Is taking a loan/debt addicted ? - page 6.

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

How would you deal with the problem ? I am all ears.

Most times people borrow relatively for the very wrong reason and at the end of the day get stocked in their debts
And end up wanting to borrow more.
Answering your question, I really don't think taking of loan especially for the right purpose is addicted especially if debtor has a good repayment habit and I've gotten loan in the forum for the third time and I always make sure I clear up my loan and the major reason for the loan was for my treatment and since I don't want to ruin my account or have a reoccurring interest to pay, I always make sure to clear my loan as soon as possible even before the due date if possible.

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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.

What the OP is trying to define is called debt consolidation. Debt consolidation according to Investopedia

Quote

Debt consolidation refers to taking out a new loan or credit card to pay off other existing loans or credit cards. By combining multiple debts into a single, larger loan, you may also be able to obtain more favorable payoff terms, such as a lower interest rate, lower monthly payments, or both.

Ain't nothing wrong with debt consolidation if the debtor has an excellent plan in place. Which involves developing a repayment strategy. This will include developing a budget sets aside the amount of money to be repaid each month. The most important thing is to stick to the plan and reject the urge to collect a new loan when you already have this plan in progress. The goal must be to ensure that the old loans is cleared off before a new one is requested.

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Quote from: Farma on April 06, 2023, 01:37:13 AM

Quote from: Pujangga on April 01, 2023, 01:35:41 AM

In my opinion, taking a loan can lead to addiction because people think instantly and are lazy. It's only natural that currently many companies offer online loans because most people will make loans that don't require difficult conditions, but the consequence is that they provide high interest because of the risk of consumers not paying. very high.

besides that, another thing that makes people always borrow is a lifestyle that exceeds their economic capacity. they borrow for uncertainties, or for items they want, until they realize they cannot repay the debt without taking it elsewhere. well, maybe because of an excessive lifestyle, or because they want to take risks from businesses that shouldn't be taken, people become addicted to debt. however, we can borrow if it is necessary, but we need to think about how to pay off the debt.

as long as we have a source of income that can cover installments, there is no problem. but the problem arises indeed when the ease of making loans is present at this time. people find it so easy to get loan money that they are used to borrowing whenever they need more money. and if this becomes a habit then it is a very bad thing for their finances. because they have to continue to pay the loan along with the interest. and the beneficiary is the lender. he continues to benefit from the interest charged to the borrower. And yeah, it's true that most people have lifestyles that are high above their own income level. and such an imbalance is very dangerous if left unchecked.

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Quote from: harapan on April 06, 2023, 04:21:28 PM

Quote from: bakasabo on February 02, 2023, 04:58:22 AM

Loan/debt is an addiction that can be stopped easily, despite other addictions. Sometimes it is enough to go through 1-2 loan, to resist from taking a new one. There are people who are addicted to take loan all the time, to live on credit. Such addiction can be cured with sudden receipt of a huge amount of money.

I don't think debt is something that can be stopped easily. Addictions, no matter the kind of addiction cant be stopped easily. People who are addicted to debt don't borrow because they are broke they borrow because they're addicted to it. There are people who are in too deep in debt to an extent that they need to borrow to survive, these are the kind of people that can stop borrowing when they get a huge amount of money.
People don't just wake up and find themselves in huge debt, it happens slowly. They can take a loan for something and when its time to pay back they don't have the money, now they have to borrow to pay back and so the vicious circle continues.

Saying that addiction can be stopped easily is indeed quite wrong because if something like this is easy then we can also stop gambling addiction or addiction not to drink alcohol and smoke. In fact, when something like this is categorized as an addiction, it indirectly means that this is quite serious and clearly cannot be stopped just like that.

But even if it's like that, that doesn't mean it can't be stopped either, it's just that it does take time for that.
The problem is to stop addiction like this, of course we have to be really serious and need support from those closest to us but sometimes there are always several factors that are not there when we try to stop addiction.

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Quote from: harapan on April 06, 2023, 04:21:28 PM

Quote from: bakasabo on February 02, 2023, 04:58:22 AM

Loan/debt is an addiction that can be stopped easily, despite other addictions. Sometimes it is enough to go through 1-2 loan, to resist from taking a new one. There are people who are addicted to take loan all the time, to live on credit. Such addiction can be cured with sudden receipt of a huge amount of money.

