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Why do people hesitate to pay their debts even when they have the resources to pay that which they owe?

Well, I know the answer. I was like that in the past. Having debt is easy as we don't need to come up with anything in order to pay for things but the catch is that, the pain comes later when we have to settle the bill. It's really painful to pay debts as it feels as if we could use the cash to buy other things which would bring us joy.

Credit cards especially when used adds up compounded interest. I still remember that time owed up to 9k in credit card debt as I had a card of such limits. Everytime I paid the minimal monthly payments, I went and buy things impulsively again and the cycle went on for about a decade until one day I got fed up that I decided to just pay up the whole lump sum of the monies owed to the bank. I calculated that everytime I owed up to 9k, the interest would be around a whoppin 750 a year. That could go to buying a new phone or even investments.

I guess why we love debt is due to the modern society's way of life. There are new product launches every month. Each product is collet than the ones before that and we feel that strong urge to owe money to get our hands on it. When it comes to paying for it, it's hard work.