Is taking a loan/debt addicted ? - page 18.

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Quote from: teosanru on February 05, 2023, 10:33:35 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.

Obviously taking debt to repay debt can be called as a vicious circle especially if the loan you took was for personal purposes not related to construction/ creation of an asset or if your non payment is due to your excess expenses not due to some urgency coming up. I think in such a cases it's a vicious circle but if you genuinely didn't had money that month because of some urgency and had to repay the debt using a loan the. Obviously it isn't a vicious circle we are humans and we do face emergencies.

With conditions like this it makes us even more losers. Regardless of anything, looking for a loan that was used to pay off previous debts, didn't this make interest more and more than before, of course, if something like this continues to be done, it will be like a ticking time bomb that will make it even more difficult for us.
I think as long as we are still able to do without debt then don't ever touch it.

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Quote from: Wexnident on February 05, 2023, 09:12:24 AM

I'd only ever consider borrowing money to pay my initial debt if the situation was another emergency, e.g. emergency 1 you borrow money, then emergency 2 comes while you're still paying for emergency 1. Ofc if negotiations about trying to extend the duration is possible, then go do so, otherwise, it may be time to increase the number of sources of income you can get. If possible as well, go to the family if needed, at the very least, the time limit for paying them should be much longer compared to banks (but don't pressure them into giving you, if they can help, then they can, if they can't, then just leave it).

Best case scenario is just to never go under debt really, but life ain't that easy for some of us.

Yes, there will be a certain time that we really need to ask someone to lend us money because just like people like me or us we don't have the unlimited number of money, everything may come to a limitations, that's why even though I don't want to to lend but I don't have a choice, I really tried another way for me to create money but this pandemic and inflation really sucks.

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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.

Obviously taking debt to repay debt can be called as a vicious circle especially if the loan you took was for personal purposes not related to construction/ creation of an asset or if your non payment is due to your excess expenses not due to some urgency coming up. I think in such a cases it's a vicious circle but if you genuinely didn't had money that month because of some urgency and had to repay the debt using a loan the. Obviously it isn't a vicious circle we are humans and we do face emergencies.

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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.

I think I can say something about this due to the fact that I myself have collected a few loans when I was paying for a money that was kept in my possession and got stolen from and to hide the fact from others I had to collect loan from my bank and replace the money without anyone noticing. And during that period I felt the urge to go for another loan whenever I'm short of money. So I can say those that have collected loans more than once or twice can get addicted to it and it also gives this feeling of laziness since you can just collect thes loan anytime you want without having to go through any stress at all.

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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.

This is not healthy to do, you can easily become addicted from how easily you can borrow money from bank or another person. It's really a dangerous cycle when you are trapped inside this cycle, you don't know where to get the money due to how much you take the debts and you might be get in jail because of that situation. I wouldn't recommend that, if you don't think you can't repay the loan then don't bother to even make a request.

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I don't request loans~

I'd only ever consider borrowing money to pay my initial debt if the situation was another emergency, e.g. emergency 1 you borrow money, then emergency 2 comes while you're still paying for emergency 1. Ofc if negotiations about trying to extend the duration is possible, then go do so, otherwise, it may be time to increase the number of sources of income you can get. If possible as well, go to the family if needed, at the very least, the time limit for paying them should be much longer compared to banks (but don't pressure them into giving you, if they can help, then they can, if they can't, then just leave it).

Best case scenario is just to never go under debt really, but life ain't that easy for some of us.

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Quote from: Pejoh Asu on February 04, 2023, 09:12:12 AM

Once a person is in debt and can pay it off, this will make him think that debt is an easy thing, many people are stuck with debt so they have to look for other sources of debt, of course this is the wrong thinking because debt will make us only think about settling debts, immediately leave the habit of debt because this will get us in trouble.

there are several conditions or reasons that make people take out a loan. there is a reason for being forced. such as meeting the necessities of life which are increasingly difficult to fulfill due to inflation which makes the price of daily needs increase. so that the monthly salary that was originally sufficient becomes insufficient. and well this one condition seems to happen a lot today. And they are forced to take the loan. and they may even forget that if their current condition is very difficult to even make ends meet for them. so when they take out a loan maybe they will be helped at the beginning. but then they will find it even more difficult because after taking a loan their income will be divided into two, namely to pay loan bills and to meet daily needs. and obviously this will make it difficult for them to escape debt bondage. and conditions like this are very prone to making people return to take another loan. we must avoid loans at all costs. because after being involved it is not easy for us to get out of debt bondage.

