Is taking a loan/debt addicted ? | Bitcointalksearch.org

0t3p0t

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Quote from: Marcellin9 on February 01, 2023, 02:27:35 AM

Well, I have to clarify that personally I have never had any loan or debt in my life so this thread has nothing to do with my experience but intends to find out how people in loan/debt deal with the problem. Let's say you take loans from a bank and sometimes for whatever reason, you can not pay the debt on time, then you borrow money from other channels. Sure this works for a certain period but later bad things may happen, you have to postpone the payment and struggle with finances again. Isn't this a vicious circle ? How would you deal with the problem ? I am all ears.

Well this is very common and I have a much more worst scenario to tell you that happened here in my place, wherein my neighbor have had their previous debt and to repay they have to get a loan on other lending company to pay the previous debt and then find again another lending company to pay for that previous debt from the lending company and that keeps on circling over and over again up until now. That is how it works here like never ending loan just to repay the previous debt they have and unfortunately majority of these people do that here. The only problem here is that they don't have the ability to repay their debt because they don't have stable job but I am also wondering why these lending companies still approve their application as they all undergo credit investigation before lending any money.

I also have debt but I am sure I am able to repay it soon without using a never ending loan just like my neighborhood.

Jody.Drummer

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Taking a loan might seem addictive due to the convenience, but many folks are in it just to break free from the loan cycle. It's tough to pay off loans without a bump in income, right? Working on the side can be a game-changer.

Well you are right that the main point that makes people feel attracted or increasingly interested in taking loans because of the convenience so of course this advantage can make someone even more addicted, debt has always been a complicated problem in people's lives but the problem is that they don't look for ways to get out of the cycle and instead think of taking loans to pay off debts and this makes them finally stuck in debt.

One of the most effective ways is to have good management in terms of finances such as reducing expenses that are not really needed and saving some to save with the aim of paying off the debt they have taken before and another way is as you said that adding a part-time job is one of the solutions that is quite effective to get out of this problem because of the increase in income that can be used to pay off debt.

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Well, I experienced and am experiencing this problem right now when it comes to loans or debt. Currently, I have quite a large amount of debt, and I'm paying it little by little or when the payment is due, before or on time. The thing is, because of trading, I pushed to do loans because I made one mistake that cost me a lot and tried to recover it, but sadly, it didn't go well. That's why I end up using loan apps to have money when I'm short financially. What is the lesson here? Well, despite having debt through loans, I didn't miss any payment date because I knew the consequences of delayed payment. It would make the debt bigger even more, so as much as I could, I did my best to pay on time. Where do I get the money? Well, I have a stable job and found other side hustles and crypto investments. Right now, I am trading because I need to pay all my debts first.

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Quote from: sekalitas on January 31, 2024, 04:27:15 AM

Quote from: Marcellin9 on February 01, 2023, 02:27:35 AM

Well, I have to clarify that personally I have never had any loan or debt in my life so this thread has nothing to do with my experience but intends to find out how people in loan/debt deal with the problem. Let's say you take loans from a bank and sometimes for whatever reason, you can not pay the debt on time, then you borrow money from other channels. Sure this works for a certain period but later bad things may happen, you have to postpone the payment and struggle with finances again. Isn't this a vicious circle ? How would you deal with the problem ? I am all ears.

Here's how to manage debt, based on someone I know's experience. First, prioritize your debts. Tackle those with higher interest rates or legal repercussions, like bank loans, before addressing personal loans. Increase your income or, at least, reduce expenses by focusing on basic necessities. In emergencies, consider borrowing from someone who understands your situation and can offer a flexible repayment schedule. Don't run away from debt collectors. Face them honestly, explain your situation, and let them know you're actively working on repayment. Debt can be stressful, so minimizing it is wise, especially for non-essential purchases beyond your means.

Actually im really into this condition on which it is really that suffering into tons of loans or simply debts. Recovery is really hard specially if you do have that single income source and there's no way that you could really be able to enhance it out on a short time or finding another income source. This is why it would really be that just that depending on how well you would really be managing your funds.
Basing up into the things you had mentioned about management on which one should really be that solved out first then it would be that wise on getting those bigger ones first so that on the time that you do able to solve out the biggest then you would be going into the next one, and since you are wary that you are able to clear out that one then it would be just give out that kind of perseverance on doing into the next.

Im actually in the middle of resolving out by debt issues, yes it isnt simple but doesnt mean that it would really be that impossible. It is really jus that there are really instances or situations in life on
which you dont able to expect on which it could derailed you up along the way.

sekalitas

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Quote from: Marcellin9 on February 01, 2023, 02:27:35 AM

Well, I have to clarify that personally I have never had any loan or debt in my life so this thread has nothing to do with my experience but intends to find out how people in loan/debt deal with the problem. Let's say you take loans from a bank and sometimes for whatever reason, you can not pay the debt on time, then you borrow money from other channels. Sure this works for a certain period but later bad things may happen, you have to postpone the payment and struggle with finances again. Isn't this a vicious circle ? How would you deal with the problem ? I am all ears.

