Is taking a loan/debt addicted ? - page 14.

wahyuagung26

full member

Activity: 466

Merit: 159

Buzz App - Spin wheel, farm rewards

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

Isn't this a vicious circle ? How would you deal with the problem ? I am all ears.

when someone has fallen into debt it is difficult to get away from it, especially when borrowing from a bank, online loan or any agency in lending and borrowing and does not have sufficient ability to cover bills, this is a complicated step, you should not do it when your ability is not adequate, but what I know from the bank, in particular, it does not allow making loans if a person's establishment does not meet the criteria for a separate bank.

But letting go of the habit of borrowing, of course someone will look for other parties to cover one party's first loan, I think this is difficult to straighten out when many parties are involved in terms of debt / loans that must be paid immediately, it's better not to make loans when the ability will not be able to cover the bill. I think this is a bad habit when you are involved in a loan from any party.

slapper

legendary

Activity: 1946

Merit: 1100

Leading Crypto Sports Betting & Casino Platform

Quote from: leonair on February 18, 2023, 03:18:12 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.

Most of the people take loans from banks for their business purposes or to build houses and banks give loans to those people who have sufficient ability to repay the loan and have a fixed source of income. So even if it is difficult for the borrower to repay those loans, he tries to repay them on time. If the borrower is not able to repay the bank loan on time, he borrows money through some other channel and repays the bank loan and in the meantime he gets some more time to repay the loan, but if the borrower does not follow these strategies fully, then Instead he has to face a great danger. In that case, he often has to sell a necessary item to repay the debt, in which case many people sell their house as well.

Business or housing needs can be met with a bank loan. However, borrowing entails obligations. According to the comments, borrowers must have a stable income and be able to repay the loan on time. However, unexpected events may make it difficult for the customer to repay the loan. I wonder if taking out another loan is the only option to reduce debt payments stress. If a borrower is having problems repaying their debt, they should be bold and seek for help. They could lose their home or possessions if they ignore the issue. Being honest and working with the bank to find a solution is ideal.

Aanuoluwatofunmi

sr. member

Activity: 672

Merit: 416

stead.builders

If we are to go by the rate of individuals needs in life then I think almost everyone will want to opt in for taking loan, but things were not as we expect sometimes, most people taking loan and finding it difficult to make refundment would have exercise a little more patience before taking it by adequately planning and taking time to invest something of value unto themselves which may later turn to a sellable idea that could bring food to their table, rather than taking loan that will shark up their neck.

BRINIRHA

sr. member

Activity: 770

Merit: 266

Payment Gateway Allows Recurring Payments

Quote from: Marcellin9 on February 17, 2023, 09:38:54 PM

Exactly. Too many people believe that taking loans is nothing serious and it will be easy to pay back until one day, they find everything opposite. By the due date you can't pay off the loans and having no time and other resources leave them only one option: start another loan with high interests to pay back the old one. That's the vicious circle officially starts. I guess the true lesson they can learn from is that actions have consequences and never underestimate the small problem that you think you can fix. Over the course of life, we all need to develop a few good habits and this is one of them.

yeah that's right. However, there are still many people who underestimate debt. and the real fact for those who already have debt is that they are very difficult when they want to stop. they are not addicted. but their circumstances and conditions did force them not to be separated from debt. then the only way is to avoid getting into this vicious circle. avoid a loan as long as we can avoid it. it's better to sell the valuables we have than to take out a loan. and avoid wishful thinking to develop a business from a loan. because it is very rare to be successful with capital obtained from a loan.

Oasisman

hero member

Activity: 2716

Merit: 552

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.

Sounds very familiar. One of my friend just literally done this to survive financially, I never heard of him since he last approached me to borrow from me, which I refuse coz I knew he's really deep into his debt and paying me back may take time.
I can say, it's not addictive, but it will tie your hand in it because you are trapped into that situation and that cycle will go on unless you decide to make changes. First step should always be, cutting your unnecessary expenses.

Sterbens

sr. member

Activity: 1848

Merit: 341

Duelbits.com

Quote from: leonair on February 18, 2023, 03:18:12 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.

