It can work in both ways depends on what is our strategy to pay it back with the money we borrow but practically someone can't take a loan when they are already in debt cause there credit line will show the instructions about pay back power of a person so they can only get it from someone they know which is hard to get as well nowadays.
Change your spending life style, don't trap into the lifestyle inflation that is where most middle class working people get trapped.
Topic: Quit borrowing - page 14. (Read 2576 times)
Since the loan will generate interest, it will be a disaster if it does not succeed in extracting the "benefits" from it. Borrowing to cover the necessities of life will never end with a monotonous level of income. I'm not calling it wrong to borrow for "feed," but people should want to borrow just to expand their business to avoid failure.
Borrowing is bad and same time necessary, when someone go for loan to feed or take care urgent situation, which will now add interest then is bad. and when one collects a loan to start up a business is also bad, because is a new business is not sure if the business will succeed or fail, so is a very bad idea to borrow money to start a business, but one collect loan to expand a business then is not that bad because the business is already there is just to expand the business. so, borrow for the right purpose, never borrow money if you don't have any source that will enable you pay back. 
Well in my part as long as there is no emergency reason i will not borrow money, because borrowing money is easy but paying the interest of it is very hard, it is better that as long as we can afford our basic needs we will not borrow money because borrowing money will not help us to become rich it will only bring us more down and it will make us poor.
If only people like you save money or have a savings with them, this is the one that you will be using when you are in for emergency and not going to borrow money from someone else. Borrowing money in the past is hard. There are different process and most importantly they require a good collateral but nowadays it's now easy and you can even borrow without any collateral but it doesn't mean you can now run away and plan to not pay the loan because they still have your personal details and you can be reported to the authorities.It's crazy if there are people who thinks that borrowing money can make them rich but how or in what way? Maybe they are planning to use this money in gambling, trading or in business but still, there are risks in them. Indeed that the opposite can in fact to them.
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.
Borrowing money is not a joke it can make our life more worst that today if we cannot used the borrowed money in a good way or business, if we borrowed money for our vice's and the borrowed money slowly disappear without any return profit then that was a bad idea, but if the money we borrowed will be used in a good way or a good business with a big profit then it is good. Borrowing money is not always a bad idea if you have a good plan on it all we need to do is to be more wise for good. 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.
Owing depts is like being enslaved until you've paid off... And owing unnecessary loan can be very hard to pay off keeping you in an unhealthy financial state.
What I'm saying is never you borrow to invest ... It's unhealthy.
What I'm saying is never you borrow to invest ... It's unhealthy.
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.
Most times those who find themselves taking loans, even more than they would have need of or even should they have need of them are those that have not been able to properly make plans and archive them.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.
I believe there are always options to keep you away from taking loans if one could make proper plans by visualising and speculating when your most likely with a 99% accuracy get your next income or fund and program when or how long it's likely to last or going to exhaust. You have better chances to living a healthy life that keeps you off borrowing. Some people just jump into borrowing because the facility is there and that's a bad way to actually approach taking loans. Its supposedly a last option, a do without and mainly, should be used investments that is sure to bring returns so, you could be able to meet up with the refunds and the interest that might be attached if any.
Borrowing is a complicated thing. If you know how to deal with, you are good to do it. But if you have no idea and only thinking that I will pay it back somehow, then you are in trouble.
You need a good plan and an income source to cover up the expenses for you to pay your debt back. If you don't have that ability, then it is better not to borrow in the first place. And borrowing something from other source to pay off your previous debt will lead you to more debt in the process. But if you are already in debt and finding your way to pay them back fully. Then make a strict spending habit and create a plan on how much you are able to pay back and act according to plan.
You need a good plan and an income source to cover up the expenses for you to pay your debt back. If you don't have that ability, then it is better not to borrow in the first place. And borrowing something from other source to pay off your previous debt will lead you to more debt in the process. But if you are already in debt and finding your way to pay them back fully. Then make a strict spending habit and create a plan on how much you are able to pay back and act according to plan.
Since the loan will generate interest, it will be a disaster if it does not succeed in extracting the "benefits" from it. Borrowing to cover the necessities of life will never end with a monotonous level of income. I'm not calling it wrong to borrow for "feed," but people should want to borrow just to expand their business to avoid failure.
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.