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Quote from: Marcellin9 on February 04, 2023, 04:10:05 AM

Quote from: cafee_orange on February 04, 2023, 03:56:46 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.

when it comes to addiction, I don't think so either, someone who takes out a loan in the form of debt, be it at a bank or a cooperative, of course, has collateral that can be trusted by the giver, whether it's land or a shelter.
With this guarantee, the bank can trust the borrower. As for people who become addicted to taking loans or getting into debt, it is caused by great desire so that they have to look everywhere until in the end the debts and loans cannot be settled. I think before the onset of "addiction", it is better to avoid loans and debt to the bank if unable to pay off the payments.

Well, sadly in my coutry, most personal loans don't require any collaterals and even let's say, you earn $1000 per month, you can get a loan as ten times or more what you actually earn. This is one of the reasons why so many people can easily get loans. The collateral you were talking about, such as land or a shelter, only applies to companies that intend to borrow money from a bank for business use.

Loans that don't require collaterals have also flourished in my country over the past few years. But I assure you, it can't be addicted because, with those types of loans, you will have to pay very high interest rates, even 2, 3 times the bank interest rate. I have a cousin who was in a similar situation, he couldn't even pay the quarterly interest, let alone the principal borrowed. Many times he tried to flee the homeland because he thought he would be unable to repay the debt. If he does, he probably won't go to jail, but after this, he will never be able to get a mortgage from any bank again.

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It can be like that because when we try to borrow and succeed in paying the specified timeframe along with the interest, you will try to do it again with a larger nominal, and so on because when we have already tried, we will continue more daring to do it again and again which is not very profitable for them.
Not making loans is something that is actually very good regardless of anything as long as we are able to support our lives then why should we do that.

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Quote from: TheUltraElite on February 01, 2023, 10:51:00 AM

...

I wouldn't call it an addiction, I'd characterize it as an inevitable cycle once people begin to start compounding loans on top of each other.

Most people that start stacking loans have no idea how the interest rate will end up effecting them down the line. And if the penalties hit, the interest will increase and your credit score goes down so that future loans are at higher interest rates.

There are plenty of predatory loan companies that will make their businesses by having people pay off their debit with insane interest rates over the course of years.

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Quote from: Marcellin9 on February 04, 2023, 04:10:05 AM

Quote from: cafee_orange on February 04, 2023, 03:56:46 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.

when it comes to addiction, I don't think so either, someone who takes out a loan in the form of debt, be it at a bank or a cooperative, of course, has collateral that can be trusted by the giver, whether it's land or a shelter.
With this guarantee, the bank can trust the borrower. As for people who become addicted to taking loans or getting into debt, it is caused by great desire so that they have to look everywhere until in the end the debts and loans cannot be settled. I think before the onset of "addiction", it is better to avoid loans and debt to the bank if unable to pay off the payments.

Well, sadly in my coutry, most personal loans don't require any collaterals and even let's say, you earn $1000 per month, you can get a loan as ten times or more what you actually earn. This is one of the reasons why so many people can easily get loans. The collateral you were talking about, such as land or a shelter, only applies to companies that intend to borrow money from a bank for business use.

if so it is very easy in your country to take out a loan. may have different rules in my country, if we don't put collateral for taking a loan then the loan is not provided by the bank.
well, if that is the rule in your country then it is very possible for many people to take loans for other purposes.

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Once a person is in debt and can pay it off, this will make him think that debt is an easy thing, many people are stuck with debt so they have to look for other sources of debt, of course this is the wrong thinking because debt will make us only think about settling debts, immediately leave the habit of debt because this will get us in trouble.

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Quote from: cafee_orange on February 04, 2023, 03:56:46 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.

when it comes to addiction, I don't think so either, someone who takes out a loan in the form of debt, be it at a bank or a cooperative, of course, has collateral that can be trusted by the giver, whether it's land or a shelter.
With this guarantee, the bank can trust the borrower. As for people who become addicted to taking loans or getting into debt, it is caused by great desire so that they have to look everywhere until in the end the debts and loans cannot be settled. I think before the onset of "addiction", it is better to avoid loans and debt to the bank if unable to pay off the payments.

