Topic: Learn to leave a dept/loan free life. (Read 180 times)

It's good to Learn how to live a debt or loan free life. We know very well that it's hard to stay without seeking for loan or to own a debt. Living a loan free lunch de give us a special kind of joy knowing that nobody will harass you of been I debtor. Take for instance, if you are working in a place where you are been paid #50,000 per month. Before every month ending, you always take loan of 15,000 to pay back with interest of 5,000. From this, 20,000 is off you salary of 50,000 for loan repayment. Remember you still have your family waiting for you to send them money for feeding as you always do for the case of married man. Like say you always send you family 20,000 every month. That means 40,000 is off your salary of 50,000, then you are left with 10,000. Now the question is, can this 10,000 serve you till when you will receive the next salary? At this moment you see yourself in tension. At this moment you begin to feel sad which time you remember the loan that you are to offset 40,000 loan from your 50,000 salary. Some people take this loan not even for a reasonable purpose but for gambling, drinking, going to club, carrying woman and other such of nonsense. Taking a loan is not a bad thing but we should take or seek for loan when we have already existing business that we want to expand or invest more on. Also Note: we don't take laon to repay loan. We are not condemning the idea of taking or seeking for loan but it should for a reasonable purpose. In the instance above, if you are not able to offset the loan as agreed, automatically you are no longer free both to the lender and to yourself because at that moment it becomes a Borden and contrive you to thinking. Your mind will never be at rest. Please, loan should be taking for a reasonable and genuine reason that at the end of the day you will be able to offset the loan from what ever business or investment it is used for.

The sad reality in life is when you are living more than how much you can afford and in this the problem of loaning and debt is taking place from time to time.
I have some co workers before(when i am still a laborer) that earning 500 dollars a month but they are spending more than that so the thing is even before the payment day comes?they need to borrow in another lender again to cover their past loan so that made them deepen in debt because of this attitude in which I made as an example in life to never become one like them.

Exactly. I love the aspect you said loan make people poorer instead of making them rich because that is exactly what it is. The funny thing is that when people are diving dip into it they will never know until they just noticed that they are in the middle of it. Except for those that noticed earlier and make a change. Apart from that, most people don't know what loan is capable of doing to them till they are already drawn on it.

I am against lending unless it is very important. Because if you take a loan, you have to pay the loan interest very quickly. Because when you take the loan, you will get interest on it when you go to repay it. My experience is that loans play a role in making people poorer than making them rich. That's because loans restrict people in many ways. So I think it's best to try and live a normal life without taking a loan.

Yeah, it was a long time and that's why I have never attempted to take a loan to anybody but I did some but with my closest relatives and friends but they aren't that much and I've got money ready to pay them.

That's the reason why we should be careful as well when we're taking a loan. The borrowers if this is in real life will look down on us and will make them as if they're holding us on our neck.   

Yea that is true but most time people that go into loans has not good reason but situation most time is the course. I realized that some who go through loan has some difficiency to manage within their income mostly once it occur in the part of working class, they leave above the income in terms of planning and consumption  all they need is good management and cutting down there need to suit in their income to limit in loan or borrowing.

Loan can be a life saviour or it could be the cause for bankruptcy for many businesses so it all depends on how we utilise the debt. First of all don't take money even when it's offered by banks when you need, manage it on your own as long as possible will let you love stress free life. Debt can be used as leverage against your capital in that case it's beneficial and give extra cushion.

Life is cruel sometimes  as  some of my workmate have this kind of living when they need
 to take a loan each payday because they have nothing left from the jobpay as they need tog give
almost everything in their loaner .
I have been witnessing them each month but i can't blame them because education is too high
in here that they need to take loans for their children's education, sometimes I even bring them food
for lunch just to lessen their daily expenses at least for lunch as that is the only thing i can help them.

When you are in very poor country and there are no available job though I don't give consent to complete loaning living because instead of help? what we are having here is drowning into debt.

back when I am still gambling addicted and ii kept taking loans here and there and yeah  I am not able to pay even my rent because of loans .
lucky that I am a new person now and yes never that i will take loan now .

But your celery DOESN'T equal only $40. It's more like $40 per hour. But the loan amount is a one-time thing. So pay the loan off with the pay from the second hour. If you do this, the interest will only be pennies if that.

Wow that is a really long time. I expirenced it alot when I was working at a construction company where economic hardship made things to expensive untill my salary was not enough to carter for the family till I started taking loan. That was the end of it I struggle to put myself in oder several times untill I later chageed from that . And I became  freed from

I am one of this kind back in the days , I even loaning more than my monthly payjob and I hate remembering those days, but now I learn my lessons and trying not to have this attitude again.
thanks to my wife that continues to have my back and now I understand her concern.
great explanation here mate, this is also why many must read this one for them not to fall from this kind of not so best way of living.

Terrible, we've got terms on exact date when I will pay it. But it wasn't even follow and the loaner did asked me the money too early where I've promised to pay it on a specific date. That's why I've stopped asking for any loan.

Yes, it wasn't that much but it was an experience that I don't want to happen again because it seems that I should be pitied because of that.

This is in real life and long time before even crypto existed.

Most at times what we do is the reason behind our financial backwardness. Loan is good but it should be taken for a reasonable thing, expecially when you don't have emergency or reserved fund. But most times people take loan for unnecessary things an end up leaving a domant and recycling lifestyle. For example there are things we can handle without loan when we don't have a steady inflow of cash. But when we have a steady inflow of cash we no longer manage our fund anymore. but takes loan at a slight issue which the loan offer will come with an interest rate. When You pay back the loan plus the interest you have short your earnings. For example

Salary =$40
Loan amount=  $30
Interest rates= $7
Total return = $37
Salary $40 - $37= $3
After paying the $37 out of $40, the $3 dollar will not be able to solve your problem, and when you take a higher loan, you end up leaving a life of borrow and pay till you borrow above your salary. and  you will not be able to manage your salary anymore.

So in conclusion let us try as much as possible to manage what have instead of taking loan that will keep us stagnant.

What is your loan experience? Or what have you experienced?

And how were you able to handle it to get back on your feet?