Well in my part as long as there is no emergency reason i will not borrow money, because borrowing money is easy but paying the interest of it is very hard, it is better that as long as we can afford our basic needs we will not borrow money because borrowing money will not help us to become rich it will only bring us more down and it will make us poor. 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 everyone has sufficient funds to run and advance their business.
I think borrowing or debt is a way to improve one's finances, the positive value that can be taken from borrowing is the responsibility to pay it so that you understand how to manage finances.
as for what needs to be avoided from borrowing or debt is to avoid looking like a rich person, in my opinion that needs to be avoided, and don't put too much emphasis on excessive style by using borrowed money or debt
Debt has been and will continue to be part human life. Some of the richest men are using loan (debt) to run their businesses. In fact, even government that suppose to be providing loan and financial services to her subject is entirely free from both external and internal loans. The argument should not be about whether or not to take loan but we should focus on the purpose the loan is meant to serve. An average man takes loan even when it's not necessary. How can one take loan to marry? And will probably continue paying the debt even after divorce. Marriage per say is never a must and you can do better without it. In essence, takin loan should have cogent purpose and should be utilized very well in order to be able to pay back in time. When you take a loan and squander it, to pay back will be very difficult. I think borrowing or debt is a way to improve one's finances, the positive value that can be taken from borrowing is the responsibility to pay it so that you understand how to manage finances.
as for what needs to be avoided from borrowing or debt is to avoid looking like a rich person, in my opinion that needs to be avoided, and don't put too much emphasis on excessive style by using borrowed money or debt
not everyone has sufficient funds to run and advance their business.
I think borrowing or debt is a way to improve one's finances, the positive value that can be taken from borrowing is the responsibility to pay it so that you understand how to manage finances.
as for what needs to be avoided from borrowing or debt is to avoid looking like a rich person, in my opinion that needs to be avoided, and don't put too much emphasis on excessive style by using borrowed money or debt
I think borrowing or debt is a way to improve one's finances, the positive value that can be taken from borrowing is the responsibility to pay it so that you understand how to manage finances.
as for what needs to be avoided from borrowing or debt is to avoid looking like a rich person, in my opinion that needs to be avoided, and don't put too much emphasis on excessive style by using borrowed money or debt
Debt is part of human existence, if various governments can owe other countries how much more citizens. The ugly phase of taking loans is when it is beyond once income. If a loan is taken for a good course and can be cleared off within a stipulated time then it is not a bad habit. When it becomes bad is when we go beyond what we can pay back and when we take loans to impress the society.
There will always come a time in everyones life where taking loans will be the last option to meet up a pressing need. Some might choose to over look this option and wait till they can tackle the need themselves while others might decide to take a loan with the intention of paying back within a stipulated time frame.
There will always come a time in everyones life where taking loans will be the last option to meet up a pressing need. Some might choose to over look this option and wait till they can tackle the need themselves while others might decide to take a loan with the intention of paying back within a stipulated time frame.
Bank is always on the upper side. They will allow the loan if they see that there's a good way of paying them. I mean, they will check your capabilities before they will allow the loan.
There's a process where you needed to provide all the details and you need to submit backup documents to assure
the bank that you are capable of and you have the asset to return the money or pay your loan, whatever the circumstances.
Submitting a bank loan proposal is very easy if you have collateral that can meet the loan requirements, the bank will accumulate the value of the collateral and the bank will determine the maximum loan limit that the bank will offer to customers, I have checked the bank's interest payments are very high and do not recommend that you apply for a loan bank, if you apply for a low loan it is better to save than paying off the loan every month, if the need is urgent then there are loan options to friends but you have to pay off the loan on time.There's a process where you needed to provide all the details and you need to submit backup documents to assure
the bank that you are capable of and you have the asset to return the money or pay your loan, whatever the circumstances.
A Man can should use that sum of money which he can afford because using more money than income can become a cause of one's failure in completion of daily uses so unfortunately he will take loan for such activities which in my opinion are most hazardous.
Borrowing can be considered as a good thing but if we are not able to return it on a time then sometime it cause a distrust between the provider and acceptor. In my opinion if a person limited his uses and spend money which he thought that he can easily manage and there will be no difficulty in the end of the month so it will be easy to manage the ongoing activities of life and there will be not need of borrowing money.
