easy to apply for could escalate to shame.

By God's grace, I've pushed the biggest portion and hope to fully recover in the next few months but I have also along the way importantly learnt to avoid financing projects in debt: I will prepare enough for them, save up the required resources, increase my sources of income, look for interest free money if need be. Partner on projects i can't financially matchup myself with like minded, passionate & professional investors but, start and run debt free projects as much as possible. 

Our prayer and actions should focus on leaving debt-free inheritances for our children's children (Proverbs 13:22) and not burdening our households with bills and debts.