Most of the people take loans from banks for their business purposes or to build houses and banks give loans to those people who have sufficient ability to repay the loan and have a fixed source of income. So even if it is difficult for the borrower to repay those loans, he tries to repay them on time. If the borrower is not able to repay the bank loan on time, he borrows money through some other channel and repays the bank loan and in the meantime he gets some more time to repay the loan, but if the borrower does not follow these strategies fully, then Instead he has to face a great danger. In that case, he often has to sell a necessary item to repay the debt, in which case many people sell their house as well.

This kind of cycle must be avoided, we cannot live by closing and digging holes. There have been many stories that I have heard about someone who lives this way, and it is not uncommon for them to end their life because they can no longer pay their debts every month. This is a story that should be a lesson for those of us who are not trapped in a circle like this.
If we are already trapped, then the choice is to try as hard as possible not to open new loans, and if we can negotiate so that we can repay them according to our ability.

leonair

sr. member

Activity: 1400

Merit: 420

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.

Most of the people take loans from banks for their business purposes or to build houses and banks give loans to those people who have sufficient ability to repay the loan and have a fixed source of income. So even if it is difficult for the borrower to repay those loans, he tries to repay them on time. If the borrower is not able to repay the bank loan on time, he borrows money through some other channel and repays the bank loan and in the meantime he gets some more time to repay the loan, but if the borrower does not follow these strategies fully, then Instead he has to face a great danger. In that case, he often has to sell a necessary item to repay the debt, in which case many people sell their house as well.

xSkylarx

hero member

Activity: 2366

Merit: 594

Quote from: Marcellin9 on February 17, 2023, 09:38:54 PM

Quote from: stomachgrowls on February 17, 2023, 05:12:45 PM

Quote from: erep on February 17, 2023, 04:47:03 PM

Quote from: molsewid on February 17, 2023, 11:53:15 AM

And maybe it depends on the purpose of the loan, if it is for the good thing or bad thing. We all know that there is a good debt right? but if he want to take loan just to expense his unmanageable expenses, addiction and some other vices then it could be a bad thing. He will soon can get another addiction and now it will be in too much spending and getting frequent loans without thinking to pay it.

The definition of debt is good for emergency purposes or for urgent needs, if taking a loan to cover other loans is not recommended unless the lender asks to pay off the loan before the payment agreement period due to an urgent need, but if you play with loan problems it will harm yourself because you have to pay interest from loans and finally he will not be trusted anymore even if he asks for another loan when he is destitute.

You are really making yourself getting drowned because of the interest on which you are trying out to clear up a debt via a debt and this is where these lending firms or businesses flourish out because people do continue up this kind of behavior.I wont deny that im really guilty of this on which i have tested out on repaying a loan to clear up a loan because im on a situation on which i dont really have any choice but to take up that step to solve out some problems.This is where you would really be realizing on how important on having a savings could be because you would really be that prepared in case if there are emergencies.If you dont have something then you would really be ending up on getting loans as your last resort which it isnt something that could be avoided when you are already that desperate.

Exactly. Too many people believe that taking loans is nothing serious and it will be easy to pay back until one day, they find everything opposite. By the due date you can't pay off the loans and having no time and other resources leave them only one option: start another loan with high interests to pay back the old one. That's the vicious circle officially starts. I guess the true lesson they can learn from is that actions have consequences and never underestimate the small problem that you think you can fix. Over the course of life, we all need to develop a few good habits and this is one of them.

Most people say that taking a loan is easy, but paying it back is difficult. That is why people who are going to have a loan to pay off another loan wouldn't be successful in life because they are very busy paying back their multiple loans and couldn't save at all. That is why it is better to strategize first before you take a loan. Can you pay it back? Can you do the installment without having difficulties in buying your needs, and what's the purpose of the loan? If it is a useless thing, then don't do it.

Swordsoffreedom

legendary

Activity: 2884

Merit: 1115

Leading Crypto Sports Betting & Casino Platform

Quote from: Marcellin9 on February 14, 2023, 02:35:15 AM

Quote from: ivankoh on February 13, 2023, 06:15:23 PM

Quote from: Cookdata on February 10, 2023, 09:54:16 AM

In other ways, there are these sets of people, they are the very lazy types, they would rather borrow money than work their way out and that's how they move from one lender to another place until when they couldn't borrow more and how to pay back becomes a problem for them which is regarded as an addiction.