Borrowing can be considered as a good thing but if we are not able to return it on a time then sometime it cause a distrust between the provider and acceptor. In my opinion if a person limited his uses and spend money which he thought that he can easily manage and there will be no difficulty in the end of the month so it will be easy to manage the ongoing activities of life and there will be not need of borrowing money.
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.
A lot of people are also underpaid, that's also one of the very first reason why debts are inevitable. This has been always the case here in my country. Workers were underpaid and they work 8 hrs or more for 6 days a week, leaving them no time to look for another alternative/side hustle to earn extra income.
Borrowing isn't always bad, because some people just have no choice in order to survive.
Rapid inflations and slow salary increase are also one of the reasons.
Totally agreed, we all in our life borrow money for even small things like, if you have a cousin or friend who asked you to pay his internet bills and he/she will pay it back. These all also a type of borrowing money and tbh i also borrow money sometimes but I try to clear my loan as soon as possible.
Borrowing small money here and there and at every chance you have the opportunity to because you know the person you are borrowing from has the money to give you will quickly make you loose your respect and self esteem even if you have a good paying habit. We should always live our life around the money we have and earn and plan well with what you have. Borrowing should be on a rare basis and strictly important things, not on small small things that you could have handled had you only planned better. If you start borrowing small and you always get it, you will start increasing what you take and ask people to borrow you before you know, and also before you know it, you may begin to spend almost all you earn on paying back debt. 
That’s true story everywhere. Not just America but every corner of the world has been injected by the traditional banking system. Credit cards are the worst in all of it because user thinks he has lot of money but in reality they are spending more than their salaries and income. It’s ok to be used in emergency cases but it’s really bad if someone is using it regularly. There are ways to manage it but it could be dangerous if not a managed well enough.
Apart from this, the whole problem starts at our own record keeping. I have seen families cutting down their needs to insane levels. But they have sense of reality, they don’t fall for the traps of unreal attractions or what can I say, an artificial fun?
Borrowing below your income is completely fine but it should be on bigger things. Such as home, education, medical emergencies. These are the things which matters so that’s completely fine.
Apart from this, the whole problem starts at our own record keeping. I have seen families cutting down their needs to insane levels. But they have sense of reality, they don’t fall for the traps of unreal attractions or what can I say, an artificial fun?
Borrowing below your income is completely fine but it should be on bigger things. Such as home, education, medical emergencies. These are the things which matters so that’s completely fine.
Well said. People are just force to apply for loans or debts so they can get out from their current bad situation. Otherwise, if they won’t do nothing, they will end up starving. That’s why borrowing seems inevitable for most of us especially with this high rising inflation that is already beyond our control. Maybe another reason that a person is drown to debt is because of his expensive lifestyle. He will definitely end up as a pauper if he stay that way.
Yes, there are many factors that cause a person to be in debt, the higher cost of living makes it difficult for someone to get through their days. The cycle will continue if we can't do something. An expensive lifestyle greatly affects our expenses, so in a position like this it would be nice for us to make changes little by little so that we don't continue to fall into debt. Saving to pay off debt can be one of the things we can do, because if we choose to pay off the debt by borrowing it's the same thing, we can never get out of this problem. Changing the mindset by trying to live frugally and not prioritizing style is better for a change in a position like this. 
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.
A lot of people are also underpaid, that's also one of the very first reason why debts are inevitable. This has been always the case here in my country. Workers were underpaid and they work 8 hrs or more for 6 days a week, leaving them no time to look for another alternative/side hustle to earn extra income.
Borrowing isn't always bad, because some people just have no choice in order to survive.
Rapid inflations and slow salary increase are also one of the reasons.
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.
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.
We are living in really difficult times at the moment, in the last 15 years we had so many different major crisis that there was no real recovery. The economy is very fragile as we are struggle from government intervention to the next big bailout. Just in the last few years we had the covid pandemic, Russia Ukraine war and the new high inflation making food and energy a luxury good. The main problem is that wages are not rising in line with all the cost. For example, living expenses went through the roof making it almost impossible to buy your own apartment these days. The only real chance we have is using debt to try and maintain some decent living standards and hope that our wages will eventually start rising and match the inflation rates. The good thing with high inflation is that it's also making our current debt less valuable in the future.
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