Here's how to manage debt, based on someone I know's experience. First, prioritize your debts. Tackle those with higher interest rates or legal repercussions, like bank loans, before addressing personal loans. Increase your income or, at least, reduce expenses by focusing on basic necessities. In emergencies, consider borrowing from someone who understands your situation and can offer a flexible repayment schedule. Don't run away from debt collectors. Face them honestly, explain your situation, and let them know you're actively working on repayment. Debt can be stressful, so minimizing it is wise, especially for non-essential purchases beyond your means.

pinggoki

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Taking a loan might seem addictive due to the convenience, but many folks are in it just to break free from the loan cycle. It's tough to pay off loans without a bump in income, right? Working on the side can be a game-changer.

People who get loans don't and can't really afford to find other sources of income because they either have a limited skill or network so they have a hard time finding other means of making money. Sure it's a game changer as you'd like to say but each person have difficulties. Loan cycle is a depressing thing to be trapped in but remember that it's easy to get out of it if you make some sacrifices in your lifestyle but that gets harder if you've got a family to raise.

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Quote from: Paul Pogba on June 23, 2023, 05:43:41 AM

In my opinion, the thing that makes anyone look addicted when taking a loan is how easy it is to take a loan. If 10 years ago we took a loan, it took a long process to get collateral, so now we only take selfies while holding our identity, so the loan amount we apply for will be accepted.

Well right. This convenience is indeed the trigger for the increasing number of people involved in loans at this time. And I think a lot of them are not actually addicted but they also want to get out of the loan cycle. it's just that it's not easy to pay off every loan if there hasn't been an increase in the amount of income one has. so this is where it is important to increase income by working on the side.

AnonBitCoiner

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I think people take loan when there is no other way of getting money and when an individual needs money for crucial activities of life then taking loan is not a bad thing. Everyone at any stage of life requires money for necessary things which is not available that time so for this purpose everyone prefer to take loan.

Taking loan is not a bad thing but if you cannot return the previous amount and regularly Taking loan from others then this behavior is bad. A person should only take loan if he is sure that during certain time he will return this cash to the owner if a person continuously take loan from two persons and Didn't return on time then it should be keep in mind that he will also not return the loan for third person.

Fakhrulenclix

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Quote from: Paul Pogba on June 23, 2023, 05:43:41 AM

In my opinion, the thing that makes anyone look addicted when taking a loan is how easy it is to take a loan. If 10 years ago we took a loan, it took a long process to get collateral, so now we only take selfies while holding our identity, so the loan amount we apply for will be accepted.

It's easy to take a loan, but it's hard to pay it off, but talking about addiction or not, it all comes back to each other, and in my opinion, if you take a loan for something that's important, it won't be addictive, and if you take a loan for something that's not important, it's likely will continue to do so when his desire for something arises and wants to fulfill it.

Paul Pogba

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In my opinion, the thing that makes anyone look addicted when taking a loan is how easy it is to take a loan. If 10 years ago we took a loan, it took a long process to get collateral, so now we only take selfies while holding our identity, so the loan amount we apply for will be accepted.

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Quote from: smile1218 on June 23, 2023, 03:03:21 AM

Taking out a loan or incurring debt can become a problematic behavior if it becomes compulsive and interferes with an individual's ability to manage their finances responsibly. This behavior is commonly referred to as debt addiction or credit addiction. Debt addiction can manifest including constantly taking out new loans to pay off existing debts, using credit cards to make purchases that cannot be afforded, and feeling a sense of euphoria or relief when taking out a loan or incurring debt. Like any addiction debt addiction can have negative consequences on an individual's life. It can lead to financial instability, damage credit scores and cause stress and anxiety. Individuals with debt addiction may struggle to meet their basic needs, such as paying for housing and food.

Nicely and coherently written.

What most of these debt addicted individuals fail for realize is that, the profit on these loans are actually what could have servers or helped by some means in the course of their financial stability.

You end up spending a future money on current issues. What happens when the future hits you with what it’s got? You end up taking more loans and incurring more debts with profits on them.

It’s a sad way to live.

