Quit borrowing - page 12. | Bitcointalksearch.org

Fakhrulenclix

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Quote from: CageMabok on May 11, 2023, 04:15:44 AM

Quote from: Kadal Ijo on May 11, 2023, 03:21:11 AM

Many people think instantly when they feel they have no money or want to buy things they want, for example motorbikes, gadgets and so on, the presence of online loan services makes people easily in debt, they will regret it when they know that the interest paid is very expensive, it's better to immediately leave bad habits.

Some people around my environment have considered loan sharks to online borrowers because the interest is quite large. And besides, if you think about it in general, someone who takes out a loan just to buy a motorbike, gadget and other luxury items is someone who thinks very wrongly. Why is that? Because he took out a loan not to do business, but to spend it on things that he couldn't make more money out of. So this not only becomes a person's bad habit of making decisions, but also because he doesn't know which way to use the borrowed money.

it is indeed wrong, but many people still do this until finally when they are already convoluted and make it difficult for themselves, they stop because they are deterred.
to be honest, I was like that before, taking out a loan just to fulfill my desires, at first I thought it would make me happy, but over time I realized that it would only cause problems for me when paying later.

Taking a loan is okay, but it must be used properly, taking a loan because of an urgent need or taking a loan with the aim of doing business, if it's going to be profitable then there's nothing wrong with borrowing.

CageMabok

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Quote from: Kadal Ijo on May 11, 2023, 03:21:11 AM

Many people think instantly when they feel they have no money or want to buy things they want, for example motorbikes, gadgets and so on, the presence of online loan services makes people easily in debt, they will regret it when they know that the interest paid is very expensive, it's better to immediately leave bad habits.

Some people around my environment have considered loan sharks to online borrowers because the interest is quite large. And besides, if you think about it in general, someone who takes out a loan just to buy a motorbike, gadget and other luxury items is someone who thinks very wrongly. Why is that? Because he took out a loan not to do business, but to spend it on things that he couldn't make more money out of. So this not only becomes a person's bad habit of making decisions, but also because he doesn't know which way to use the borrowed money.

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Quote from: AicecreaME on May 11, 2023, 01:55:43 AM

Borrowing is very common here in our country, especially when it is our relatives. Letting them borrow money is easy but it is hard when you're asking them to return the money they borrowed from you, that's why I don't lend money to people anymore even if they are my friends or even relatives. Lending them money will just make them more irresponsible when it comes to financial thing.

They will pay you using money that they borrowed from someone else, and it will just keep on looping, a never ending cycle of borrowed money.

Not everyone is equally bad, not everyone borrows money and doesn't want to pay it back. We should not equate everyone equally. There are some people who fall into a really difficult situation, and borrow money is the last resort they can do. If they are our loved ones and need help, I don't think they should be abandoned. I think we should look at each case to lend money, don't rush to refuse all, and also shouldn't lend money to all easily. I used to borrow money too, so I know what it's like to be in debt, so if I have money and a loved one needs help, if they're a good person, I won't refuse.

Kadal Ijo

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Many people think instantly when they feel they have no money or want to buy things they want, for example motorbikes, gadgets and so on, the presence of online loan services makes people easily in debt, they will regret it when they know that the interest paid is very expensive, it's better to immediately leave bad habits.

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Quote from: xSkylarx on May 10, 2023, 10:25:40 PM

Quote from: cryptoknightt on May 10, 2023, 01:55:00 PM

Quote from: chrisculanag on April 10, 2023, 01:03:15 AM

If I want to, I prefer to avoid loans because we know that loans have extra interest, but for someone like me, whose salary rate is too low, it is really necessary to borrow money to use in online businesses. It is better to think first if there are things that need to be financed or if there is a lack of capital for the business so it is necessary to take out a loan. Be smart in using the money from the loan, it is better if we use it in businesses or earnings so that we can return the money we owe sooner or at the right time.

