Bad impact when You carry out Online or Offline Loans on an ongoing basis - page 6.

Oilacris

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Quote from: Finestream on July 04, 2023, 04:40:15 PM

Quote from: Poker Player on July 01, 2023, 01:29:30 AM

In general, debt addiction goes with our times, with the culture of immediacy and "buy now and pay later".

I would say that the best remedy is financial education in general and in general finance in particular, but someone who is already addicted to debt has to hit rock bottom before willingly starting a personal finance plan.

Controlling expenses and income, budgeting, saving for an emergency fund, reducing debt and investing are steps that eventually take one from a stressful financial situation to financial peace.

In the end, debt addiction will here to stay if you allow it to yourself. Even if we say our current culture has encouraged us to take loans, but we know in everything we always have to make choices. And if your choice is to continue taking loans, then expect that you will continue paying its consequences. However, there are always methods or course of action to get rid of loans. By simply managing your expenses and avoid luxuries that are unnecessary in your life, then you can start saving for yourself so you can minimize from taking loans.

But there are really moments on which you cant really be able to avoid on taking up loan when you are really that on an emergency on which it isnt something that you could assure yourself that
you wouldnt be taking a loan specially if you are already out of budget or your emergency funds had been depleted out and since you do still have this kind of option then you would really be finding
this to be your last way or method on resolving things. It isnt really that wrong as long you do able to repay those debts on time.

There really just that people who do have always that bad impression or looks about on taking up a loan without even trying to think that not all people would really be that having a money for their
current situations or challenges that they've been facing and this is why we do really end up on getting this kind of option even if its against our feelings and likings and since we dont
have any choice then we would really be dealing with it.

Finestream

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Quote from: Poker Player on July 01, 2023, 01:29:30 AM

In general, debt addiction goes with our times, with the culture of immediacy and "buy now and pay later".

I would say that the best remedy is financial education in general and in general finance in particular, but someone who is already addicted to debt has to hit rock bottom before willingly starting a personal finance plan.

Controlling expenses and income, budgeting, saving for an emergency fund, reducing debt and investing are steps that eventually take one from a stressful financial situation to financial peace.

In the end, debt addiction will here to stay if you allow it to yourself. Even if we say our current culture has encouraged us to take loans, but we know in everything we always have to make choices. And if your choice is to continue taking loans, then expect that you will continue paying its consequences. However, there are always methods or course of action to get rid of loans. By simply managing your expenses and avoid luxuries that are unnecessary in your life, then you can start saving for yourself so you can minimize from taking loans.

Kasabus

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Quote from: tabas on June 30, 2023, 09:06:02 PM

Taking a loan is a double edged sword. It can help you at times you're in dire need but also will also put you into the deepest hole where you will not be able to get out of it. While I do agree that some of these online loan sharks attitude and approach towards their borrowers aren't right. But these borrowers won't get to experience that if they're not going to take any loan from them. Well, it's inevitable and every person is likely to have a source of their loan whether it's with these online apps or someone they know personally or with the banks. As much as possible, don't take a loan that you can't afford to pay. These services are where they're earning through high interest rates. Businessmen know how to maximize the usage of their loans and they're putting a good debt to themselves thus, the vice versa of those that can't.

To the furthest extent, avoid taking loans if you can’t handle its pressures most especially those online loans as most of the agents are threatening their clients once they were unable to pay at their due date. That’s one of the reasons these days why some innocent people commit suicide just to end up their pressures from loans or from personal reasons. Although at some point taking loans are beneficial but they can also be a means of ruining your future especially if you let yourself become dependent from taking loans.

Fatunad

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Quote from: arwin100 on July 04, 2023, 08:09:55 AM

Actually there's nothing wrong with taking a loan as long as you use it on right way like expanding your business or use it on 100% that you can generate another extra profit. It will be wrong if you use it to buy any liabilities or use it on unsure situations. Many rich guys take a loan so that they can make their business grow so people need to think twice if they really needed to do this so that there life will not became miserable once payment time came. To many incident about such situation happens so this option should be less priority by anyone if its not really important.

