Topic: Is taking a loan/debt addicted ? - page 4. (Read 3064 times)

Indeed, if we will not take care of that debt, it will keep increasing as there's interest and without proper planning before you take that debt, you will end up loaning more to the point that you cannot pay it anymore.

You have to allocate portions of your salary to pay little by little to avoid loaning more to cover your first loan it
will not help but will be an additional problem when the loan generates corresponding interest.

Indeed, taking new loan to pay back previous ones, is a vicious cycle, however this issue can be resolved by preparing and implementing a long term workable plan to overcome this challenging situation. The following measures can help to address this issue:

- Cut down un-necessary expenses and prioritize to pay back loans.
- Negotiate the terms of payment with your creditors.
- Seek professional help to work out a payback plan which cab be implemented keeping in view your financial resources.

There are something we don't need to joke about. Taking loan and not paying back can be addictive and someone can inherited it from the gene of the parent. We need to know the root of our problem before trying hard to solve it. There are poor who would have inherited the spirited of owing debt and they will always seeing themselves taking loan and borrowing money without the urge to pay back even though they ahve the means and the source to pay back. People that are addicted to getting loan and not paying back are at there doom day.

It depends on the reason why the loan was taken at whatever time it was taken. However, taking loans continuously to clear old debts or should I say, bad debts sometimes is not at all a good practice and should be avoided at any cost because it's never easy to get out of this cycle once you get stuck in it. If you have less money, you'll think that how will I repay and if you've got enough money to repay, you'll think that now I'm earning enough, so I'll repay slowly. That's not how a borrower should do, and at most try to clear his debts whenever he is capable of doing so, in order to get out of that situation and should also not take back a loan for whatever reason if he thinks he can manage the funds anyhow through any channel but not loan.

Wont really be that stressful if you are really just that responsible on paying it back.This is why when you do took a loan then you should really be sure that you should have put it up on the right place or making use of it on something that would generate income but if you do take a loan just for the sake of buying something or speaking about wants then you would definitely be having a problem later on.
Its never been not that advisable on taking up some loan specially if those amounts arent really be used on something useful or really worth but if you do have the money that you are
expecting and able to pay it up on time then youre good but if not then dont tend to take up a loan or proceed on.

Thy say the borrower is a slave to the lender, so if you borrowed up to two to three  place you are  increase stress for your self.

yes, I agree that if the method used by someone like you mentioned is a vicious circle, he will never be separated from debt or loans.
someone who is addicted to debt, he will do anything to fulfill his desire, so that whatever he wants to do, he always thinks about how he can get a loan or owe it from another party. this is my friend's experience.
when he is unable to pay, he will stay away from the person who gave him a loan.

Of course you should. because the debt still has to be paid either slowly or quickly. And I hope you can immediately pay off every loan you have. In the past, I also had a loan and I struggled to pay it off. and last year I managed to pay it off. and when I am released from a loan I feel great freedom. In fact, I have become more passionate about working to make my business more advanced and growing rapidly. because sometimes when we have loan bills it can make our minds a little stressed and we can't think optimally. but when we have paid off everything, our minds become clear again and have a positive impact on everything we do.

Loans related to urgent needs for necessities must be prioritized and not to buy something unimportant, wise people will avoid loans/debt in any way unless there is no other way because of a financially critical condition but they will repay as soon as possible even though gradually. However, there are some people who are always in debt/loan because they are not trying to pay off the debt but apply for another loan to cover part of the previous loan, don't imitate that behavior because your life will always be tied to other people, so increase savings from work for future needs .

Personally, I will set aside income to pay off the debt even though it is not paid off directly I will repay it even though this takes a while, if we do not get out of the vicious circle, the debt that we have is not decreasing, but increasing

I agree with this, there are lots of people who borrow without not having a payment plan and they seem to be relying on luck in their lives who are not sure when the money will come to them and I have encountered that mindset a lot in my environment it is very sad and I don't know how to deal with people who have a borrowing mentality like that. No wonder every day someone comes to the neighbor's house to ask when he is paying off the debt and every day the debt collector is different, in other words the person borrows from more than one lender, which is very sad.

The mindset when borrowing should be like what you said, but most of those who have a dismissive nature don't care and let everything go under pressure from debt collectors, and what's worse, people who are already addicted to loans when they are billed for payment, they even scold their debt collectors.

