How to pay back debts?

Every individual, institution, company or country is possible to borrow debts that they cannot afford paying back in a short term. There are two ways to pay back such large amounts of loans: one is to save other spendings, the other is to make more money to pay back loans. The first way is definitely not sustainable, as it cannot make the best use of loans to create more growth. For individuals, however, this may be the better way to pay back loans. As individuals do not have many choices to make additional incomes without taking some risks. For some individuals, their main ways to earn incomes are to sell their time. Under such situation, they almost impossible to find a way to earn additional money without selling more of their time. However, for companies, institutions and countries, the situation is totally different. The loans borrowed by individuals are usually spent on something that has a diminishing value and has poor liquidity. The loans borrowed by institutions, companies and countries are spent on assets and capitals. These assets and capitals may not have very good liquidity or appreciating values, but they can usually be put into production to produce more goods and services. This is a type of investment, and expanding production scale usually has lower risks especially given the banks have measured their risk and still decided to lend them money. However, governments are different from institutions or companies. The loans governments borrow are not all put into capitals or assets, some could be used for national defence, welfare benefits and some other sectors which do not necessarily generate sufficient returns to pay back their loans. But governments can change fiscal policies or influence moentary policies to manupulate government fiscal incomes and domestic inflation rates. Besides these two methods, there is another way to pay back loans which is borrowing new loans to pay back previous loans. Such method will increase the level of borrowing gradually.
For individuals, their abilities to pay back loans are less sufficient and they are genenerally loan averse; however, for companies, organisations and governments, they are more able to pay back loans, but they are more likely to borrow as much as possible and ignore the potential risks increased by the rising debt levels.