For business purposes then it would be ideal on which taking up a loan for expansion then it would really be able to cope up with the interest that it gives since you are really that working on something that would bring
you income then it would really be able to patch up,unlike when you do take a loan just for the sake of buying up something or something that could be considered as liability then you are really just making yourself putting on a hard situation later on on the time that you would really be able to hardly pay up those loans in due time. This is why we should really be that skeptical when it comes on getting loans if its not really that needed
then you should really avoid on doing so.If we do speak about emergencies then its not bad to take some loan but be sure that you should really be that responsible on repaying it on time. Also, this would really be
making up that kind of realization on how important on having a saving on these kind of times or conditions.

Unbunplease

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Quote from: flyingcarpet on July 04, 2023, 11:25:48 AM

Loans have both advantages and disadvantages. Although repayment in small installments may seem easy at first, it can become a problem later if unplanned work is done. Where you get the loan is also important. As your commitment to online or offline loans grows, so will your problems.

The most important factor in loans is to make a good plan and not to go beyond this plan. Otherwise, you will not be able to do what you aim for.

The most important thing is not to forget that the free period of using the credit at some point ends, and from that moment start to take on big projects. Many people, unfortunately, forget about this. And tearing up old loans with new ones is not always a good idea, because one day you might just not get a new loan to restructure

MFahad

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Taking loans from bank is not a bad idea if it is taken for earning purposes like that of establishing a businesses. If loan is taken from any person and you know that you are not able to give it back to that person then it's not a good idea to get loan.

Taking loan is only not consider as a bad habit if you have a job and you know that in some years you will recover that sum. I will suggest that keep your work hard and if you cannot manage house activities then start to engage in extra hours works so it will become easy for you to save some and invest other.

Having salary is blessing these days so if you have salary then try to spend money according to planning so you will better manage each and everything

flyingcarpet

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Quote from: iv4n on July 04, 2023, 10:29:03 AM

I doubt that I would buy and fix up a house without taking out various loans... and even thou a lot has been done, there is still a lot of work left. But everything around the house is on on hold for now, I have an opportunity to buy some land that goes with my yard, so in the next few months I will take a new loan to pay for it all and have a bigger yard.

Loans are not bad, it's more about how we use them and more importantly to have a good repayment plan.

Loans have both advantages and disadvantages. Although repayment in small installments may seem easy at first, it can become a problem later if unplanned work is done. Where you get the loan is also important. As your commitment to online or offline loans grows, so will your problems.

The most important factor in loans is to make a good plan and not to go beyond this plan. Otherwise, you will not be able to do what you aim for.

slapper

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You're right: dependence on loans, online or offline, leads to everlasting debt. It's hard to break this "eternal debt" cycle. The situation in your city is grim. Indeed, debt collectors and borrowers often fight, worsening the debtor's suffering

I sorrow the young technologist who was killed by online loan recovery agents. It's a terrifying reminder of how bad things can get. Your analogies to Indonesia - a war on internet loan sharks, a 'pay later' mentality causing crippling debt - highlight the gravity and universality of the issue. It's a painful depiction of a global phenomena that needs political involvement and regulatory monitoring

I applaud your suggestion to find alternatives. Supporting family members in financial distress or developing excellent debt reduction techniques are laudable and vital. These options could prevent disasters

iv4n

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I doubt that I would buy and fix up a house without taking out various loans... and even thou a lot has been done, there is still a lot of work left. But everything around the house is on on hold for now, I have an opportunity to buy some land that goes with my yard, so in the next few months I will take a new loan to pay for it all and have a bigger yard.