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Quote from: smile1218 on June 23, 2023, 03:03:21 AM

Taking out a loan or incurring debt can become a problematic behavior if it becomes compulsive and interferes with an individual's ability to manage their finances responsibly. This behavior is commonly referred to as debt addiction or credit addiction. Debt addiction can manifest including constantly taking out new loans to pay off existing debts, using credit cards to make purchases that cannot be afforded, and feeling a sense of euphoria or relief when taking out a loan or incurring debt. Like any addiction debt addiction can have negative consequences on an individual's life. It can lead to financial instability, damage credit scores and cause stress and anxiety. Individuals with debt addiction may struggle to meet their basic needs, such as paying for housing and food.

By taking loan temporary you can get good advantages at the same time a large number of people who suffer of it. If you don't need much then no one should not take loan. When a person does not get any support from any side then he takes loan. But nowadays there are some people who consider taking loans as very simple. Some consider making loans a part of monthly work.
After taking the loan when it comes time to repay, the extra money levied on it becomes a bigger burden. In a word, loan create big problem in leading normal life.

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Quote from: smile1218 on June 23, 2023, 03:03:21 AM

Taking out a loan or incurring debt can become a problematic behavior if it becomes compulsive and interferes with an individual's ability to manage their finances responsibly. This behavior is commonly referred to as debt addiction or credit addiction. Debt addiction can manifest including constantly taking out new loans to pay off existing debts, using credit cards to make purchases that cannot be afforded, and feeling a sense of euphoria or relief when taking out a loan or incurring debt. Like any addiction debt addiction can have negative consequences on an individual's life. It can lead to financial instability, damage credit scores and cause stress and anxiety. Individuals with debt addiction may struggle to meet their basic needs, such as paying for housing and food.

And I think today many have this kind of addiction. Not for using a credit card or anything like that. but at this time there are indeed many loan platforms that offer loans with a fast process without even collateral. And many young people are entangled with it. But as long as they have an amount of income that can cover each installment of the debt, maybe it's not a problem. but still it is not good to become a habit. because if they are addicted then they will be difficult to stop. Even anxiety and insomnia can come to those who are worried about loans that must be repaid while they have not had the money to pay them off.

smile1218

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Taking out a loan or incurring debt can become a problematic behavior if it becomes compulsive and interferes with an individual's ability to manage their finances responsibly. This behavior is commonly referred to as debt addiction or credit addiction. Debt addiction can manifest including constantly taking out new loans to pay off existing debts, using credit cards to make purchases that cannot be afforded, and feeling a sense of euphoria or relief when taking out a loan or incurring debt. Like any addiction debt addiction can have negative consequences on an individual's life. It can lead to financial instability, damage credit scores and cause stress and anxiety. Individuals with debt addiction may struggle to meet their basic needs, such as paying for housing and food.

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Quote from: wmaurik on June 21, 2023, 10:32:03 AM

Actually I also never underestimate a person's ability to pay debts because when he starts to owe, of course he knows how to pay with the ability that he has himself. But when the debt is made only to invest with the expectation of an uncertain profit, in my opinion it is not suitable because he must have another business to be able to pay off the debt.

And if you buy bitcoin with credit money, repay a loan for a year or two, and the price of bitcoin will fall all this time, and in the end it turns out that you bought bitcoin for more than you could buy.

If you have the opportunity to pay it from your salary, and otherwise there is simply no point in taking a loan, then in the end you will be able to pay off the loan, but it will be a game of luck, lucky or unlucky.

This could have been thought about a year ago, and now when the market is in an uptrend and we are given positive news, which may imply the growth of bitcoin, this suggests that a big growth will begin now, but sometimes everything is not as we expect and still, it is worth taking into account that bitcoin has already made x2 from the bottom.

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Quote from: bbigtart on June 21, 2023, 12:57:03 PM

Quote from: Joshapat on June 09, 2023, 09:52:31 PM

You could say that taking a loan is like addiction because it makes everyone lazy, especially now that there are online loan applications that make it easy, only with an identity then selfie and receiving a video call from the lender, we can get the desired loan amount, of course the loan is easier usually the higher the interest to be paid.

This is very dangerous, even if you want to borrow money, my advice is never to borrow through online loans because the interest is very high. Even if you are forced to borrow money, I suggest borrowing from a bank.

Because I have experience borrowing funds online, when it's urgent and there's a need. Even to increase my business capital, I sometimes apply for a loan, everything goes smoothly, as long as we pay it on time. but obviously the interest is quite large and if we pay late we will be terrorized continuously.

This online loan should be immediately put in order in every country. because many victims have committed suicide as a result of online loans, pity them. this is called solving problems with problems because they have to pay debts by borrowing again.

Sad if someone committed suicide because of debt in online loans, if we are not strong mentally then don't ever take online loans, I have a unique real experience, I have friends who nearly 4 years unemployed and only rely on online loans to live, he applied for more online loans Of the 30 times and never pay, the thing he does is simple that is not concerned with the telephone or terror from the online lender.

