Quit borrowing - page 16. | Bitcointalksearch.org

fullhdpixel

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Quote from: adaseb on April 10, 2023, 12:28:31 AM

Being in debt is the American Dream. And been that way for a while. Fueled with cheap money and near zero interest rates why are you surprised.

The latest generation has never learnt what a high interest rate environment means. Last time rates were high was 20 years ago and most back then we’re all going to remember. Now people got a little overboard with their debt such as housing debt and auto loans.

Debt a dream? That's crazy but to borrow and have money in your hand can be a dream to some which money can only come and go. They should not only think about the things if what can they purchase with their borrowed money but they must also think that after it, they still have a debt to pay. That way they will spend the money on something more important or on something that can give them an income and that is the ones that they will use to pay their debts regularly.

The latest generation of people are confused with the high-interest rate as a good thing, just because they saw the word "high" on it but high interest rate is actually a bad thing. They are still young but as long as they grow older, things are going to be more clearer to them.

adzino

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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.

Getting involved into loans and debts is a slippery slope. The cycle of taking loans can really mess up your financial situation and goals of your life. The thing is, when you borrow, you're not just repaying the original amount, but also the interest that comes with it. So, in the long run, you end up paying way more than you borrowed. The more time you take, the more you have to pay. Then there are people that takes more loan to pay their previous loans. This is like digging yourself into a deeper hole each time you borrow to pay one of your existing loan. At one stage it becomes almost unbearable to pay anything. Sad thing is, many people think it's an "easy money" which they will be able to repay later, but that doesn't happen unfortunately.

Pejoh Asu

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The bad habit of humans is that it is too easy to owe, the presence of easy debt opens the door for anyone to owe, but we must understand that debt will not make us happy or rich, the easier it is to owe, it will make our steps and life difficult because we have to think about paying and of course also extra money or interest.

Pamadar

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Quote from: Quidat on April 13, 2023, 07:15:24 PM

Quote from: erep on April 13, 2023, 04:22:32 PM

Quote from: Pamadar on April 13, 2023, 04:04:48 PM

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.

Would like to tell that bank interest isnt really that much high if you do compared it into those lending firms and financing companies out there.Nothing beats out bank when it comes to less interest.
It is really just that it is really that hard for you to get up some loan due to strict requirements and lots of paperworks which should need to be done which is something that most people doesnt
like and ending up on going into other options.This is why they do make themselves get buried with high interest rates just because they've been declined whenever they do
apply out for some loan in the banks but as much as possible its better not to take up some loan or borrow at all.

Yeah right, taking a loan with the bank is far lesser compared to other platforms/services. If you can submit verified supporting documents, then you are good to go.

Bank just need to verify your documents and if they find it good, then you'll get the amount that you
are loaning, but like what you said, better not to take it if you have other options / alternatives.

Bushdark

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The love of borrowing money from people is bad. Even though we have that kind of life pattern, we should try as much not to allow that to inflict our children because that is one of the gene that can destroy there personality in the future. We can borrow money from friends to do one or two things and pay back but we should not make it as an habit of collect loans from people without the attempt of paying back immediately. There are people who are very fond of borrowing and not pay back which is something we should try as much as possible to avoid.

Quidat

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Quote from: erep on April 13, 2023, 04:22:32 PM

Quote from: Pamadar on April 13, 2023, 04:04:48 PM

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.

Would like to tell that bank interest isnt really that much high if you do compared it into those lending firms and financing companies out there.Nothing beats out bank when it comes to less interest.
It is really just that it is really that hard for you to get up some loan due to strict requirements and lots of paperworks which should need to be done which is something that most people doesnt
like and ending up on going into other options.This is why they do make themselves get buried with high interest rates just because they've been declined whenever they do
apply out for some loan in the banks but as much as possible its better not to take up some loan or borrow at all.

jacafbiz

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Debt is becoming a major issue now, not just in America but all over the world, people's incomes remain stagnant and inflation is catching up with their income, what we used to buy for $1 is now worth $2 and it is even worse in the developing countries because the purchasing power of their local currencies has lost value against USD plus high inflation. What I used to advise people is the adjustment of lifestyle, why drive a car, when you can take the bus, if you are used to eating out, cook your food at home, just look for ways to cut costs, another thing don't be lazy, find ways to reduce your cost of living in a legitimate means. It is a great feeling when you know you are free of debt, debt is a trap and most people that enter into it never get out of it, if you used it as leverage to scale up your investment or business very good but consumption is bad.

erep

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Quote from: Pamadar on April 13, 2023, 04:04:48 PM

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.

Pamadar

legendary

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Quote from: CryptSafe on April 13, 2023, 03:53:55 PM

Quote from: Uruhara on April 13, 2023, 03:31:26 PM

Quote from: cryptoknightt on April 13, 2023, 12:35:35 PM

Borrowing money is one of the crucial things, in the end people's interpretations of debt are different, borrowing money will feel like a vicious circle if it's not taken into account, but borrowing money in a planned way can be a very good investment for some people.
To avoid this vicious circle, we must calculate and plan loans and how we repay these loans

Maybe what you say is true. because we can also see that many large companies actually rely on loans to banks in developing their business. but of course with careful planning. and maybe that's fine. but for anyone who makes a loan without careful planning without even taking into account the level of ability to pay, borrowing must be avoided. because it is indeed at risk of making someone prone to being trapped in a vicious circle that makes them addicted. but those who borrow with careful calculations and planning like a company that also does it are indeed understandable. but I personally prefer to develop a business without making a loan because it's less risky.