Loans are not bad, it's more about how we use them and more importantly to have a good repayment plan.

kryptqnick

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Debt collection is a serious criminal enterprise in some countries. And even where it's not physically dangerous like they show in movies about South Korea, it can still mean psychological pressure for the person who took a loan and the loved ones. Fast money schemes are especially dangerous because they can give you some money pretty easily, but the interest rate is gigantic, and people often don't realize what they're getting into.
The suggestions by Investopedia include loaning money and even co-signing a loan with a struggling person. I don't think these actually help much, and they can ruin a relationship. The second article is more on-point, of course, but a big disadvantage is that it deals specifically with the US (after all, it's an official US government's website), whereas debt situations and solutions can depend a lot on a country.

arwin100

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Actually there's nothing wrong with taking a loan as long as you use it on right way like expanding your business or use it on 100% that you can generate another extra profit. It will be wrong if you use it to buy any liabilities or use it on unsure situations. Many rich guys take a loan so that they can make their business grow so people need to think twice if they really needed to do this so that there life will not became miserable once payment time came. To many incident about such situation happens so this option should be less priority by anyone if its not really important.

sunsilk

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Quote from: barisbilgili on July 04, 2023, 12:33:03 AM

Initially, many people liked loans with an easy disbursement process, but gradually many people realized that it was difficult to pay, I used to be like that and I was in a lot of debt because I only wanted to cover one debt.
It is undeniable that the impact of interest-bearing loans is enormous and can even require a person's mental health.

These loan offers are too attractive and that's why if you cannot control yourself from refusing those approvals, you'll really get to that point and you'll see that regret in the end.

The interest rates with those hidden fees are going to eat you up and will put you in stress.

Quote from: barisbilgili on July 04, 2023, 12:33:03 AM

if you have ever taken a loan it is difficult to avoid it when there is an urgent need in the future, unless someone has prepared a reserve money to be able to solve all problems without the need to seek another loan.

That's why it's important to save so that you'll have liquid money whenever you're in need. If you have no choice and you need to take a loan, make sure that you'll still be able to at least sleep at night without thinking on how you'll pay those.

irhact

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Quote from: SmartCharpa on July 04, 2023, 03:02:05 AM

The worst part is that even if you take the loan with your family's approval, when the time comes for you to pay them back with the high interest that you refuse, they will still force you to. This is not just a problem in your country; it also occurs in mine. Most people will take this online loan just so they can enjoy themselves at that moment even though they know they won't be able to pay it back when the time comes. If we are aware of how dire our condition is, we shouldn't take out any loans, that when the time comes, we won't be able to pay back, to make things even worse than it is already.

No sympathy should be giving to this type of users, individual that take loans to fund their luxury lifestyle should be ready to payback their loans when the deadline date comes or they should be punished. Before taking a loans make sure you familiarize with the interest rate you're to pay on the loans. Since this online loans are easy to get some individual are abusing it by taking several loans they know they can't payback then get more interest when they can't pay by the deadline day.

Loans taken with your family approval doesn't mean they have to help out when it's time for you to payback because they didn't make use of the loan with you. They only agreed to give approval to the loan as guarantors so the loan company can give you the loan quickly and usually works.

Outhue

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I'm against loan myself but some people just can't survive without it, I have a friend who start a business using a loan and also complete his new house using a loan, it's been helpful for his journey so far but I wonder what his state of mind will be, I always find myself worrying too much when I am in any form of debt, I don't like it and it always take my sleep away, I wonder how those who are used to loans are able to sleep in the nights.

The creepy part is once you start using the loan for everything in your life you will get addicted to it and yes it's true that you will always be in debt throughout the days of your life and if you die your property might be seized or your children might be the ones to start paying back what you owe.

ancafe

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Quote from: moneystery on June 30, 2023, 06:51:56 PM

maybe many people are taking loans online or offline for various urgent reasons, but keep in mind that the habit of making loans will only get you entangled with what is called eternal debt and the possibility of getting addicted to making loans online or offline

It's based individual's decision take a loan for what needs? Loans are not always viewed negatively when someone takes them for more productive needs. It's just that the trend to take loans to fulfill lifestyles has developed so much now and they no longer think about taking out loans to support the business or business they are running. The type of loan only we can judge about a need for what and if taking loans for things that are not productive then of course that is a big mistake.

