NEW YORK, October 22, 2021 (Newswire.com) - Credello: How desperate are you to earn a life-changing amount of money? Desperate enough to put your life on the line? That's the premise of Netflix's latest hit, the nine-episode series called Squid Game. And while the internet is rife with opinions on this binge-worthy South Korean drama, there are actually 5 things you can learn about debt from the Squid Game series.
You Don't Have to Risk Your Life to Get Out of Debt
Before you go accepting mysterious game offers from strangers on the subway, there are practical ways to try and work your way out of debt. Two of the most popular strategies are the debt snowball and the debt avalanche. The key to tackling debt is taking small steps. By focusing on paying down the lowest balance debt, as with the snowball, or highest interest debt, as with the avalanche, you can start to make steady progress toward debt repayment.
Debt Knows No Man
Anyone at any time can suddenly be thrust into overwhelming debt. A single lousy investment, job loss, or medical issue could land anyone in the throes of being bound to creditors for years. Just as the players in Squid Game are no more than numbers on a tracksuit, those in extreme debt are nothing more than a phone number to a debt collector, desperately hounding them for money.
You're Not Alone in Debt
While debt can make people feel isolated, as Squid Game shows us, sometimes relying on others is an effective path forward. Just as alliances are formed, and sacrifices are made for the sake of the game, relying on financial professionals, family, or friends might be the next step if you're overwhelmed and uncertain how to move forward with debt.
There's Rarely a Quick Fix to Get Out of Debt
As the old adage goes, "If it sounds too good to be true, it probably is." While predatory lenders may position taking out another loan as a means to quickly reduce debt, it's best to be wary. As the contestants in the series find out, even playing innocent children's games for money can turn into a far worse situation than it initially seems.
Emergency Funds Help Combat Debt
Many people struggle to cover the cost of a minor emergency. Putting an emergency fund in place, even a few hundred dollars, can prevent you from needing to take on debt when life takes an unexpected turn. It puts you in a position to rely on your own reserves instead of looking to creditors for salvation.
The Bottom Line
While Squid Game is an action-packed and somewhat violent game show, there are actually a lot of fundamental financial lessons mixed in. The burden of debt on the average person is debilitating, inescapable, and a fate worse than death for some. But there is always a way out. And as in the game, that way just might be leaning into others for support to go on.