I totally agree. I am also a borrower to buy a house, in fact, I am personally very afraid of debts, if not in a dilemma, I would not borrow. I see some people, they easily borrow to play cards. Maybe for them, the conditions and circumstances, means and equipment to repay the debt are very normal. They don't even hesitate, don't think much, don't feel the debt is a pressure. and they are willing to continue to borrow when the debt is repaid, they will borrow anyone when needed… ns can also be an addiction

These people are everywhere. I remember once having dinner with a bunch of fiends. Acutally, most of them were not my friends and only the host was. The dinner banquet was for the celebration of my friend's newly born son. Anyway, we had sit arond the table and everyone began to talk after a few drinks. To my suprise, half of them were bragging about how much money they could lend from banks and/or lending institutions and how lavish their lifestyle was. I realized immediately that I was not one of them so I kept quiet. Many of them had dozens of credit cards to cover each other but the debt grew bigger and bigger like a snowball. They did not feel bad but excited, like being addicted to drugs. I was becoming more aware of who I am after that dinner. Step away from loan/debt and never be an addict !

Your story surprised me too, I have never seen anyone brag when they have huge loans. It can be said that borrowing money can be the last solution when we have no other choice, the borrowers are the ones who are having the most difficulty, they have nothing to be proud of but to close themselves and keep quiet. I also had to take out a loan because my business failed and it was the hardest and most embarrassing time of my life because I had to save money to pay off the debt. Nothing to brag about or boast about.

Marcellin9

member

Activity: 224

Merit: 20

Quote from: stomachgrowls on February 17, 2023, 05:12:45 PM

Quote from: erep on February 17, 2023, 04:47:03 PM

Quote from: molsewid on February 17, 2023, 11:53:15 AM

And maybe it depends on the purpose of the loan, if it is for the good thing or bad thing. We all know that there is a good debt right? but if he want to take loan just to expense his unmanageable expenses, addiction and some other vices then it could be a bad thing. He will soon can get another addiction and now it will be in too much spending and getting frequent loans without thinking to pay it.

The definition of debt is good for emergency purposes or for urgent needs, if taking a loan to cover other loans is not recommended unless the lender asks to pay off the loan before the payment agreement period due to an urgent need, but if you play with loan problems it will harm yourself because you have to pay interest from loans and finally he will not be trusted anymore even if he asks for another loan when he is destitute.

You are really making yourself getting drowned because of the interest on which you are trying out to clear up a debt via a debt and this is where these lending firms or businesses flourish out because people do continue up this kind of behavior.I wont deny that im really guilty of this on which i have tested out on repaying a loan to clear up a loan because im on a situation on which i dont really have any choice but to take up that step to solve out some problems.This is where you would really be realizing on how important on having a savings could be because you would really be that prepared in case if there are emergencies.If you dont have something then you would really be ending up on getting loans as your last resort which it isnt something that could be avoided when you are already that desperate.

Exactly. Too many people believe that taking loans is nothing serious and it will be easy to pay back until one day, they find everything opposite. By the due date you can't pay off the loans and having no time and other resources leave them only one option: start another loan with high interests to pay back the old one. That's the vicious circle officially starts. I guess the true lesson they can learn from is that actions have consequences and never underestimate the small problem that you think you can fix. Over the course of life, we all need to develop a few good habits and this is one of them.

stomachgrowls

hero member

Activity: 3010

Merit: 794

Quote from: erep on February 17, 2023, 04:47:03 PM

Quote from: molsewid on February 17, 2023, 11:53:15 AM

And maybe it depends on the purpose of the loan, if it is for the good thing or bad thing. We all know that there is a good debt right? but if he want to take loan just to expense his unmanageable expenses, addiction and some other vices then it could be a bad thing. He will soon can get another addiction and now it will be in too much spending and getting frequent loans without thinking to pay it.

The definition of debt is good for emergency purposes or for urgent needs, if taking a loan to cover other loans is not recommended unless the lender asks to pay off the loan before the payment agreement period due to an urgent need, but if you play with loan problems it will harm yourself because you have to pay interest from loans and finally he will not be trusted anymore even if he asks for another loan when he is destitute.