Quote from: moneystery on June 30, 2023, 06:51:56 PM

I live in a city where the rate of people making loans is quite high until yesterday I heard of a neighbor who was fighting with a debt collector because he was unable to pay but the debt collector belittled the borrower who was unable to pay

There are dozens or hundreds of loan default cases across the country and some have ended worse than just a fight. Nowadays loans are so easy to get and the conditions are not so difficult that it makes many people take alternatives when they have financial difficulties by taking loans. More precisely, if someone is unable to be responsible for the loan they are taking, it is better to stay away from the loan and not be forced to take it.

SmartCharpa

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Quote from: moneystery on June 30, 2023, 06:51:56 PM

There have been many articles written about the bad effects of making online or offline loans what happened in my country that have high interest;

The worst part is that even if you take the loan with your family's approval, when the time comes for you to pay them back with the high interest that you refuse, they will still force you to. This is not just a problem in your country; it also occurs in mine. Most people will take this online loan just so they can enjoy themselves at that moment even though they know they won't be able to pay it back when the time comes. If we are aware of how dire our condition is, we shouldn't take out any loans, that when the time comes, we won't be able to pay back, to make things even worse than it is already.

barisbilgili

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Quote from: Webetcoins on July 03, 2023, 10:05:14 PM

Those online loan sharks are pretty dangerous and people really need to stay away from them. In my country, these online loan services provide loans to people who are in need of money by advertising their services all around pretending they are doing a great thing and they don't ask for a lot of money, but the reality is different, they have very high-interest rates that keep increasing with a significant pace if you get late for the repayment.

Basically, one should avoid any kind of loan unless they are 100% sure that they can repay it on time, because if you can't repay the loan, you will be compelled to take another loan to pay the first one, and that series continues and you might end up getting in great trouble that you might not be able to come out from.

Initially, many people liked loans with an easy disbursement process, but gradually many people realized that it was difficult to pay, I used to be like that and I was in a lot of debt because I only wanted to cover one debt.
It is undeniable that the impact of interest-bearing loans is enormous and can even require a person's mental health.

if you have ever taken a loan it is difficult to avoid it when there is an urgent need in the future, unless someone has prepared a reserve money to be able to solve all problems without the need to seek another loan.

Webetcoins

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Those online loan sharks are pretty dangerous and people really need to stay away from them. In my country, these online loan services provide loans to people who are in need of money by advertising their services all around pretending they are doing a great thing and they don't ask for a lot of money, but the reality is different, they have very high-interest rates that keep increasing with a significant pace if you get late for the repayment.

Basically, one should avoid any kind of loan unless they are 100% sure that they can repay it on time, because if you can't repay the loan, you will be compelled to take another loan to pay the first one, and that series continues and you might end up getting in great trouble that you might not be able to come out from.

woez

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Quote from: moneystery on June 30, 2023, 06:51:56 PM

in several articles, there are other options that can be done to avoid what are called online or offline loans that have high interest,
- 8 Ways to Help Family Members in Financial Trouble
- How To Get Out of Debt

you can try to do that from now on before it's too late

Yes. i like this point. at least there is an additional scientific description and a solution for how to get out of the problem which might be special to me but, for others this might still be considered general. Yes. very necessary so that we can get out of the same problem point. especially now that it needs a special strategy to handle it properly and wisely. Thanks Op. Good article.

Flexystar

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Yeah most of the news given here are horrifying and I have also posted one of it in detailed long back ago. The guy literally blew everything that his parents had earned including the pensions saving. Man that was hurtful to see really how people has gone wild in terms of investing money in the crypto currency. It’s really bad idea actually when it comes to buying your crypto with loans. You can’t really buy highly unstable assets with high interest loans with fixed repayment terms and interest on them. Proper should understand the basic math when it comes to investing their money. The only way you can make money from your loan is to invest it into buying something stable and progressional assets for example Real estates etc. I hope everyone keeps it real when making crypto based investment.

Topic: Bad impact when You carry out Online or Offline Loans on an ongoing basis - page 6. (Read 1116 times)