Well, sadly in my coutry, most personal loans don't require any collaterals and even let's say, you earn $1000 per month, you can get a loan as ten times or more what you actually earn. This is one of the reasons why so many people can easily get loans. The collateral you were talking about, such as land or a shelter, only applies to companies that intend to borrow money from a bank for business use.

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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.

when it comes to addiction, I don't think so either, someone who takes out a loan in the form of debt, be it at a bank or a cooperative, of course, has collateral that can be trusted by the giver, whether it's land or a shelter.
With this guarantee, the bank can trust the borrower. As for people who become addicted to taking loans or getting into debt, it is caused by great desire so that they have to look everywhere until in the end the debts and loans cannot be settled. I think before the onset of "addiction", it is better to avoid loans and debt to the bank if unable to pay off the payments.

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even though taking up some loans just to pay your other loans might become solution for temporarily but I'd say it's really quite harmful against the well being of your financial condition since you simply gonna pays more as a side effect of prolonging your loan payments.
of course there's nothing wrong with it if you have no other solution and your income is delayed but just don't get too holed up in loans since there's always more money that you gonna pay everytime you're dealing with it. that's just how loan works, it's just more money and money.

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Quote from: dunfida on February 03, 2023, 03:35:37 PM

Taking up some loans just to pay up another loan is something a very common scenario and even myself is really that able to experience this one because there are really moments in life
which you cant really be able to avoid to take up some loan just because you had been shorted out on your budget and some unexpected situations or circumstances.

Taking a new loan to pay off some old loans is not a bad thing because the economic situation is difficult will require someone to do that, I have seen several of my friends do the same thing because they do not have a steady income to pay off loans on time, another reason that he Uneasy with lenders because of their too harsh characteristics and snapping when collecting loans, so he decided to take a new loan from someone else to pay off the first loan.

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Quote from: serjent05 on February 03, 2023, 02:30:52 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.

Taking a loan isn't addictive, it is that you take another loan to pay for your earlier loan and it go a cycle. It isn't addiction but rather a circumstantial need to pay off earlier debt. The only way to get out of this endless loop is to have extra earnings. If you have lots of time, you can look for a side job. Earning from this side job can help you greatly to get out of that endless debt cycle. And be thrifty but not to the point you are harming your health.

Everything should be in balance specially when earning money.Yes, we could have multiple sources but we should also mind and prioritize our health too because we know that on the time that our body is ill
then it would be still useless since those money that you are earning would really be just going into hospitalization on which thi isnt something that we dont really like to happen.
Taking up some loans just to pay up another loan is something a very common scenario and even myself is really that able to experience this one because there are really moments in life
which you cant really be able to avoid to take up some loan just because you had been shorted out on your budget and some unexpected situations or circumstances.

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Op, what you just described is very irresponsible way to deal with debt. One should not even borrow money if one is not sure about being able to pay back, that being said.

The only scenario I would see someone doing that if they found someone to borrow money from, at lower interest and better conditions in general, but still.

I have met people who get debt so they can push themselves to work harder. Instead working to get a new phone, for example, they borrow money to buy the phone and then, they are forced to be responsible to pay.

Does not sound very healthy either.

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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.

Taking a loan isn't addictive, it is that you take another loan to pay for your earlier loan and it go a cycle. It isn't addiction but rather a circumstantial need to pay off earlier debt. The only way to get out of this endless loop is to have extra earnings. If you have lots of time, you can look for a side job. Earning from this side job can help you greatly to get out of that endless debt cycle. And be thrifty but not to the point you are harming your health.

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Quote from: Ludmilla_rose1995 on February 03, 2023, 11:29:34 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.

I have made loans to banks several times, but all ended in disappointment because I didn't use the loan money for productive things, such as starting a business or business. I advise you not to make loans to banks to pay off debts, buy luxury items or eat food because you will definitely regret it and get stuck in a vicious cycle of debt.

Most of the time this is how loan amount gets wasted. Finally the purpose for which loan is being taken doesn't gets done. If not half the amount gets used for some other purpose and everything will be in half done situation and we once again look for ways to increase the loan amount with some process involved. As majority suggested it is good not to get into these kind of loans. Go for loan only if you're strong enough to use it for the right reason and pay it back correctly.

Loan is good for something like buying a car or home with our income being assured for the next 7 - 20 years. So that it'll be easy to repay as well as have our car/home in our name just paying the initial fund whereas it take years for us to save the entire amount and buy it.

Topic: Is taking a loan/debt addicted ? - page 18. (Read 3079 times)