This audiobook is narrated by a digital voice.

This essay sheds light on what is the phantom debt, demystifies what causes phantom debt, and expounds upon the problems with having phantom debt. Phantom debt refers to outstanding debt that has been outstanding debt for years on end. Phantom debt is often long forgotten about by the debtor before he is reminded about it again when it is being pursued for collection. The outstanding balance of a phantom debt can substantially amplify overtime as recurring late fees and recurring interest fees significantly increase the outstanding balance of a phantom debt. It can be far more cumbersome for a debtor to attempt to pay off a phantom debt in the pending future post years having elapsed since it was issued than it otherwise would have been for him to attempt to do so in the imminent future shortly after it was issued since the outstanding balance of a phantom debt becomes all the more sizeable overtime. It is a calamitous predicament to have phantom debt that is rapidly growing due to recurring late fees and recurring interest fees significantly amplifying the outstanding balance of a phantom debt. Nothing beneficent can ever ensue from being saddled with phantom debt. A poor person is all the more vulnerable to accruing phantom debt than an affluent person. When a poor person is issued more loans and additional lines of credit, then he becomes all the more susceptible to accruing phantom debt. Being destitute adversely impinges on a person's standard of living and quality of life since a person cannot afford to obtain his needs that are apart of "Maslow's hierarchy of needs theory" if he lacks extreme wealth. An indebted person should aim to pay off his debts since becoming debt-free can significantly augment a person's standard of living and quality of life. Becoming debt-free can also help to bolster a person's future earnings potential since the cost to service outstanding debts are enormous.