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.
If you are going to take a loan then make sure you plan to way way ahead of the time. You must note down everything from expenditures, savings, what goes into EMI and what is leftover. You will have to break it down in your accounting to make sure you dont get stuck into that vicious cycle at all.
Like you will have to start with these:
1) Whether you are a business person?
If yes, then what is your current valuation, profits, income and will have to take employee salaries, business expenses, cost to company in consideration. Then after calculating exact EMI's and loan tenure you can decide whether it is feasible for you to pay or not. OR at least you can have exact figure up to which you can pay stress free and take only that much amount of loan.
2) In case of employee person you will anyways get the loan based on your salary income. That will have recalculated figures yet you will have to see what expenses your house is making. Sometimes there are always unwanted expenses in the house which your bank will never know about. So be careful while taking the loan and understanding what amount is being sanctioned to you.
I have been there. And I have also taken parallel loan amount. This means I over took the loan above my salary but it was emergency situation and I managed to repay my loans in very short period of time so I never had problem. But this happened because I did it calmly and planned everything properly.