Topic: Is taking a loan/debt addicted ? - page 2. (Read 3079 times)

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.

You should look at the problem more broadly, not just attribute it to such negative circumstances. Think about financial loans to help businesses grow, the success of that business or its failure is an all-encompassing issue and not the only factor mentioned. Just like in everyday life, but no loans to support the fields of health, education, ... are implemented to improve the quality of people's lives. Not only seeing that many people abuse it to rely on, and over time that rejection in society is obvious, responsible for each of their actions in life. Like this title, I can only smile because this is just one person's personal opinion, and if they are in different positions, they will have different thoughts.

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.

In many countries, consumer loans are actually secured by collateral or require a guarantor. These measures provide lenders with some level of security in the event that the borrower defaults on the loan. On the other hand, using cash for spending and being cautious with credit card debt are personal preferences that can help individuals manage their finances responsibly. Credit cards, when used wisely, can offer convenience and certain benefits, but it's important to use them within one's means and avoid accumulating high-interest debt. So it's wise to avoid borrowing from "fast loan" companies, as they often charge exorbitant interest rates and fees.

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.

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

Many people are ultimately unable to pay because their income is not greater than the installments they have to pay. Or that previously they had more than enough income to pay off the loan, they had to experience something bad so they no longer have any income.
Before taking a loan, we must consider very well whether we will be able to pay or not. and also we have to see what the loan money is for, whether it is for things that are not important, or for important things that are very urgent so that we really have to take out a loan.
If the money we borrow is for things that are not important, that is a very unwise decision.

One of the principles of life that must be remembered is that no matter what happens, don't get into debt. This affects our lives to be better than others, making us more able to work hard. Debt behavior is also evidence of mental weakness.

Better change your mindset now. Don't have to owe everything you need, debt is everywhere, bank pawnshops. Buying a cell phone in debt, buying furniture, lifestyle, etc. in debt, even primary needs such as schooling, etc. are in debt. As much as possible, plan as early as possible.

Let's compare, examples of children's school needs.
We use the savings method.
- We have predicted, maybe in the next 6 or 7 months our children will be at school. With an estimated need of $400 to $500
- Yes targeted, you need to save at least $80 or $90 per month
-Must be consistent, savings should not be taken
- it's good to save money. It's up to you to save at the beginning, middle, or end of the month. It's up to you, the important thing is to save at least $ 80 or $ 90
- never late, nothing collected. Who collects himself
-If, for example, on D-day it turns out that the school needs less than $ 500, it is better if the excess savings can be used for other needs
-Even if you don't have enough savings, that's okay, because you don't need as much as you don't have any savings at all

Try the debt method
For example, if you owe $500,
- subject to fines if payment is past due
-To be billed if late, terrorized
-total payment of more than $ 500 that we got. Maybe up to $600
-$100 loss
-every month restless

Note: Debt is allowed, but only for large amounts. It's like building a house, business capital. If so, maybe that's understandable.

In my opinion, the tendency to become addicted to borrowing money usually applies to individuals whose lifestyles exceed their monthly income. Every month, they have to borrow money to purchase their desired targets, even though their economic capacity is inadequate for such expenses.

If their targets are essential necessities like food, housing, or everyday clothing, that's not a problem. However, if they accumulate debt based on style alone, the cycle continues, and the debt will never cease until fully repaid, even if they were to win a large lottery prize.

Their life becomes stressful when there is no longer an opportunity to borrow. This often leads to negative activities that have the potential to engage in criminal behavior.

I think it is possible for individuals to become addicted to taking out loans. The factors could affect it are financial insecurity, a desire for instant gratification, or poor financial management skills. Just like any other addiction, the consequences of a loan addiction can be severe and long-lasting. Individuals who are addicted to taking out loans may find themselves in a cycle of debt that they cannot escape. This cycle can lead to financial ruin, damaged credit scores and even bankruptcy. The stress and anxiety that come with mounting debt can take a serious toll on an individuals mental health.

That depends on the person op. Some people are really good at repaying loans without any issues(Like me) while some others don't repay loans on time due to reasons like money issues, laziness etc which messes up their credit rating.

Both categories of people get addicted to taking loans sometimes, but this leads to horrible outcomes only for the latter category.

Personally, I am not addicted to taking loans since I don't really like them and take advantage of them when absolutely necessary. Also, I tend to take small amount loans more often when compared to big amount loans.