I don't think debt is something that can be stopped easily. Addictions, no matter the kind of addiction cant be stopped easily. People who are addicted to debt don't borrow because they are broke they borrow because they're addicted to it. There are people who are in too deep in debt to an extent that they need to borrow to survive, these are the kind of people that can stop borrowing when they get a huge amount of money.
People don't just wake up and find themselves in huge debt, it happens slowly. They can take a loan for something and when its time to pay back they don't have the money, now they have to borrow to pay back and so the vicious circle continues.

There's different kind of people for sure, there are those who got addicted as they are using those loan money to finance their desire luxurious things in life, while others are taking loans because of hardship in life.

We don't or we can't conclude the reason, but most of the time those who are addicted to taking loans
just to finance their vices are the ones who can't really control it.

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Quote from: wmaurik on April 05, 2023, 12:18:12 PM

Quote from: Pujangga on April 01, 2023, 01:35:41 AM

In my opinion, taking a loan can lead to addiction because people think instantly and are lazy. It's only natural that currently many companies offer online loans because most people will make loans that don't require difficult conditions, but the consequence is that they provide high interest because of the risk of consumers not paying. very high.

Laziness is a trait that exists in some humans and it is very bad if everyone continues to maintain it because it is a behavior that can make everyone spoiled for work. Actually, if you think about it more broadly, the companies that provide these loans are for people who have regular jobs with a monthly salary that is always there.

Not for lazy people who don't work because they definitely won't be able to pay it and the company won't give loans to people like that even though the conditions for taking a loan are very easy. And those who usually have an addiction in taking loans are also lazy people who don't have a steady job because they always prefer convenience in getting money easily without doing any business that can increase income in their life.

In addition to what you have already mentioned, most of these lazy borrowers do not return their loans to their lenders, and these lazy people will even stab liars just to get what they borrowed to the creditor.

Also, whoever lends money will not agree that there is no source for the borrower. It's just that sometimes even though the borrower has a source of income, they are always delayed in paying and usually they are unable to pay the lender because they are also running away from it. That is sad and also a risk for the lenders as well.

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Quote from: bakasabo on February 02, 2023, 04:58:22 AM

Loan/debt is an addiction that can be stopped easily, despite other addictions. Sometimes it is enough to go through 1-2 loan, to resist from taking a new one. There are people who are addicted to take loan all the time, to live on credit. Such addiction can be cured with sudden receipt of a huge amount of money.

I don't think debt is something that can be stopped easily. Addictions, no matter the kind of addiction cant be stopped easily. People who are addicted to debt don't borrow because they are broke they borrow because they're addicted to it. There are people who are in too deep in debt to an extent that they need to borrow to survive, these are the kind of people that can stop borrowing when they get a huge amount of money.
People don't just wake up and find themselves in huge debt, it happens slowly. They can take a loan for something and when its time to pay back they don't have the money, now they have to borrow to pay back and so the vicious circle continues.

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One approach one could take is to contact ones creditors and explain the situation. They may be willing to work with you to develop a payment plan that is more manageable for you. You could also consider consolidating your debts into a single loan with a lower interest rate, which may make it easier to pay off your debts over time.

Another approach is to take a close look at your expenses and find ways to cut back on unnecessary spending. This may involve making some difficult choices, such as giving up certain luxuries or finding a more affordable living situation.

Finally, it is important to develop good financial habits that can help you avoid falling into debt in the future. This may include creating a budget, saving money for emergencies, and avoiding unnecessary borrowing. With time, discipline, and patience, it is possible to break out of the cycle of debt and regain control over your finances

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Quote from: Farma on April 06, 2023, 01:37:13 AM

Quote from: Pujangga on April 01, 2023, 01:35:41 AM

In my opinion, taking a loan can lead to addiction because people think instantly and are lazy. It's only natural that currently many companies offer online loans because most people will make loans that don't require difficult conditions, but the consequence is that they provide high interest because of the risk of consumers not paying. very high.

besides that, another thing that makes people always borrow is a lifestyle that exceeds their economic capacity. they borrow for uncertainties, or for items they want, until they realize they cannot repay the debt without taking it elsewhere. well, maybe because of an excessive lifestyle, or because they want to take risks from businesses that shouldn't be taken, people become addicted to debt. however, we can borrow if it is necessary, but we need to think about how to pay off the debt.

