Consumer Debt Level Among Public Servants

Survival in this century depends on having resources to sustain one-self. The greatest resource nowadays is having income to be able to meet the basic needs and other personal needs as indicated by Maslow's hierarchy of needs. Equally important, personal financial planning forms the integral part of an individual's financial management. Financial management practices help individuals or households keep track of their income and expenditure in order to improve their financial status and to keep up with the current standard of living. Consumers who spend more than they earn, who do not keep financial records, do not plan and implement regular investment programmes, are individuals who make flawed financial decisions. These consumers end up in financial constraints as they spend more than they earn. The result of these is debt. Debt is an acceptable way of living as long as it is managed properly. Once not managed according, a consumer is trapped in to perpetual debt to sustain lifestyle. This could lead to personal stress if it could no longer be managed accordingly where a consumer is over-indebted. over-indebtedness may result in personal stress and illness.