True, in borrowing we have to think about several factors such as large interest, and most importantly our ability to pay bills when they are due, everything must be taken into account so that our income is not only used to pay off debt

That is why always take into consideration or like having a calculation if you can still pay it off and you are not over spending because you'll be hard time paying it in long time. Others also take a loan just to pay off another debt which is really a bad move but still other has no choice as their income is not enough. Ive also came into this point that i really need to take a loan just o pay off debt which i am lucky that I've got out from it and it really kills you mentally as you are sleeping thinking how you pay it back

having debt to pay off other debts sometimes needs to be done, because this concerns our good name regarding consistency so that we don't lose trust. people who have fallen into a problem like this may at first have done the calculations to how to pay for it, but sometimes the trip doesn't go according to plan, so they are forced into a dilemma situation like that. it would be better to have debt with an amount of no more than 20% of the assets we have, so that it will be more comfortable if in the middle of the road it doesn't match our previous plans

AicecreaME

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Borrowing is very common here in our country, especially when it is our relatives. Letting them borrow money is easy but it is hard when you're asking them to return the money they borrowed from you, that's why I don't lend money to people anymore even if they are my friends or even relatives. Lending them money will just make them more irresponsible when it comes to financial thing.

They will pay you using money that they borrowed from someone else, and it will just keep on looping, a never ending cycle of borrowed money.

kotajikikox

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This is the true meaning of living , avoiding to borrow or loan in the most difficult days of our life will make us capable of facing everything in the future.
sometimes it is just the attitude and the behavior that brings us to borrowing when we can tighten our belts to not feel the hunger in some times.
people love to live in the most better way when their capacity seems to be not that consistent.
if all the people in the world will only learn to strive to live, trust me we will all grow together.
those lending company or even business and even our own friends and family , only want one thing and that is not to help us but to make us suffer either with increase in payment or free from interest yet we will still need to pay them back.
I have learn my own lessons from this when i started to have my first venture in business and yes, it made me think twice now and never take a loan again from then .

xSkylarx

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Quote from: cryptoknightt on May 10, 2023, 01:55:00 PM

Quote from: chrisculanag on April 10, 2023, 01:03:15 AM

If I want to, I prefer to avoid loans because we know that loans have extra interest, but for someone like me, whose salary rate is too low, it is really necessary to borrow money to use in online businesses. It is better to think first if there are things that need to be financed or if there is a lack of capital for the business so it is necessary to take out a loan. Be smart in using the money from the loan, it is better if we use it in businesses or earnings so that we can return the money we owe sooner or at the right time.

True, in borrowing we have to think about several factors such as large interest, and most importantly our ability to pay bills when they are due, everything must be taken into account so that our income is not only used to pay off debt

That is why always take into consideration or like having a calculation if you can still pay it off and you are not over spending because you'll be hard time paying it in long time. Others also take a loan just to pay off another debt which is really a bad move but still other has no choice as their income is not enough. Ive also came into this point that i really need to take a loan just o pay off debt which i am lucky that I've got out from it and it really kills you mentally as you are sleeping thinking how you pay it back

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Quote from: slapper on May 10, 2023, 01:28:26 PM

Quote from: Hispo on May 10, 2023, 06:20:12 AM

Quote from: monedauno on May 10, 2023, 05:36:22 AM

The problem is not the inflation of debt but the recession and the fact that so many people are taking advantage of the recession so they're going to borrow money and get their money back in the form of loans so they can get a loan of a sufficient amount and it's really not that far in the future, but then again the inflation rate in today's country is so high that its not surprising that even the banks have trouble charging them money, which in the form of loans will be very inconvenient and it is better to use your money to pay for it and save and keep the savings of your savings to yourself if you feel like borrowing more money.

Well said, I can't blame you, I can't even blame you.

That is what exactly happened here in Venezuela. The inflation went so fast that the loan interests were left behind. So people took advantage of it to max up their cards and use the money as soon as possible.

