Topic: Quit borrowing - page 15. (Read 2360 times)

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. 

Debt is an extra burden for every human being that is not easy for everyone to control. This is even more fatal for those who are in bad financial conditions. But despite the fact that we often know this, we often take debt for different purpose. But the important thing here is that I have enough source to make the money that I will borrow? This can be even more dangerous for those who have planned to get debt for use in cryptocurrency. If you can invest in Crypto with their own financing, then it can be a recovery at one time, but if you invest with borrowed money, the extra money of debt can fall down a investor in disaster.

No offense but they're just like normal people that are bringing food to their tables so, they're also people that just trying to survive just like us. They're also like corporate people that have normal lives so I don't think that they're the worse place to work.
What's worse are those people that are taking loans and don't pay them but instead think that to pay their first loan is to pay it with another debt. Maybe that's the sign that they have no intention of clearing their debts and once a person is in that situation, they're going to have a hard time going out of it and that's tested and proven by the people that I've known personally. It's better to quit borrowing and pay off a debt with another debt and don't take loans for nonsense things just like those material things that we just want to have and don't have the potential to make money. Avoid taking debts because it is a practice that can make someone be in deep of it.

If we can't control the bad debt, we will really get into debt and it will be difficult for us to get out of life. That's why if we borrow, we should think carefully about where to use it apart from emergency reasons.

Or if you have money, why should we borrow? it's just that simple to think. They say, it feels good if we don't have to worry about paying.

Loan or simply borrowing money from other people could be a negative condition of an individual. But ofcourse everything has good and bad side. A good side of this thing is if the individual to make a loan has plans on the amount such as putting it in an investment which has low risk such as starting a small business or even huge such as properties/ apartment. Actually, business owners are taking huge loan to start a business and they are making that business pay their loan, to maximize the money and make it efficient. However, bad side of borrowing or loan is when an individual has no plans of how the money would be paid 'coz eventually it will all be consumed which would put the person at the edge of be needing money again. Bottomline is, borrowing whether it is good or bad, depends on your intention and action to make.

Borrowing is actually not a bad idea if your intention is good, especially if it will be used to generate more income for you. But if you intend to borrow just to pay your first debt, I don’t think it’s reasonable enough. It will only put you into more debts and eventually make yourself drown to it, and when you’re already there, you will find yourself hard to recover and get rid of debt. So as much as possible, learn to avoid borrowing money because that will eventually cause you to struggle financially in the future. You might benefit from it for now, but once you fail paying your debt, it will definitely put you into a lot of stress and pressures.

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.

Because such small loans are forgotten by both parties which further increases the addiction to borrowing. And borrowing money with interest is an option i will not chose. Because the first reason is, my religion forbids it and secondly its not an act of morality. Because once you addicted to take loans you will destroy your family's legacy and for the giver of loan (lender) you will be addicted to free money and will lose your mind when you have to work (earn it).

Those who have left no option but to work in these loans companies, i think they can work there but they should not resort to lies to achieve their monthly loan targets. There are many cases in India where farmers took loans and bought field accessories and than failed to pay there loans+interests back and have to lose their field too (which they had used as an collateral). The point is there occur some emergencies in which we have to take loans but if your life is going smooth and you have no need to take loan but still you think to start another business and lack some money.

So you take a loan then i must say you are doing wrong and should avoid these mistakes.

The fastest way to be broke and stay poor for life is borrowing.
I think the worse place to work in, are loan companies.
And borrowing include the buy now, pay later system they are both the same. If what you want, you can't get it with your own money, then be patient or just forget about it. Do not go into debt because of it. I know that there are some unique cases where it is inevitable but just try as mush as you can to have emergency funds/savings this is the antidote to borrowing.

If we can’t live below our means, that’s when debt becomes a natural disaster. Though it’s not new to us anymore as majority of us are having our own debt, but if we can avoid it as much as possible, I guess living life would be more healthy and meaningful. Otherwise, if one will be drown into debt, expect that you will surely have a hard time making ends meet, which means one will certainly suffer from financial breakdown once ignored.

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.
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.

To much influence on current status or trend happening on social media sites are one of the causes why many people choose to flex all what they have and either its legally belong to them or not. Some want to flex because they want people to think about that they are damn rich and have good disposition in life. There's nothing wrong about flexing any physical achievements but we need to make sure that we own that things and we don't deceive people just to chase for clouts.

This is actually happening not just in America but to all parts of the world. Maybe that’s more because of the present lifestyle that people chose to live, they prefer to live having luxurious lifestyle and clearly spend above their means, so the outcome is they eventually get broke later on. Except for those who borrow for investments, I think that is reasonable enough if they are also borrowing an amount they can manage to pay even if their investments won’t completely work.

Borrowing will help you out from a very negative situation, that’s why it’s also has its own advantage rather than disadvantages. The only way it becomes a bad idea is when you borrow money to fulfill your own luxuries in life, it will always end up as a loss. Though borrowing money so you can pay for your existing debt is sometimes hard to avoid, but if you can spare from doing it through saving so you have something to pay, you will never end up making additional debt.

In our country, the case for those who rely on borrowing money stems from their inability to provide the needs of their family. With the continuous increase of inflation, it is really hard to make ends meet these days especially for those marginalized sector. But for who are capable enough of adjusting their expenses since I can see that non essential things are the ones we used the borrowed money for. So it is definitely not a good idea to live beyond your means, we should always be responsible enough to assess our financial situation. In this way we can stop the habit of borrowing money and make ourself be secured financially in the future.

That is, if you are forced to borrow money or have a loan, it is better to go to a bank or any other cooperative that has low interest because you can pay it easily or the interest you'll be paying is just low, but again, sometimes it takes time to be approved. Other people will still borrow from others so they can get it immediately even though the interest is high. There are really times that we need money for emergencies. That is why we take a loan, which is good. That is why we should just take a loan for emergencies and not for wants.

True, it all depends on how we use the loan because the loan is not always a negative thing,
using a loan to open a business or anything that generates income is a good thing,
but unfortunately many use it for things that are not too important like the example you mentioned.

It's just we can't be grateful for our salary and end up being wasteful with our money, many people are short of cash because they're doing a lot of things like too much hangout, buying expensive stuff, and wasting money in gambling. It will become a bad circle when we're addicted to borrowing money from the bank with high interest or somewhere else with high interest, it's better just to borrow when something urgent comes up and we can borrow that money from our friends.

In short, it's not bad to be practical for now if the budget doesn't really allow it. Because it's hard for us to insist on our usual expenses if we run out of bills. Which is usually the solution for most people is to take out a loan.

If we borrow from a bank, there are a lot of requirements the same as the lending company, then the interest or profit that we can bury for a long time is still huge. That's why it is necessary if we borrow, we must use it with a sense that can also produce a profit so that we don't get into debt.

the debt situation is different in each country.
The aforementioned Americans have an excellent standard of living, even if the dollar is at the head of the economy, and not resources or technology. They live all their lives in debt - rent apartments, medicine, cars. At the same time, their life is at a good level.

As for other countries, everything is not so good. And people take debts corny because they don't want to starve to death or buy clothes for themselves.

Cryptocurrencies give us a good opportunity to earn, we can start saving deposits, buy what we wanted.
And with all this, we are participating in the global financial evolution

Borrowing is not bad but only when the proceeds are used to build more sources of income. The principal amount will be paid more so the proceeds should be able to earn more than the capital plus interest and additional income for your effort.

In my country, loans from banks, lending, and credit cards are also rampant. And most people here I noticed take loans in order to buy appliances, gadgets, and other goods that are beyond their regular income. Savings is not in their dictionary.