A big organization or company borrowing is not an issue though because as long as they are making huge profit, they can be able to repay their loan back in a short while. Mind you before a bank gives out loan to a business firm, they must have seen your business proposal or blue print so as to ascertain the figure contained in your proposal and the value of the project if all blend together but the major thing bank will emphasize on is your profit revenue if you can be able to meet up with the repayment of the loan when given to you.

The careful planing you talk about is all entailed in your business proposal because when the bank goes through your proposal, there they would see how you would run your business and repayment plan as you outlined the whole process in your proposal.

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.

CryptSafe

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Quote from: Uruhara on April 13, 2023, 03:31:26 PM

Quote from: cryptoknightt on April 13, 2023, 12:35:35 PM

Borrowing money is one of the crucial things, in the end people's interpretations of debt are different, borrowing money will feel like a vicious circle if it's not taken into account, but borrowing money in a planned way can be a very good investment for some people.
To avoid this vicious circle, we must calculate and plan loans and how we repay these loans

Maybe what you say is true. because we can also see that many large companies actually rely on loans to banks in developing their business. but of course with careful planning. and maybe that's fine. but for anyone who makes a loan without careful planning without even taking into account the level of ability to pay, borrowing must be avoided. because it is indeed at risk of making someone prone to being trapped in a vicious circle that makes them addicted. but those who borrow with careful calculations and planning like a company that also does it are indeed understandable. but I personally prefer to develop a business without making a loan because it's less risky.

A big organization or company borrowing is not an issue though because as long as they are making huge profit, they can be able to repay their loan back in a short while. Mind you before a bank gives out loan to a business firm, they must have seen your business proposal or blue print so as to ascertain the figure contained in your proposal and the value of the project if all blend together but the major thing bank will emphasize on is your profit revenue if you can be able to meet up with the repayment of the loan when given to you.

The careful planing you talk about is all entailed in your business proposal because when the bank goes through your proposal, there they would see how you would run your business and repayment plan as you outlined the whole process in your proposal.

Uruhara

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Quote from: cryptoknightt on April 13, 2023, 12:35:35 PM

Borrowing money is one of the crucial things, in the end people's interpretations of debt are different, borrowing money will feel like a vicious circle if it's not taken into account, but borrowing money in a planned way can be a very good investment for some people.
To avoid this vicious circle, we must calculate and plan loans and how we repay these loans

Maybe what you say is true. because we can also see that many large companies actually rely on loans to banks in developing their business. but of course with careful planning. and maybe that's fine. but for anyone who makes a loan without careful planning without even taking into account the level of ability to pay, borrowing must be avoided. because it is indeed at risk of making someone prone to being trapped in a vicious circle that makes them addicted. but those who borrow with careful calculations and planning like a company that also does it are indeed understandable. but I personally prefer to develop a business without making a loan because it's less risky.

virasisog

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There are people who survive by just borrowing money. They will borrow right after loaning just to cover up their previous debt. This cycle will continue if we will not cut it. Yes, not everyone would have the same privilege but we can have the free will to change our path. Loaning or borrowing can only drag us down more so as much as possible, we should know how to handle our finances responsibly and avoid loaning if it isn't really necessary.
If we can find other ways to survive and grind then we should grab more opportunities so we don't have to rely on others' money.

cryptoknightt

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Borrowing money is one of the crucial things, in the end people's interpretations of debt are different, borrowing money will feel like a vicious circle if it's not taken into account, but borrowing money in a planned way can be a very good investment for some people.
To avoid this vicious circle, we must calculate and plan loans and how we repay these loans

Iroh

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Quote from: Semar Mesem on April 12, 2023, 12:21:51 AM

Most people borrow money only for consumptive things like eating to restaurants, traveling, buying clothes and so on, it's time for us to stop this habit, borrowing money will make us lose money because we have to pay high interest, because almost all loans currently apply interest, The easier the loan, the higher the interest.

I do not agree that most people borrow money for frivolous activities like those you mentioned. A lot of people do borrow to indulge themselves in activities like that, but most people actually borrow money to solve a pressing issue or a health emergency.

Emergencies could arise at any time and what do you do when you haven’t got any savings? You go cap in hand to the bank or to wherever you could get a loan. The easier the loan, the higher the interest rate would be when paying back. I agree with you on that.

I think people live beyond their means in trying to create a false/misleading image of themselves mainly on social media but also off the social media platforms as well. It doesn’t turn out well in the end most of the time.