The payments made back to the bank were made with inflated money which had less value than the one asked in the first place, in the end, banks were losing money and ended up terminating the credit products for regular people. That is one of the reasons Venezuela may be one of the few countries in the world without institutional credit in our own currency.

Argentina manages it in a different way, their rates keep up with the inflation, so asking for loans there is actually expensive, one can easily end up paying the double of the money asked after just 6 months. Sad

Intriguing, isn't it? Nations wrestling with inflation and credit. Venezuela? Suffering from a hyperinflation whirlwind. Argentina? Keeping pace by cranking up interest rates.

But, my friends, this tale of inflation and debt has more layers than a political thriller. It's beyond controlling interest rates or inflation – it's also about prudent borrowing and spending.

Let's champion financial wisdom and accountability. Understand the perils of drowning in debt. Not just for personal salvation, but for the entire financial world's vitality

Some could argue that debt has become such an important part of the economy of the developed countries that banks and other financial institutions base an important percentage of their income on charging for interest to people who may be drowning in debt, without knowing about it. Just take a look at the total credit card debt in USA.

It has become a dangerous lifestyle, working as much as possible to pay the cards, because the lack or self control and discipline. Because in the end, those are the base of money saving. Wanting to get all things we want inmediatelly will eventually lead towards problems...

romero121

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When providing a loan, the Bank takes into consideration many things. Particularly the collateral, because if the person wasn't repay the loan somehow the bank needs to settle the loan. For this the collateral is brought into auction and the loan amount is being paid. When a person borrow from the person next to him or from a known person this stands as debt until its repaid. When a person borrow without understanding his repaying ability, this is going to stand as debt for long. In all means we should have our own plan to lead life with what we earn. At some critical situation we're borrowing that's different. People who borrowing without purpose, particularly for luxury outlook should stop it to progress in life.

Hamphser

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Quote from: Jamala on April 09, 2023, 05:16:14 PM

When you're short on cash, it can be difficult to quit borrowing money.

Everyone has been there. We're short on cash and in a lot of debt, but a cover loan to get out of the red and even improve our readiness is the light at the end of the tunnel.

Blissful days? Sadly, no. It all comes down to the straightforward, yet frequently misunderstood, formula that says borrowing more money equals more debt. It is more difficult to return to black the more debt you accumulate.

The majority of us live beyond our means, which is one of the primary causes of our ever-increasing habit of borrowing money. Simply put, incomings are outpacing outgoings. It's also getting worse.

More than at any time in the past two decades, millions of Americans are spending more than they earn. Spending on credit cards, the most common type of personal debt, is estimated to be rising at a rate faster than at any other time in American history.

Not only on American history but this would really be rather considered to be a global problem considering that people are really that living way more than on their means and spending up like a mad man or simply

going into their limits. We should really be that aware and mindful in speaking about our spendings which it shouldnt really go way above on what we are earning.If you do live up on this way then you would
really be finding yourself into a great trouble later on as you would be making yourself get into deep debt which it would really be hard to get out once you do get shackled through it.

Im not saying that im not guilty with this since i had experience the worst thing even up to now, which im really that having that huge problem about repaying those credit cards because it do keeps on accumulating.
Paying up minimum amount due is really a pain in the ass and really just milking out their clients and this is where banks do make even more profits. lol

Pamadar

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Quote from: cryptoknightt on May 10, 2023, 01:55:00 PM

Quote from: chrisculanag on April 10, 2023, 01:03:15 AM

If I want to, I prefer to avoid loans because we know that loans have extra interest, but for someone like me, whose salary rate is too low, it is really necessary to borrow money to use in online businesses. It is better to think first if there are things that need to be financed or if there is a lack of capital for the business so it is necessary to take out a loan. Be smart in using the money from the loan, it is better if we use it in businesses or earnings so that we can return the money we owe sooner or at the right time.

True, in borrowing we have to think about several factors such as large interest, and most importantly our ability to pay bills when they are due, everything must be taken into account so that our income is not only used to pay off debt

Yup, but most of the time those who take loans are really having difficulty repaying it.

