Topic: Quit borrowing - page 17. (Read 2489 times)

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.

borrowing cash might seem like an easy way out when you're strapped for dough, but you gotta remember that it can lead to a serious debt spiral that's hard to shake. like you said, the more you borrow, the more you owe, and it becomes harder to get back to square one.
a lot of us live beyond our means, and that's why we end up borrowing in the first place. the media and society push us to spend more, and it's tough to resist the urge to get the latest gear or go on fancy trips. but that kind of lifestyle can get you into some serious financial trouble, especially if you're constantly relying on loans and credit cards.
and it's not just a problem in america – it's a global issue. personal debt is on the rise everywhere, and it's getting out of hand. that's why it's so important for individuals to take charge of their finances and start living within their means.
to get started, you can create a budget and stick to it. yeah, it might mean making some tough choices and cutting back on the fun stuff, but it's necessary if you want to avoid getting stuck in a debt hole. and don't forget to focus on paying off any outstanding debts before taking on any new ones.

another way to improve your finances is to explore other sources of income. you could take on a side hustle, sell some of your unused stuff, or start a small business on the side. by boosting your income, you can rely less on borrowing and get your financial situation in better shape.
to wrap it up, borrowing cash might seem like an easy fix, but it can lead to major debt problems. you need to take control of your finances by living within your means, prioritizing debt repayment, and finding other ways to make money. with these steps, you can improve your financial health and avoid the stress that comes with being in debt.

There are some people that are addicted to borrowing, those people can not stay without borrowing. So even this warning from OP to them to stop borrowing will enter one ear and escape from the other ear. From my own personal research, the 95 percent of nigerian Civil Servants are heavily indebted by their various banks because ill payment to their services. Many of them use loan to build their houses and started paying loans throughout of their life too they retired in the service and some of them continue paying the debt in the retirement period.

Taking loan for medical reasons is not good and also taking loan for educational purposes is not good as well. One is advise to take if he or she want to use it do business. So that you can pay back without stress.

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.

I don't know if I'm the only one who doesn't like borrowing money, since if care is not taken this can turn into a habit capable of making you a debtor all through your life, which is very bad, and as such you simply can't save a penny, because you have no money of your own. And that's why It's always advisable for people to try to live according to their means at all costs.
However, there are certain things I feel it's okay for people to take loans for;
1. Loan for medical emergency (i.e involving life & death)
2. Loan for educational emergency
And not taking loans to do weddings or celebrate your girlfriend's birthday, which I see to be the most stupidest reason for anyone to take loan for.

I think people that read the OP must've thought borrowing only occurs when you're short on cash and don't have means of income. Every successful company incurs some level of debt if their earning potentials are heighted as a result of incurring the debt. Having a bunch of cash around instead of investing it means you aren't growing, so it isn't inherently bad if you aren't sitting on a bunch of cash and need loans (especially if you have valuable collateral - the terms of the loan can be favorable).

The business too should be well-planned before taking out a loan for it, I've seen a lot of people taking loans for businesses that they have only just planned hypothetically and have no proper planning and nothing is really arranged at all. Such loans are always going to make one suffer when the time of repayment is near.

That is why it is essential for someone to first plan their business, make everything ready for the business to get started, and then get the funding necessary for the business to start. That way, they will know that they will be able to pay the loan back with the profits earned.

everyone has different thoughts, and of course everyone's thoughts are not always right and that's also the case when deciding to seek a loan.
I was once involved in a convoluted loan, it all happened because I was concerned with lifestyle, so I decided to borrow money to be stylish.
it was a mistake that I now regret.

but in my opinion borrowing is not always wrong because sometimes we have urgent needs whether it is education or health matters which require us to seek loans and in my opinion borrowing for positive things is still very logical and not a problem.

Loans are very useful for many people.  And without loans it is not possible to save the big mill industry.  Because one person cannot run a big company with only his savings.  In this case he has to take a loan from the bank. Of course, it is true that when one is in a pinch of money, he advances the loan and it is not possible for him to quit the loan. However, it is not only when there is a shortage of money that anyone goes for a loan. Many take loans for various purposes.  Such as tax evasion, concealment of one's savings etc.


Of course if a person has the ability to repay the loan then taking a loan is not a problem for him. Because the person taking the loan is also benefiting us in some way.  Because when we deposit money in the bank, the bank lends that money to borrowers and from there they take interest and give us some percentage of the interest.