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Quote from: Joshapat on June 09, 2023, 09:52:31 PM

You could say that taking a loan is like addiction because it makes everyone lazy, especially now that there are online loan applications that make it easy, only with an identity then selfie and receiving a video call from the lender, we can get the desired loan amount, of course the loan is easier usually the higher the interest to be paid.

This is very dangerous, even if you want to borrow money, my advice is never to borrow through online loans because the interest is very high. Even if you are forced to borrow money, I suggest borrowing from a bank.

Because I have experience borrowing funds online, when it's urgent and there's a need. Even to increase my business capital, I sometimes apply for a loan, everything goes smoothly, as long as we pay it on time. but obviously the interest is quite large and if we pay late we will be terrorized continuously.

This online loan should be immediately put in order in every country. because many victims have committed suicide as a result of online loans, pity them. this is called solving problems with problems because they have to pay debts by borrowing again.

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Quote from: Mame89 on June 17, 2023, 05:36:54 AM

Yes, I think he is also wrong when he says that debt for bitcoin investment is better because it can make 100% profit. It's true that bitcoin investment is good but not with debt, does he not think about having to pay the installments every month that he lends. where did he get the money to pay the installments when he said he invested in bitcoin for a year?

Actually I also never underestimate a person's ability to pay debts because when he starts to owe, of course he knows how to pay with the ability that he has himself. But when the debt is made only to invest with the expectation of an uncertain profit, in my opinion it is not suitable because he must have another business to be able to pay off the debt.

And maybe he has another business for this so he tries to give that kind of advice to everyone here even though in my opinion it is still not suitable because considering the risks are very disproportionate to what he is doing. Even though there are so many other ways that he can take if he really wants to invest in Bitcoin without having to get himself into debt.

Mame89

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What I learned about debt can be addiction, life is difficult without debt. But with good management and we are willing to try hard to resist the urge, it can be done. But what happens a lot is that they shoot the target too far, don't want to research it first and force it by getting big debts, starting from banks, fast loan companies, to neighbors. There are some people I see who take debt easily, are unable to pay it so they are caught in a vicious circle, as you say, dig a hole, close a hole in the language of the term.

Quote from: wmaurik on June 09, 2023, 12:04:58 PM

Quote from: Wong Gendheng on June 09, 2023, 09:34:33 AM

Loans are certainly bad because they have to pay interest, but if the loan is used for investment bitcoin then it is a good loan, profit opportunities for up to 100% or more can be easily obtained before a year because the halving day that occurred in early 2024 will make a price surge so we can pay off the loan

Your way of thinking really doesn't make sense to me because this is very strange when you say about 100% profit but it's still not certain that it can come 100% on the investment we make. Besides that, what makes you believe in a place that is willing to give a loan for one year for investment? I don't think there are stupid moneylenders who want to give loans to those who have reasons for investment, because the borrowers also won't immediately believe in the halving that you said uncertainly.

Yes, I think he is also wrong when he says that debt for bitcoin investment is better because it can make 100% profit. It's true that bitcoin investment is good but not with debt, does he not think about having to pay the installments every month that he lends. where did he get the money to pay the installments when he said he invested in bitcoin for a year?

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Quote from: Mauser on June 17, 2023, 02:18:41 AM

Quote from: kawetsriyanto on April 12, 2023, 03:08:55 PM

But for the people who prefer to sell their assets to repay the loans, they won't get addicted to the loans/debt because they know that the loans don't give advantage for them. It just becomes a burden and potentially spends all of their wealth. So, they only take a loan if it is in a very very urgent situation.

Everybody should think about taking out loans like that, borrowing money doesn't make us richer, it only makes our liabilities grow. There are some situations where taking out loans are necessary, for example if we need short term money for medical reasons or for urgent repairs at our house or apartment. These are all necessary things and if we don't have any other form of funding then taking out a loan is the last resort. We need to be focused on how long repayment is going to be and how much money we have to pay each month. With that in mind it should be a negative experience and we shouldn't become addicted to it. Addictions usually come through positive emotional responses we get from experiences, which is not going to be the case with a loan that we have to repay for the next 5-10 years.

Some people take their loans to investment which is risky since there would be always a risk involved when you invest your assets especially when you invest the money that you can't afford to lose. And I'm with you, taking loans for emergency purposes could be a good decision as long as you know what would be the impact of taking a long to your everyday needs since you have bills to pay. It would be just a burden to people if the loans payment would be years despite the long payment and small since interest would be always applied to it. Before taking a loan check if you could repay it in just a short time and wouldn't affect your living.

Topic: Is taking a loan/debt addicted ? (Read 3079 times)