But there are really people that are doing this; they are saying that it is a gift for themselves, but in a year they bought tons of expensive stuff. Also, there are people who take out loans just to pay their debts, which is also not good, but again, that is their choice, as life is really difficult and once they take out a loan, they can't get out as it will pile up, and then the source of income is not enough. Not all will take a loan for business; there are people struggling in life, which is why they don't have a choice.

Taking a loan isnt something that could really lead into some addiction because taking a loan isnt something that would be that so simple basing up on the requirements and qualifications before you would be granted out.
It is just that people would really be that ending up on a disaster on the time that they would really that irresponsible on not to paying back with those loans.Taking some loans isnt bad as long you do mind on repaying them. It is really just that there are people who arent really that good paying. About on using up those loaned amounts then it would really be varying whether you would be making or putting it on an investment or would really be that using it on buying something which it isnt beneficial. Well its a personal choice since its your money that you had borrowed and as long you are responsible on paying it back then
i dont really see any problems into this. Just make it sure that you wouldnt really be piling up those loans because its the main risks and problem that lies ahead if things got worst.

I don't thinking taking loans could end to an addiction. If we look at the frequency in which addicted gamblers gamble or heavy alcoholics drinks and use that to compare with the extent at which even the worst person or individual to have been associated with taking loans, there's going to be a huge gap between these human behaviour.

Loans comes with a sense of responsibility, either you accept it or not. Your conscious of the fact that, your supposed to refund this money, the more you hold it, the more interest on it and the more loan you take from other companies, the more your chances of taking further loans are reduced and you could get caught at anytime.

That doesn't make a better addiction. Not like any is good but the fact that one can take an addiction out of taking loans is almost zero.

Come on guys this isn't gambling...Loans don't get to addiction if you are going to pay them back, besides you need to have a plan on how to payback before you even plan on how to spend it!

If anything, loans are for disciplined users and not everyone, undisciplined users who get loans and dont playback usually get punished but losing their collateral or get blacklisted for any new loans and you wouldn't want this to go this way.

well said!
Just to add on what's been said, the biggest economies in the world do get loans too which should tell you that loans aren't really a bad thing not until you default...And problems arise when you do not use funds for intended purposes which means finding funds twice, first for initial plan and second to payback!

There is no case that justifies a loan addict, and not all debtors are addicts. Because I take a one-time loan today to finance my need doesn't make me a loan addict. You can call someone a loan addict if the person is already in the habit of taking loans often without control. Every now and then they just walk up to someone and take a loan even for things that actually aren't worth it.

Their are some form of investment that taking a loan is actually highly discouraged, because those loans can be the beginning of your entire business down fall. In a fresh business which one is still starting with little to know idea on how the business works, in such kind of business the owner is not suppose to take a loan, because you as the business owner all you have is a believe and some form of untested business plan and assumption to repay back a loan, and when this your plans fails you, you then become a loan defaulter, before you know it, you are already looking for a way to pay back the loan, is either you shutdown your business or you borrow form someone else to pay back an existing loan.

It all really depends on what goals you have when applying for a loan. If it's for a business where we are sure of the level of success of the business to be run, maybe taking out a loan can actually help the business more and get maximum profits. it's just that if the initial intention of making a loan is only to fulfill desires such as buying luxury goods or the latest car or the latest cell phone and the like which are actually not for business needs and other urgent matters then all of that is really not good and it's better not to take a loan for all that. so basically it all depends on the particular situation.

Taking a loan can lead to addiction but not in all cases, there are so many investors today, who borrow money to finance the project after that they will pay the money and keep the profit from the business. The loan itself is not bad, what is been taken or used for is what matter.

Maybe taking a loan can be addictive but there is no proof for this if actually it leads to addiction. I think this can be linked to spirited effect where someone will be inflicted with the spirit of borrowing money from people without having the curiosity to pay back. People that like borrowing and that don't pay can be linked to spirit influence maybe as a result of the mistake there parent might have made before they are born. Normally get loan can make us indepted to the person that we get the loan from, which can urge us to quickly want to pay the loan without crazy excuses.

It should be remembered that even though this can still be done, when things repeat themselves, because it seems like there is a handle when something is urgent and you immediately borrow money because the previous thought was like that, gradually this is still a big risk, I think.
It's not to be blamed either if there really is an urgent need and it's the only last resort to save them then they can still borrow money but if this keeps happening isn't this the same as not learning from previous conditions.
I still feel that as long as I can not borrow, whether it's important or not, then why not do it like that instead of continuing to force myself into loans which in the end make myself miserable.