Exactly mate and even earlier when I made a comment in this thread, I specifically stated that borrowing isn't necessarily bad but it all depends on the purpose for which one is borrowing and most times, some persons just borrow because they have access to loan and some other persons borrow just fir spending which at the long run isn't right..

There are persons like me who also borrow for medical issues and in one way or the other finally get the loan cleared  and most times, ones personal behaviour also determines how often he or she might borrow recklessly.

I don't think they borrow money for consumptive things, but they don't have a good money management. When they get their salary, they will spend most of their money for consumptive things first, without think how to survive in the next 30 days. After a week, they realized if they don't have any money and they will borrow money to buy foods. It's caused by consumptive things, but they're borrow money in order to survive.

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.

Borrowing in a state of urgency because of a need rather than a desire is not a problem, and afterwards we must return it immediately, so that it does not become a burden on our minds to work. We often encounter this kind of thing in our environment and it becomes natural, only the difference from them is between those who are responsible and those who are not responsible, so we underestimate debt, especially if we borrow it from individuals, don't let us be like that, because we are destined to live socially

I certainly agree that one should really stop trying to borrow as much as possible.  The worst thing you can do is just keep taking out credit cards, one to pay off another.

I want to offer everyone here a very helpful website when it comes to financial tools.  This site has quite a few financial calculators ..anything from "how much Life insurance should I have",  "Managing your month budget" but when it comes to borrowing and paying back debt there's two great calculators to help you out.. one is "borrowing from your employer retirement plan" ..this sometimes can be a very efficient way of borrowing if one must..versus taking high rate loans.

Also, there is a "investing versus paying off debt" calculator on this page that's very helpful.

If you're in need of financial help ...PLEASE utilize these great tools. https://www.empower.com/learning_center/calculators/index.shtml?_gl=1*1618gy4*_ga*NjQyNjE2MjkzLjE2ODEyNTYyNDE.*_ga_MDRRLSW4FM*MTY4MTI1NjI0MC4xLjEuMTY4MTI1NjI0Ni41NC4wLjA.#/

Taking a loan to pay for something important that must be done immediately is not a mistake. because well it's true, in that situation even a loan can be a savior. but as long as you can also bear to pay off your loan bills then it will indeed be fine. I hope your income will be smooth and you can immediately pay off all your debts. and you also seem wise enough to manage finances so I don't think it will be a big problem for your finances. good luck guys.

That is true, I did that recently, had to take out a huge loan because I had to pay for something, otherwise there was no other option left. Not like all the people in the world get a loan to buy some items, or go to vacation, tha'ts not the case. I am fine though, I will pay that debt month by month and I should be fine, nothing should be a trouble for me.

However, that doesn't change the fact that I should be careful and not spend too much more. I already paid for my vacation, or at least half of it, and the other half will be paid in September. So I am looking fine, but that doesn't mean that I shouldn't have gotten the debt, it saved me from a terrible situation and thanks to that I am doing much better now.

If one takes a loan to start a business which could blossom to greater heights and produce another business, a loan to start a building project like a house where you live with your family or rent it out and get paid for it, a loan to sponsor your children through school who could be very successful tomorrow and reward you for giving them the best education, a loan to pay one's medical bills or that of a loved one. I really don't see anything wrong in getting a loan when it's used for a good course. But one thing I would not accept is taking a loan to invest in cryptocurrency.

You're right mate. It is not a wise choice to borrow when we do not have a source of income to repay the loan. Of course it is very bad to deal with loans when we do not have a steady source of income, whatever the reason for the loan. I'm not taking gamble to say being able to repay a loan without a steady income, which will obviously add to the financial problems.

Loans are good in some cases, but not all will be the same. There are many people who have to give up their property to be confiscated because they cannot afford to pay off loans, this happens during really bad economic conditions.

Finance can often be a neglected part of early education. You're taught numbers and all sorts of advanced mathematics, which you may not necessarily use later in life, but at least when/where I was growing up it was lacking information on things like credit cards/loans/mortgages/interest rates/debt. These can be large and complicated topics by themselves and I think they have started to trickle into early education now but there are generations who often had to work these things out the hard way. Even then, if you're stuck in a dead end job and see glamour advertised all around you on social media, it can dent your confidence and might cause you to borrow money. Society does make it hard to push back.

By constitutional right no one is eligible to borrow money if such person doesn't have a means of paying back maybe working or have a shop and even a business. So those who go ahead borrowing people money is at a higher risk if they don't have a means of collateral or what to pay back, you know when a lender keeps imposing these laws to the borrower they will limit their rate of borrowing. So its actually good to save some money for emergency use only.