Topic: Quit borrowing - page 18. (Read 2572 times)
It's all based on principles and disciplines really. If you think you are worthy of being able to take on a loan then you very well deserve one, but it doesn't go that easily. you also have to take into consideration the judgement of the people that you are taking a loan on. In any case, I stand firm in believing that you're stealing from your future self whenever you borrow money, but if it can't be helped can you really do something about it? So take out loans responsibly, pay them on time and don't tarnish your reputation to the institution or the person you're taking out a loan from. It's not enough to know that you can pay it anyway, it's very important to be dignified about paying it, otherwise you'd just postpone paying it until the bank takes the collateral or that friend of yours knocks on your door a little more pissed than usual.
there are many types of people when making loans, some borrow because of an urgent need that cannot be postponed and also some people make loans to make ends meet.
and many people certainly have the desire to stop borrowing but their insufficient needs are the main factor in making loans.
everyone knows that they will be in trouble after making a loan, but many people don't think about trouble that will come later, they only think of solving the problem in a short time.
I think the only way to stop borrowing is to work harder and earn more money, it has to be done before I think there is no other way.
and many people certainly have the desire to stop borrowing but their insufficient needs are the main factor in making loans.
everyone knows that they will be in trouble after making a loan, but many people don't think about trouble that will come later, they only think of solving the problem in a short time.
I think the only way to stop borrowing is to work harder and earn more money, it has to be done before I think there is no other way.
Borrowing is not a bad thing you may decides to borrow to sort out your problems mostly any health related issues need money if the person is not financially balanced, such people may decides to borrow and to fixed out their health after which they fully recover and get back their feet they pays back. There are some people who are deliberately subjecting their selves to borrowing money and is common within my country, just in the name to please people around them.
I concur with you that borrowing money is not necessarily a terrible thing, as you noted, but it becomes a negative thing when it becomes a habit because if borrowing becomes a habit, you will always utilize it as a means of surviving .Many young people borrow money, and when they have multiple options for borrowing, they stop working hard to earn money.
But initially as I said in some circumstances it may not be a bad thing, like when you have emergency problems to solve and you have not option than to borrow, and you have means of paying back the money and I think the Idea may be welcome but still we should never rely on borrowing money to always solve our problems.we should always try and have some savings incase does emergencies.
Borrowing when you have no source of repayment can be very dissappointing and as such why loan givers must always demand for a collateral for the loan so they could get from the collateral what the borrower could not pay back.
In all, one should not get addicted to borrowing and if you must borrow, you must have a repayment plan to cover the time interval of your loan agreement based on the terms and conditions of the loan organization.
I said in the previous post, if the loan is made to develop a business that basically has income to pay monthly installments, then the loan is fine. But of course it's bad when you make loans for daily needs where basically you don't have reguler income, obviously it must be considered bad step because it will allow you to have difficulty in the process of repaying the loan.In all, one should not get addicted to borrowing and if you must borrow, you must have a repayment plan to cover the time interval of your loan agreement based on the terms and conditions of the loan organization.
So always be wise when you want to make loan, at least you have way to pay off the installments without any problems. Honestly, I have seen many people make bank loans for business development, they are successful and have no problems because basically they have regular income from their business.
When handled responsibly, borrowing can be beneficial, but issues can occur when it becomes a habit or a way to deal with financial troubles. It's crucial to comprehend a loan's terms and conditions and to have a reliable repayment strategy. Different borrowing tactics may apply to businesses and individuals, so it's essential to approach borrowing with caution, taking out only small amounts for brief periods when necessary.
I agree with your opinion mate. In as much as it is not a criminal act to borrow it does not mean that one should take it into a habit. People borrow as a result of some certain things or engagement to sort themselves out but doing it when you have nothing at hand to commiserate with the borrowing is where the issue lies. For instance a businessman borrowing for his or her business is well understood that the business would yield profit for the repayment of the loan vise versa. Borrowing when you have no source of repayment can be very dissappointing and as such why loan givers must always demand for a collateral for the loan so they could get from the collateral what the borrower could not pay back.
In all, one should not get addicted to borrowing and if you must borrow, you must have a repayment plan to cover the time interval of your loan agreement based on the terms and conditions of the loan organization.
I think Borrowing sometimes we need because there are many reasons such as needing fast cash and suddenly while there are no other alternatives besides borrowing, unfortunately now many people use online loan sites to satisfy their desires so that loans like this are not productive.