It ends up that the salary that they've got is not enough to cover their debts, putting them in a situation where they needed to
loan more to cover the first one.

It's not good, but there are people who don't have any other options but to take that route just to survive, not meant for those
who are habitually taking loans for leisures, that's not what I'm implying.

cryptoknightt

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Quote from: chrisculanag on April 10, 2023, 01:03:15 AM

If I want to, I prefer to avoid loans because we know that loans have extra interest, but for someone like me, whose salary rate is too low, it is really necessary to borrow money to use in online businesses. It is better to think first if there are things that need to be financed or if there is a lack of capital for the business so it is necessary to take out a loan. Be smart in using the money from the loan, it is better if we use it in businesses or earnings so that we can return the money we owe sooner or at the right time.

True, in borrowing we have to think about several factors such as large interest, and most importantly our ability to pay bills when they are due, everything must be taken into account so that our income is not only used to pay off debt

slapper

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Quote from: Hispo on May 10, 2023, 06:20:12 AM

Quote from: monedauno on May 10, 2023, 05:36:22 AM

The problem is not the inflation of debt but the recession and the fact that so many people are taking advantage of the recession so they're going to borrow money and get their money back in the form of loans so they can get a loan of a sufficient amount and it's really not that far in the future, but then again the inflation rate in today's country is so high that its not surprising that even the banks have trouble charging them money, which in the form of loans will be very inconvenient and it is better to use your money to pay for it and save and keep the savings of your savings to yourself if you feel like borrowing more money.

Well said, I can't blame you, I can't even blame you.

That is what exactly happened here in Venezuela. The inflation went so fast that the loan interests were left behind. So people took advantage of it to max up their cards and use the money as soon as possible.

The payments made back to the bank were made with inflated money which had less value than the one asked in the first place, in the end, banks were losing money and ended up terminating the credit products for regular people. That is one of the reasons Venezuela may be one of the few countries in the world without institutional credit in our own currency.

Argentina manages it in a different way, their rates keep up with the inflation, so asking for loans there is actually expensive, one can easily end up paying the double of the money asked after just 6 months. Sad

Intriguing, isn't it? Nations wrestling with inflation and credit. Venezuela? Suffering from a hyperinflation whirlwind. Argentina? Keeping pace by cranking up interest rates.

But, my friends, this tale of inflation and debt has more layers than a political thriller. It's beyond controlling interest rates or inflation – it's also about prudent borrowing and spending.

Let's champion financial wisdom and accountability. Understand the perils of drowning in debt. Not just for personal salvation, but for the entire financial world's vitality

Paul Pogba

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I think so, most people borrow money just for fun and consumptive things like buying the latest mobile phone, for travel and so on, if we can stop these bad habits then we can become rich people because we can use the money used to pay off debts for cryptocurrencies investment.

Pamadar

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Quote from: Raceonsucced on May 09, 2023, 08:57:33 AM

Borrowing money when it's really urgent, I think it's okay. As long as you don't continue to borrow without paying for it. Borrowing is commonplace in society. But we also have to know how to arrange the payment later. People who borrow money also because they have to. But in my opinion, don't borrow too much money, because it can accumulate bigger and become pressure when we pay it off. So it's better to borrow a little money, so that it's light when paying it off.

Indeed right, if you borrow and you don't have that sufficient sources to pay it will create big problem.

But I agree that there are times, especially in an emergency cases where you won't be able to avoid borrowing, times that you
don't have any options but to proceed and ask for a certain amount to loan and think about paying after. That's not a habitual thing
but it's just a force incident that really needed to address.

Hispo

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Quote from: monedauno on May 10, 2023, 05:36:22 AM

The problem is not the inflation of debt but the recession and the fact that so many people are taking advantage of the recession so they're going to borrow money and get their money back in the form of loans so they can get a loan of a sufficient amount and it's really not that far in the future, but then again the inflation rate in today's country is so high that its not surprising that even the banks have trouble charging them money, which in the form of loans will be very inconvenient and it is better to use your money to pay for it and save and keep the savings of your savings to yourself if you feel like borrowing more money.

