It is perfectly normal for people to fall into debt, especially when emergency situations arise. Sometimes, debts happen because we just don’t have the money at a certain time to pay for a particular situation. The need to be in debt must be reasonable enough so that it can be considered a good debt, since unreasonable wants are the basis of getting into the vicious cycle of debts.
Once an individual is caught up in the cycle of debts, hopelessness and despair are sure to come in. And when this happens, either the individual contemplates to file for bankruptcy or he succumbs to the lure of getting more debts to pay existing debts. Either way, it is still very damaging to the individual’s credit standing at the present and in the future.