Taking a loan is indeed one thing that must be avoided. but for some people who really have urgent needs and there is no other way, borrowing is like a solution at that time. but yeah another problem will come later. what we have to do is we have to be able to measure our personal finances.
When they are in a state of financial urgency and they don't have savings or assets that they can rely on to meet their needs, of course, the short cut is that they will try to find a loan, maybe borrowing is something that is really not a good thing to do, but at this very important moment will have to be done, especially constraints in need or urgent needs, and they are fully required to have to calculate their loan with income, so that later they will not be constrained in terms of payment.
I agree, borrowing money is not recommended, but it's not too bad either. I also once had to borrow a large amount of money after the business failed. It was a bad time, and it took me a long time to pay off that loan. I promised myself I would never borrow money again, but thinking back, without that loan, how would my wife and children live at that time? At least it helped me a lot when I had no other choice. As long as we borrow money for the right purpose, borrowing money is not too bad, we should not be too rigid if there is no better option.
Good point, and in general people are overspending on unnecessary consumer goods such as unhealthy foods, clothes, electronic items…etc. In addition to that, they be following each other frequently and living the same lifestyle, that’s ridiculous. What’s the point of borrowing money when you spend them on useless stuff? That would make you drown with financial troubles.
In fact, it is intelligent to save or collect extra money and invest them on profitable stuff like lands , cryptocurrencies, gold, businesses..etc. That would make you financially stable depending on your strategy. For me, I would rather take risks by launching projects and investing in crypto instead of following the sheep who satisfied with their miserable life.
In fact, it is intelligent to save or collect extra money and invest them on profitable stuff like lands , cryptocurrencies, gold, businesses..etc. That would make you financially stable depending on your strategy. For me, I would rather take risks by launching projects and investing in crypto instead of following the sheep who satisfied with their miserable life.
When handled responsibly, borrowing can be beneficial, but issues can occur when it becomes a habit or a way to deal with financial troubles. It's crucial to comprehend a loan's terms and conditions and to have a reliable repayment strategy. Different borrowing tactics may apply to businesses and individuals, so it's essential to approach borrowing with caution, taking out only small amounts for brief periods when necessary.
Taking a loan is indeed one thing that must be avoided. but for some people who really have urgent needs and there is no other way, borrowing is like a solution at that time. but yeah another problem will come later. what we have to do is we have to be able to measure our personal finances.
When they are in a state of financial urgency and they don't have savings or assets that they can rely on to meet their needs, of course, the short cut is that they will try to find a loan, maybe borrowing is something that is really not a good thing to do, but at this very important moment will have to be done, especially constraints in need or urgent needs, and they are fully required to have to calculate their loan with income, so that later they will not be constrained in terms of payment.
Borrowing is good and bad depending on the borrowers intentions, don't borrow to leave a rich lifestyle and to impress people. Borrowing is good when is being invested to something that would yield a good profit, it could be borrowing to open a business or borrowing to invest on something you're sure of will make profit.
Then what about people who borrow money to save their lives or their families? is that good or bad? I often find this among the lower middle class, that most of them owe to complete medical payments that exceed their ability to pay, so it seems as if they are trapped with interest when they are late making payments.We know that borrowing money to invest is a good thing, but if there is no clear calculation between the income you get and the deposit payment to cover the debt, because if you calculate it wrongly it will make your finances chaotic too.
Borrowing is never a good thing to do because none of us here can be financially secure and go out and borrow money; when you see someone who wants to borrow money from someone who hasn't given and is the only way out of your problem. Borrowing, for example, introduces many things to society, such as hard work and other things. Why I included hardworking is because when someone borrows money from someone else, he must work hard to repay the loan.
But now when we're talking about cryptocurrencies, it's not a good idea to borrow money and invest in them since it's quite risky because the owner might require the money if the market is down. Also, you won't make any money off of it, and you can even lose money.
But now when we're talking about cryptocurrencies, it's not a good idea to borrow money and invest in them since it's quite risky because the owner might require the money if the market is down. Also, you won't make any money off of it, and you can even lose money.
Having a debt will only leads to more debts that's why borrowing will never be a good idea to begin with unless if its life and death situation. It is far worst to borrow money to invest in crypto, it will be a suicide wherein everything in crypto is very volatile and very unpredictable. I am trying to be a debt free as well so that I can have a peaceful life and stress-free as well.
Borrowing is good and bad depending on the borrowers intentions, don't borrow to leave a rich lifestyle and to impress people. Borrowing is good when is being invested to something that would yield a good profit, it could be borrowing to open a business or borrowing to invest on something you're sure of will make profit.