You are really making yourself getting drowned because of the interest on which you are trying out to clear up a debt via a debt and this is where these lending firms or businesses flourish out because people do continue up this kind of behavior.I wont deny that im really guilty of this on which i have tested out on repaying a loan to clear up a loan because im on a situation on which i dont really have any choice but to take up that step to solve out some problems.This is where you would really be realizing on how important on having a savings could be because you would really be that prepared in case if there are emergencies.If you dont have something then you would really be ending up on getting loans as your last resort which it isnt something that could be avoided when you are already that desperate.

erep

hero member

Activity: 2282

Merit: 589

Quote from: molsewid on February 17, 2023, 11:53:15 AM

And maybe it depends on the purpose of the loan, if it is for the good thing or bad thing. We all know that there is a good debt right? but if he want to take loan just to expense his unmanageable expenses, addiction and some other vices then it could be a bad thing. He will soon can get another addiction and now it will be in too much spending and getting frequent loans without thinking to pay it.

The definition of debt is good for emergency purposes or for urgent needs, if taking a loan to cover other loans is not recommended unless the lender asks to pay off the loan before the payment agreement period due to an urgent need, but if you play with loan problems it will harm yourself because you have to pay interest from loans and finally he will not be trusted anymore even if he asks for another loan when he is destitute.

molsewid

hero member

Activity: 2170

Merit: 530

Quote from: Davidvictorson on February 17, 2023, 11:03:40 AM

Taking a loan from any financial institution is never an addiction. It only becomes an addiction when you take the loan and don't have the means to pay it back, so you go to another financial institution to take another loan. It is always advisable to take a loan from a financial institution and invest. As it will help to recoup the initial capital, which is the loan you took. I, for example, am usually scared of taking out a loan. Not because I have never been in a situation where I was compelled to take a loan, but because paying back a loan is usually a difficult thing to do. So I always devise a means of getting out of any situation that will require me to get a loan because of the fear of not paying it back when it's due. Moreover, taking out a loan frequently leads to its addiction. Loans help solve emergency problems such as hospital bills, school fees, house rents, and so on. So it shouldn't be an addiction.

And maybe it depends on the purpose of the loan, if it is for the good thing or bad thing. We all know that there is a good debt right? but if he want to take loan just to expense his unmanageable expenses, addiction and some other vices then it could be a bad thing. He will soon can get another addiction and now it will be in too much spending and getting frequent loans without thinking to pay it.

Davidvictorson

hero member

Activity: 1120

Merit: 887

Livecasino.io

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.

Taking a loan from any financial institution is never an addiction. It only becomes an addiction when you take the loan and don't have the means to pay it back, so you go to another financial institution to take another loan. It is always advisable to take a loan from a financial institution and invest. As it will help to recoup the initial capital, which is the loan you took. I, for example, am usually scared of taking out a loan. Not because I have never been in a situation where I was compelled to take a loan, but because paying back a loan is usually a difficult thing to do. So I always devise a means of getting out of any situation that will require me to get a loan because of the fear of not paying it back when it's due. Moreover, taking out a loan frequently leads to its addiction. Loans help solve emergency problems such as hospital bills, school fees, house rents, and so on. So it shouldn't be an addiction.

stadus

legendary

Activity: 3080

Merit: 1292

Hhampuz for Campaign management

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.

Not really addictive and not a kind of vicious cycle that others are expecting because that depends on the reason why you are taking a loan as that will just mean that you have to pay for it for a matter of time including its interest. So, that just means that you have to think clearly before doing so because that kind of act cannot be undone even if you wanted to especially if you're just taking a lone just to feed your wants and not the needs.

