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Debt Quotes for Someone Who Owes You Money

debt quotes on a post it note

Many people don’t know the basics of responsible spending. As a result, they plunge themselves into debt, which is a huge problem for many right now. Debt can cause problems not only to the borrower but also to the creditor. And, it’s not only a money issue we’re talking about here but a psychological one as well.

The anxiety and depression experienced by people who are in debt aren’t to be taken lightly. As such, we should meet with sound judgment every financial decision we make.

If you’re grappling with debt right now, keep these debt quotes in mind to inspire you to avoid getting into debt or get out of it.

8 Debt Quotes for a Debtor

  • “Here is an equation worth remembering: Five dollars earned minus seven dollars spent equals an unhappy life.” – Jon Morisson
  • “Annual income, twenty pounds; annual expenditure, nineteen pounds; result, happiness. Annual income, twenty pounds; annual expenditure, twenty-one pounds; result, misery.” – Charles Dickens
  • “In the long run we shall have to pay our debts at a time that may be very inconvenient for our survival.” – Norbert Wiener
  • “Debt is a form of bondage. It is a financial termite.” – Joseph P. Wirthlin
  • “What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?” – Adam Smith
  • “Interest works night and day; in fair weather and in foul. It gnaws at a man’s substance with invisible teeth.” – Henry Ward Beecher
  • “This would be a much better world if more married couples were as deeply in love as they are in debt.” – Earl Wilson
  • “Do not accustom yourself to consider debt only as an inconvenience; you will find it a calamity.” – Samuel Johnson

How to Get Out Of Debt

Folks who are in debt surely want to get out of their predicament. But most people don’t know how or where to start. So, here are some of the best ways to solve your debt problem.

Opt for a Debt Consolidation Loan

Consolidating your consumer debts into a single loan with a lower annual percentage rate is an excellent option if you owe money to several creditors. With debt consolidation, you can save money on your monthly payments and you can avoid getting new debt while you’re making payments on your debt consolidation loan.

When you get a consolidation loan, make sure to have a budget plan for it. Also, you need to control your spending and allot money for unexpected or emergency expenses every month. For debt consolidation loans, visit Consolidated Credit Canada for that purpose.

Focus Paying Off Your High-Interest Debt First

Pick the debt that charges the most expensive interest or fees and pay off that one first. After you have paid off that high-interest debt, you can now turn your focus on the next high-interest debt until you get down to your least expensive debt.

As you pay your big debts first, it motivates you to continue on your debt repayment journey. Choose this debt repayment method if you want to pay off your debts quickly.

Pay More Than the Minimum

It’s advisable to pay more than the minimum on your line of credit, overdraft, or credit cards. Otherwise, it will be a long time before you can pay off your balance on these debts because paying the minimum doesn’t reduce the principal, but only the interest charged on what you owe.

For a quick reduction of your balance, you should make more than the minimum payments as much as possible. It’s already a big help to make an extra $25 or $50 on your payments.

Consult a Credit Counsellor

Make sure to consult a credit counsellor if you think you can’t handle your debt problem on your own. A credit counsellor can provide you with ample information on how to get out of debt.

Your counsellor will walk you through the various debt repayment programs that suit your financial situation. You’ll also be taught how to manage your cash properly and give you tips on when is the best time to borrow money from a lender.


These debt quotes can’t help, but having a debt free mindset and taking action can. Debt is indeed a problem for a lot of people today.  However, there are solutions to this problem. Speak to a credit counsellor to learn about options such as consolidation, debt management plan, or settlement.

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