I think calling that an "addiction" is rather incorrect, because it could be better described as a personal or even mental disorder.
If we assume that someone could have a home, food and health without having to borrow money, then realistically that person could work in order to improve their personal situation and save money.

But in a person who would rather to take a loan for frivolous things instead working does so in a regular basis, we could say such person is someone with a problem of seeking immediate satisfaction or even in denial of this economical context.

An extreme example are the so-called "Congo-Dandies" men from the DRC in Africa who spend a fortune in fancy clothing in spite of living in poverty, their clothing is worth more than their houses.

https://www.youtube.com/watch?v=DXUq6TCfHvE

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Quote from: Pujangga on April 01, 2023, 01:35:41 AM

In my opinion, taking a loan can lead to addiction because people think instantly and are lazy. It's only natural that currently many companies offer online loans because most people will make loans that don't require difficult conditions, but the consequence is that they provide high interest because of the risk of consumers not paying. very high.

besides that, another thing that makes people always borrow is a lifestyle that exceeds their economic capacity. they borrow for uncertainties, or for items they want, until they realize they cannot repay the debt without taking it elsewhere. well, maybe because of an excessive lifestyle, or because they want to take risks from businesses that shouldn't be taken, people become addicted to debt. however, we can borrow if it is necessary, but we need to think about how to pay off the debt.

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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.

Sometimes we also don't know when we will be hit by a disaster or whatever problem will push us to take out a loan in the end.
We may make a loan, but we must really place the option or choice to take the loan for the last way we take it. And never cover a previous loan by taking a new loan elsewhere.
Because actually it will increase our debt burden and the more money we will pay to pay off the loan in the end.

Quote from: Pujangga on April 01, 2023, 01:35:41 AM

In my opinion, taking a loan can lead to addiction because people think instantly and are lazy. It's only natural that currently many companies offer online loans because most people will make loans that don't require difficult conditions, but the consequence is that they provide high interest because of the risk of consumers not paying. very high.

Yes, you are right, taking a loan can have a bad impact on our habits and mindset, because when we are facing a deadlock in a problem that involves finances, it will be easy for us to take out a loan because currently applying for a loan is very easy and fast.
Of course there will be high interest if those who make loans cannot pay it on time, which is why actually taking a loan will sometimes add to the problems for the person taking the loan.

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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.

I have also same record in my life I also never have loan or debt in my life although I don't know if it will be need in the future, But I also think taking a loan is not a bad thing if it is used for a good purpose, like a loan can be taken to start a business. But I hate living on loans or debts or taking a loan to buy something that he can't currently afford. I believe in simple living and high thinking, if one is hardworking and lives simply then there is no need for a loan. I think if you take a loan without any valid reason then you will have no choice but to bankrupt yourself later.

Quote from: Fakhrulenclix on March 31, 2023, 11:55:45 PM

yes, I agree with you, most people who come to love to collect their rights back are sometimes harder on those who are in debt.
Usually people who like debt but find it difficult or don't want to pay the debt back. This person will always be in debt and his life will be filled with debt. My advice is never to give him a loan.
But those who want to pay their debts back are usually only in debt when the road is deadlocked, meaning debt is their last solution.

well said mate, Your words coincided with one of my relatives, he currently ran away from his home after defaulting on his loan a few months ago. And his life has become a cycle of taking and repaying loans and debts just like you said. His habit was such that he would take a loan from one person and pay off the loan from another person, and when he could not pay back, he would run away. He has done this several times. Since the loans are without documents, the relatives or friends who gave him the loan are in trouble now.

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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.

It depends what type of loan we're talking about and if there is proper financial regulation in your country to stop finance related companies from over extending credit to you, that would be impossible to pay back. If you're taking a loan from a bank and have good credit, you might be able to get an interest rate in the 4-6% area which - while high - is about the best that the average borrower might expect to get on a short term loan. However if you're borrowing from companies like payday loan or credit card providers, then you can often be paying in excess of 20% which is an obscene amount that leads to the type of snowball effect that you describe. Many naive or uncaring borrowers skip right past these expensive numbers because they only have the lump sum in mind, not the extortionate repayment amounts.