Also, I've learned as well that loans are actually helpful if you only know how to use it because the government cannot charge a tax on it. Interests are much cheaper than income tax, but I guess that depends on a certain country. Simply to say, it's a tool.

wmaurik

hero member

Activity: 2058

Merit: 710

Quote from: og kush420 on February 13, 2023, 03:20:58 AM

I must say some people are loan addict - yes - they are always on the hunt to get new target.
These people are targeting old aged - these kind of people are abundantly found on matrimonial sites those who would like get money out of them at every cost.
I would always pray to God to keep me away from these kind of scammers

It is not very good if after making a loan the money is not used for purposes that can generate income more effectively. And what's even worse is deceiving people who have given loans with a thousand illogical reasons and starting to disappear when it's due to pay. Yes, such addicts really deserve to be shunned and there is no reason whatsoever to be close to such people.

Quote from: Cryptock on February 13, 2023, 04:00:35 AM

And there are people who would make you small and make you realize that you are a piece of garbage
The worse of all are those who get money from you and then ignore and give you bad names when you ask for the loan you have given them

It really hurts when it happens to someone who has provided assistance and I can't imagine it because it has never happened to me and wish I had never had to deal with loan issues in any way with anyone. Besides, I very rarely give any loans to other people because I myself never want to take loans from other people, but if there are people who have been helped sincerely but instead badmouth the maid. It really hurts to imagine.

Zilon

sr. member

Activity: 966

Merit: 421

Bitcoindata.science

First never take a loan you can't pay back within a stipulated time secondly the fastest way to pay back debts is to start making instalments as early as possible that way it will reduce the borden of paying bulk money and also help repay back those loans before the due date.

The most awkward loan is when it is above your income and the said loan isn't meant for investment of any kind. Loans are sweet when they are been taken but becomes a trap when it becomes difficult to pay back. Loans of this nature will either result in losing properties staked as collateral or taking up more loans to offset outstanding loans.

ShowOff

legendary

Activity: 2618

Merit: 1181

I would not consider getting loan unless it was an urgent situation. I won't even consider installments when buying anything I want because this will just be a burden that I have to bear each payment period. Loan can help in times of need, but I'm not at all sure it would become an addiction were it not for some utterly dire need.

There are those who can make loan to build their businesses, there are those who succeed and there are also those who fail. So there is no dependence on making loans of any amount, but usually banks can offer more loans if you are a customer who is not in trouble and is smooth enough to pay off the loan before maturity. The best advice is, don't make loan if you don't need the money urgently, you should have better options than making a loan like selling some valuable assets or something.

tjtonmoy

sr. member

Activity: 1008

Merit: 366

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

Isn't this a vicious circle ? How would you deal with the problem ? I am all ears.

Indeed, it is. Firstly, no one should take loan if they are not in any extreme situation. But if you are in a debt already, then there are some way you can get out of it. But it will be a long journey for sure. Taking from one and paying the other creates a mess. But if it's already done, then you should focus on the highest interest loan first. The more you drag it, the more you'll have to pay. So make a list of everything and choose which one you need to clear first. Then create a budget on how you are going to spend and pay back depending on your budget. Also, if you're struggling with debt, there are resources available to help you. Consider seeking the advice of a financial counselor or debt management professional, who can help you come up with a plan to get you back on the track.
And I am saying this again. Don't rush, it will take time, but you will eventually get out of it some day. And before taking any loans, consider discussing the payback amount which you can afford.

Rockstarguy

hero member

Activity: 1050

Merit: 592

God is great

Quote from: Agbe on February 14, 2023, 12:02:24 PM

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.

Let me start from the subject or topic. I may say yes from the experience of my two friends one male and another female. The female took loan from me since last year and she has not paid it yet she was disturbing me to give her another loan again and she has taken from others too and she is still seeking to collect more. Make is another addicted one. He is always on loan. So people can be addicted to loan.
Then coming to the content of the OP. Banks only give loan with collateral so that if you could not pay the loan at the stipulated time they would claim the property. So that is your own concerned. And for me, personally I don't like loan, in fact I hate loan.

I don't really see it as addiction but sometimes it can been laziness, not willing to take fully responsibility of life. I know things are difficult this time but that doesn't mean one needs to sustain his/her self with loan. Instead of looking for where to take loan why not look for something that will bring a penny and adjust the way of spending money just to meet up. It is only someone who is not willing yo struggle and take responsibility that will be comfortable to take loan with having fear of stress on how to pay back.

Topic: Is taking a loan/debt addicted ? - page 14. (Read 3064 times)