An unnecessary debt actually equates to having more financial troubles, there are many that can’t coat their wants in shape with their wages mostly because of the class they belong to. But there are others that actually borrow money for critical needs or situations that their savings can’t really cover.
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.Quote
Also there are many businesses that have been built through loan or grants and they went all the way to been successful. The only way loan or borrowing isn’t advice is when it is done to acquire material stuffs that are more less liabilities rather than a source of income or a means to save ones dear life. Otherwise loans aren’t all that bad
Taking out a loan is beneficial, especially when the funds are used to start a profitable business.Many organizations and businesses were founded on loans, and they are doing well because they repay their loans on time, while others have used loans to become self-sufficient.
Taking out a loan is not a bad idea, but what the money is used for is very important.
That high lifestyle can trigger the growth of debt what else is not supported by high income as you said income and expenses are not balanced. So the most important thing is that we have to be able to manage our lifestyle and manage our money properly so that we can avoid borrowing money that ends up being in debt with high interest. having a lot of debt makes life uncomfortable
As you said. that we do have to adjust the amount of our expenses with the amount of our income. that's why we have to do a financial evaluation every month to see the total amount of our income and expenses. and so that we can plan our finances better in the future. by carrying out a financial evaluation we can choose which expenses are not needed and this is also effective so that we become people who can save more. luxury lifestyle is a behavior that is not good for the lower middle class to follow. because our income will not be commensurate with the amount of expenditure needed to fulfill our desires which are always concerned with a luxurious lifestyle. it is better to live comfortably by living simply. so that we don't have financial problems in the future that can drag us into a loan. 
I believe it is impossible to quit borrowing. We are surrounded with huge supply of everything. There are to many things around that everyone wants to buy or service to get. People will always want to have more, to extra, to have "that thing that other person has". That is why we will always be short on money (someone less, someone more, but minority will be able to resist spending for a short time), that is why imo people will always spend more than they have and continue borrowing.
Debt is not a completely bad idea, though it depends on the borrower, some people borrow money without a gold strategy on how to manage that money to balance themselves, and they end up doing the most stupid things with borrowed money, is it just me? I always find it hard to pay back when I borrow from someone, that's why I always make sure I borrow the amount that will be convenient for me to pay back, also I don't like borrowing money, because I will be in a panic, the fear of what to do with the money that's not mine will cover all my body.
Maybe the right term is: be financially responsible. I still borrow money, though on things that I know will give me positive returns and pay back the capital almost immediately. I do this on credit cards and from banks, but never from people whom I know or I trust. I never have had any problems when it comes to money that I need to have in order to live. I live below my means, and I only spend on what's necessary.
Most financially successful people borrow money to make more money, and that is a thing that I'm starting to learn. I don't borrow for the wrong reasons; I just borrow to make something out of what I don't have in the first place. If you come to a point wherein your finances and expenses are already doing well on their own, you'll have to soon figure out a way to make more money and not be bound by the ideology that borrowing is a bad thing.
Most financially successful people borrow money to make more money, and that is a thing that I'm starting to learn. I don't borrow for the wrong reasons; I just borrow to make something out of what I don't have in the first place. If you come to a point wherein your finances and expenses are already doing well on their own, you'll have to soon figure out a way to make more money and not be bound by the ideology that borrowing is a bad thing.
Well, well, well, folks, we've stumbled upon a debt crisis! But worry not, for I've got the remedy! Ready for it?... Drumroll, please... live within your means! Shocking, right? But, hear me out. If your wallet says no, don't buy it! Bonkers, huh?
But let's get real, borrowing cash to escape debt is like tunneling out of a pit. It's a no-go! The real ticket to debt freedom? Rework those spending habits, live within your means. Budget-making, sticking to it, snipping expenses. Trust me, your bank balance will worship you!
And don't get me started on credit cards. Sure, they're a breeze for buying, but they're debt traps, too. So, next time you're itching to flash that plastic, recall: no cash, no purchase!
But let's get real, borrowing cash to escape debt is like tunneling out of a pit. It's a no-go! The real ticket to debt freedom? Rework those spending habits, live within your means. Budget-making, sticking to it, snipping expenses. Trust me, your bank balance will worship you!
And don't get me started on credit cards. Sure, they're a breeze for buying, but they're debt traps, too. So, next time you're itching to flash that plastic, recall: no cash, no purchase!
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