John Abraham

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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 it's also happening in Arabs. People think Arabs mean rich people. But the truth is all Arabs are not wealthy. They borrow money to live a healthy life. They borrow money to buy expensive cars. They borrow money to buy gold. This show-off culture destroys society everywhere. People want to show off their wealth. To do that, they borrow money more and more secretly.

At some point, people get addicted to borrowing money. I know some people who earn good money. But some of them are gamblers. They borrow money to gamble. Their debt increases every time they borrow to pay another lender. They realize their mistake once they are in a lot of debt.

justdimin

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Quote from: Hyphen(-) on April 11, 2023, 06:45:04 AM

Peer pressure in the society we live in today leads to young people taking on unnecessary debt that they cannot pay off because they live extravagant lives above their means. This lifestyle can sometimes lead young people to commit theft and other crimes in order to satisfy their desires among their peers.

I agree with this, there are people with some stuff and they might be richer or they might make a bad decision but when it comes to these type of spending, overspend their budget and still get some stuff. Their friends see these and want stuff a lot and that is why it turns out very wrong and they make mistakes, which I understand and that is why we are overspending right now, basically confirming that we are fine with the society as it is and how we are likely to go on like this.

But, the reality is that any person who gets out of this pit hole and lives a decent life, it becomes a lot more decent and they focus on how they could get out of it completely and live a free life, not free in price but more about freedom.

livingfree

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Quote from: jrrsparkles on April 12, 2023, 04:49:50 PM

Debt is a good thing for a rich man whereas for poor its going to worse his financial status, rich people can use their debt for tax benefits and whatever ways to avoid paying high taxes whereas a salaried person takes loan for buying a home or car just comes under the liability with no real benefits at all which put them under a trap called loan/interest cycle so they need to work for entire life to pay the loan and retire with nothing and ends as a broke person.

I agree, it's the other way around for the rich people because they're able to capitalize with debt and using it for better purposes and at the same time, they won't default on it and has a lot of resources to pay for it.

Whilst for the poor people, they're getting debts to buy those trendy stuff that won't generate income on them and the value depreciates and that's not a good purpose of taking debts.

It's to take debts but it's hard when it's come to the payment times. You'll feel guilty that you shouldn't have done it.

alastantiger

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Borrowing seems inevitable to every man.
There are three factors that leads to borrowing.

1. Living above your earning: Most people try to live a life that they cant afford, wanting to impress other which are not neccessary.

2. Comparism: This also is in line with the above factor. Comparing your self with others forgeting that all finger are not equal. Measuring your self with those that can afford what you cant afford automatically leads to borrowing just to level up with other people.

3. Unforseen circumstances: this is something that every man must go through. Something that you didn't plan for, maybe falling sick, paying unexpected bills etc, can as well lead to borrowing.
In conclusion, humans cannot do without borrowing. Even a country as big as it is needs to borrow from another country to sustain her citizens.

The above two factors if not controlled can lead you to borrowing addiction.

jrrsparkles

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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.

Debt is a good thing for a rich man whereas for poor its going to worse his financial status, rich people can use their debt for tax benefits and whatever ways to avoid paying high taxes whereas a salaried person takes loan for buying a home or car just comes under the liability with no real benefits at all which put them under a trap called loan/interest cycle so they need to work for entire life to pay the loan and retire with nothing and ends as a broke person.

Mahanton

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Quote from: Uruhara on April 12, 2023, 03:58:31 PM

Quote from: Jody.Drummer on April 12, 2023, 03:20:26 PM

Quote from: Semar Mesem on April 12, 2023, 12:21:51 AM

Most people borrow money only for consumptive things like eating to restaurants, traveling, buying clothes and so on, it's time for us to stop this habit, borrowing money will make us lose money because we have to pay high interest, because almost all loans currently apply interest, The easier the loan, the higher the interest.

Yes, now there are lots of loan platforms that are even without valuable collateral, this encourages many people to borrow because they are considered very helpful with the convenience they offer. But in reality they don't help at all and even that presents new problems in life. We have to really consider this, because otherwise it will trap us in the future. I personally would try to avoid that, unless I have no other choice but to do so. I will try and find other options until I completely run out of options.

as you said that borrowing is a last resort when we don't find other options when experiencing an urgent need. The convenience of borrowing money at this time can indeed be useful for some people who are in a desperate situation and really need money quickly. but this convenience is indeed a lot of misused. namely those who take loans too lightly and they make loans just for fun like buying a new smartphone or buying new clothes and the like. which is actually not an urgent need. and they don't realize that trouble will come to them if they don't stop doing it. but for someone who understands financial management and has careful future planning, I'm pretty sure that person will avoid a loan.

Its not really that bad on making yourself get involved with some loans as long you would really be that responsible on paying it back and you do know on what are your obligations then it would be just alright.
Wrong thing on here on the time that you would be taking up some loan is on that you do miss out on repaying it back on where this is where problem do begins but as much as possible if you do still have
other options left then its better not to borrow.Make yourself that free on repaying up interest just because you had just taken a loan, well for the sake of business or investment then it might
be considerable specially if we dont have any for start ups.

Topic: Quit borrowing - page 16. (Read 2360 times)