Not only taking a loan to purchase a car, having enough savings to buy cars can also be irrational. Take me as an example, I bought a new SUV two years ago, a classic vehicle, very reliable and comfortable, paid with cash, one-time payment without any loan. This year I was thinking about purchasing another car simply because I thought it might be cool. However, considering the additional costs on maintainance, insurance, gas and others, I think this would be a bad idea to buy another car which I don't really need, although I can afford it. I am glad to be able to reflect on my unreasonable thoughts once a while, which helps me live a better life in general.

It actually depends on the characteristics/nature of the person about how to deal with the loans. Those who only think instantly to deal with their loans, probably take new loans to pay their existing loans. They assume they will be able to pay off all the loans someday when they get a lot of money. But the problem is that they don't know how and when to get a lot of money. They just take some loans without clear plans for repayment in the future. These types of people will easily get addicted to the loans and never get out of the debt/loan cycle.

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.

Well, is the theory that must be known before getting into a loan, then it is useless just when you say (very well) "it is drowning".

So the reality is that some need to go to the doctor because they are compulsive to get into debt and the solution is to take medication and pay off the debt.

In any case, it is always a very complex situation, in case TDC, there are statistics that say that 50% of debts are in innocuous things and that in themselves accumulate more expenses.

A classic is the purchase of a car, it is not only the debt of the car but also its maintenance, so, people have debts and decide to buy things to accumulate debt, instead of making new loans profitable. You do not need financial advice, but rather common sense. 

Establish a budget and stick to it consistently to end the debt cycle. If you're having trouble making payments, make debt repayment a priority and get in touch with your creditors. There are many financial institutions with possibilities for people in need. Discipline, preparation, and open communication are necessary for cycle-breaking.


Although it is now easier than ever to apply for a loan online, there are still some risks, such as high interest rates, that should be considered. Read the terms and conditions of any loans thoroughly, and only take out what you can afford to repay. Before turning to loans, look into alternate financial options. You may keep yourself out of a debt cycle by being proactive and aware of potential threats.

I have seen people who experienced these and it is kind of sad that some who already have existing loans have no choice but to take a loan again just to pay those existing charges. It is not good to do this as you have the tendency to be stuck and be forcefully be in the loop of unending series of loan. But its still depends on the person doing this as I believe there is still way out. For those who have no choice but to sell their assets, it should be a wake up call to do something in order to stop their addiction with loans. So to answer the main question,  I think it depends on the situation whether you can consider one to be addicted to loan/debt since it varies based on how one pays the loan and how they managed the situation that they are into.

Probably so, but those who do not save much less, and most likely these are those whose income is so low that it does not allow it, or those who are used to living on the principle that everyone buys a house, car, and so on on credit, in this case, monthly payments will require spending most of the income. I agree that all people are different, everyone sees the same situation differently, and what is good for one is already a problem for another.

That's the accurate explanation with stupid loans, something that you really can't afford, but you wanted to look like you can have it and only taking loans is the way to have it.

With a kind of mindset and without a stability of having a high-paying job, the chance of making more loans
to cover your debt is the next thing to expect.

You need to be more practical in terms of your lifestyle if you want to avoid being attached or addicted to
having loans.

Putting too much addiction on loans will also not be too good for yourself because living with always being filled with loan pressure will also not make every individual feel comfortable. Now don't just think about the ease of taking a loan, but also have to think about the ease of paying it, because when someone can't easily pay off a loan that he has made, it will actually make his life more difficult because he already has additional obligations to pay it off besides primary responsibility for the necessities of daily life.

Right some people use loan as their coping mechanism for stress because they wanted to buy something they can't afford. They continue to take out loans even when they don't need them or when they can't afford to repay them that leads to a cycle of debt and financial instability.

It is somehow the same with credit cards, it provide a sense of instant gratification and allow people to purchase things they might not be able to afford. Credit card companies also often offer incentives and rewards for using their cards which encourage people to use them more frequently. Tho I think borrowing money and credit card are different things because credit card addiction tends to involve smaller, more frequent purchases, while loan addiction often involves larger, more significant purchases such as a home, car, or personal loan. Regardless, those are both borrowed money. We should only borrow money if we are already expecting something that we can pay for it or we are just maximizing the time value of money.

We have that kind in our country. So many ways online where we can borrow money and just have to provide IDs. I usually doubt its fast approval that's why I haven't tried it yet asde from the fact that I don't feel the necessity, but a relative of mine tried once. She borrowed money and then the next  week she paid for it, now she is allowed to borrow greater amount.

It's true that they charge higher interest rates than traditional lenders, particularly if you have poor credit. And since online loans are so convenient and accessible, it is easy for people to overborrow and take on more debt than they can afford to repay. I even think that some online loan is a fraud, so it's important to do your research and choose a reputable lender, and only borrow what you can afford to repay.