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Quote from: Pujangga on April 01, 2023, 01:35:41 AM

In my opinion, taking a loan can lead to addiction because people think instantly and are lazy. It's only natural that currently many companies offer online loans because most people will make loans that don't require difficult conditions, but the consequence is that they provide high interest because of the risk of consumers not paying. very high.

Laziness is a trait that exists in some humans and it is very bad if everyone continues to maintain it because it is a behavior that can make everyone spoiled for work. Actually, if you think about it more broadly, the companies that provide these loans are for people who have regular jobs with a monthly salary that is always there.

Not for lazy people who don't work because they definitely won't be able to pay it and the company won't give loans to people like that even though the conditions for taking a loan are very easy. And those who usually have an addiction in taking loans are also lazy people who don't have a steady job because they always prefer convenience in getting money easily without doing any business that can increase income in their life.

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In my opinion, taking a loan can lead to addiction because people think instantly and are lazy. It's only natural that currently many companies offer online loans because most people will make loans that don't require difficult conditions, but the consequence is that they provide high interest because of the risk of consumers not paying. very high.

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Quote from: Cryptock on March 31, 2023, 06:50:32 PM

Quote from: Dr.Osh on March 31, 2023, 09:24:34 AM

the only way to overcome it is to pay off the debt. I know several people who are stuck in that circle. it's like digging a hole to plug another hole. sometimes, the people who do this are people who make a business with a loan, but the business is not doing well, then he looks for a bigger loan to pay off their old debt and tries to start a new business. However, it is highly not recommended because it can be fatal if the plans we have fail.
However, if you are in that position, I suggest trying to pay off the smallest debt first. maybe we need extra work to make our income able to pay off all those debts. but that's the only way if you don't have a rich family or a very trusted friend to lend you money to pay off all those debts and you can repay the money without interest.

Most people are opportunist and can take the advantage of it. They look for the options to get money out of other people pocket and just vanish
I have witness many people who take money and then try to supress the lender for more money

yes, I agree with you, most people who come to love to collect their rights back are sometimes harder on those who are in debt.
Usually people who like debt but find it difficult or don't want to pay the debt back. This person will always be in debt and his life will be filled with debt. My advice is never to give him a loan.
But those who want to pay their debts back are usually only in debt when the road is deadlocked, meaning debt is their last solution.

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Quote from: Dr.Osh on March 31, 2023, 09:24:34 AM

the only way to overcome it is to pay off the debt. I know several people who are stuck in that circle. it's like digging a hole to plug another hole. sometimes, the people who do this are people who make a business with a loan, but the business is not doing well, then he looks for a bigger loan to pay off their old debt and tries to start a new business. However, it is highly not recommended because it can be fatal if the plans we have fail.
However, if you are in that position, I suggest trying to pay off the smallest debt first. maybe we need extra work to make our income able to pay off all those debts. but that's the only way if you don't have a rich family or a very trusted friend to lend you money to pay off all those debts and you can repay the money without interest.

Most people are opportunist and can take the advantage of it. They look for the options to get money out of other people pocket and just vanish
I have witness many people who take money and then try to supress the lender for more money

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the only way to overcome it is to pay off the debt. I know several people who are stuck in that circle. it's like digging a hole to plug another hole. sometimes, the people who do this are people who make a business with a loan, but the business is not doing well, then he looks for a bigger loan to pay off their old debt and tries to start a new business. However, it is highly not recommended because it can be fatal if the plans we have fail.
However, if you are in that position, I suggest trying to pay off the smallest debt first. maybe we need extra work to make our income able to pay off all those debts. but that's the only way if you don't have a rich family or a very trusted friend to lend you money to pay off all those debts and you can repay the money without interest.

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It's true, taking a loan is a serious problem that can become an addict, especially now that it's easy to take a loan from an online loan application with only a mobile phone, phone number and ID capital, in just 3 hours the loan amount we submit can reach the account .

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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 it's a vicious cycle that never ends if you keep doing that. the impact of the debt is getting more and more mountainous as much as possible avoid things like that, usually borrow money from parties other than the bank, the interest is bigger and just as terrible if you are in arrears you can't pay the loan money, you can deal with collector services and your goods can be used as collateral then your name will be blacklisted lists from other banks are even more terrifying if you try an online loan, all your personal data is at stake

Topic: Is taking a loan/debt addicted ? - page 6. (Read 3064 times)