Well said, I can't blame you, I can't even blame you.

That is what exactly happened here in Venezuela. The inflation went so fast that the loan interests were left behind. So people took advantage of it to max up their cards and use the money as soon as possible.

The payments made back to the bank were made with inflated money which had less value than the one asked in the first place, in the end, banks were losing money and ended up terminating the credit products for regular people. That is one of the reasons Venezuela may be one of the few countries in the world without institutional credit in our own currency.

Argentina manages it in a different way, their rates keep up with the inflation, so asking for loans there is actually expensive, one can easily end up paying the double of the money asked after just 6 months. Sad

Ryu_Ar1

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Quote from: Sterbens on May 09, 2023, 12:26:38 PM

Quote from: koleusdat on May 09, 2023, 07:59:25 AM

That's right, it's not worth borrowing money, then it gets addictive and every month it turns out to be minus that collateral and so around, you need to be able to manage your earnings and not live in a big way.)

There will be times when someone experiences unexpected financial things that result in having to borrow money. In my opinion, this is normal, and maybe everyone has experienced the same thing, including you. What is not allowed is when someone borrows money then they are addicted because they feel it is easy to get money just by borrowing, without them realizing that the debt is accumulating at the end of the month. In the end, they paid off the debt by going into debt. This makes most people depressed and then run away from their responsibilities.

This is a good point.
Sometimes when someone has borrowed once, they are like an addiction that makes them borrow again and again when they lose hope about finances.
It's like a need in the end that makes it a bigger dependency and this is the danger.

But indeed, on the other hand, if indeed we can survive while we are still able to survive without borrowing money there, it would indeed be better to maintain it without borrowing, which will actually make it difficult for ourselves.
I always try to do this, even though things like this are a little more complicated than imagined because sometimes there are urgent needs, but as long as we can afford it without borrowing, don't fall for it.

monedauno

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The problem is not the inflation of debt but the recession and the fact that so many people are taking advantage of the recession so they're going to borrow money and get their money back in the form of loans so they can get a loan of a sufficient amount and it's really not that far in the future, but then again the inflation rate in today's country is so high that its not surprising that even the banks have trouble charging them money, which in the form of loans will be very inconvenient and it is better to use your money to pay for it and save and keep the savings of your savings to yourself if you feel like borrowing more money.

Well said, I can't blame you, I can't even blame you.

MarjorieZimmermanGinger

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Quote from: Jamala on April 09, 2023, 05:16:14 PM

The majority of us live beyond our means, which is one of the primary causes of our ever-increasing habit of borrowing money. Simply put, incomings are outpacing outgoings. It's also getting worse.

The beginning of the economic collapse caused by loans, the nature of the loans that we take also does not lead to needs, so the loans that we take are only to fulfill life's necessities such as food, lifestyle and others are not productive. Meanwhile the monthly fee as the responsibility of the loan is an obligation that has no option to get because of the difficulty of work, this is where the problem arises because of the unproductive nature of the loan.

Intelligence in managing finances is very important in current conditions and if someone fails to manage it properly, financial problems will become a heavy burden to solve. Moreover, job conditions are very difficult to find at this time and if someone is unable to save expenses, then his life will be even more difficult.

Quote from: Jamala on April 09, 2023, 05:16:14 PM

More than at any time in the past two decades, millions of Americans are spending more than they earn. Spending on credit cards, the most common type of personal debt, is estimated to be rising at a rate faster than at any other time in American history.

Not only in America but almost all over the world this is happening now, there are more expenses compared to income and because of this there is no financial stability for people to go through life, credit cards, types of personal debt and excessive lifestyles make the condition worse for the economy. Meanwhile smart solutions to keep cash flow more stable are very difficult to find, so finance is a basic problem at this time.

Topic: Quit borrowing - page 12. (Read 2489 times)