Topic: Quit borrowing - page 20. (Read 2360 times)

You cant quit borrowing, otherwise how will the banks survive?

Seriously though, we all need money in times of emergencies which is what borrowing should be kept limited to. No wonder the need for this has gone up and hence the influx of payday loan apps on app stores and its complications and consequences.

I think from a trading perspective, playing it safe with limited borrowing is a good habit. But for the real life spendings, we cannot completely be debt free.

Borrowing money is something we usually do, in life of course not everything goes according to plan, sometimes sudden costs often occur especially if they have a wife and children, as long as we have the will and ability to pay then borrowing money is not a problem.

There is no problem taking a loan, because it is customary for us as humans to do it, the most important thing is that we have to be good at managing it and what the loan is for, for example if to increase your business you can add capital and income, this has often been done a lot people, so we have to know as we should manage the governance to return it every month.

There are many people who default on loans because they cannot manage them properly or someone personally uses the money to fulfill their needs, so this is the wrong thing for us to stay away from bad character, often I see around me they fail to pay loans because they only want their own satisfaction after getting the loan money.

While you can still generate a better income and that is sufficient then never apply for a loan.
Life will be calm without loans.

For some people that doesn’t care about excessive finances. They are use to borrow money and pay once their salary arrives every month. I think it’s ok to get a loan if you have a means to pay it back on time without paying some penalty.

But most cases, People is borrowing because their expenses is greater than their salary. Not that they are not checking expenses but their economy put them on that tight spot. Some country has a low income rate while cost of living is very high. People has no choice than to get an extra credit line to support there daily needs until they find a better job to pay all the loans and live debt free.

Most times people don't intentionally live beyond their means but rather the society and situation around them make them do so..
I felt so guilty when I saw this post because I've been in debt lately and it haven't been an easy one and I even got duped on paxful during a p2p trade while withdrawing my Bitcoin and I felt it was the end for me because all my hope was pegged on that money but at the end I give glory to God because I moved on and even payed the loan and took another one to be able to meet up life's demands.

@Op I guess you haven't been in a situation where you have no other option but to borrow and worst of all is even when you're ready to borrow, you wouldn't even find anyone who is willing to give out the loan at that very moment, so you should be thankful for such a life..

I also understand that some persons also live restlessly above their budgets and end up in debts and loans but I want to say that not all as there are persons like me who have 6 other siblings who depend on me for their needs irrespective of the country and recessive economy.

In conclusion, we have better knowledge and idea of what to do but there are persons like me who lack the capital to start up something and we're saving to be able to meet up every life's demands and still run a charity foundation with all source of funding from my personal pocket as a Farmer.
Give me capital and wash me grow an empire.

It's a good thing to get oneself determined in taking a step, borrowing is a bad habit except in some cases where it becomes inevitable, we must learn to live a life of ownership, work hard in getting our own things, though it may not be that easy at the start but it's worth it, if you're used to borrowing things from people, you may not have the opportunity to get to work things out for having your own except by grace.

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. even if forced to take a loan, it must be adjusted to our income, that is, we must know to what extent we can still pay. and if it feels beyond our ability then it is better to avoid it. this is where it's important to always set aside money for backup plans and emergency funds. so that when we need money urgently we can avoid loans by using an emergency fund.

When the load in man overcomes his income it boils down to borrowing money, why? Because people don't usually live at their expected earnings than living higher life and to keep debt on their records. These includes; ¹ those who have refused to limit their child birth, the cost of taking good care of two children won't be the same as to those who already given birth to Five Children meaning it makes life very difficult for the man as the head of the family. Living expensive life while your income is below such life which includes; ² consuming expensive alcohol and clubbing, ³ Living in an apartment that are 50 percent of your one year salaries also brings you into borrowing and ⁴ lastly dating an expensive girlfriend, expensive girlfriend meaning a woman that frequently demanding from you even when she knows your salary is below what she's requesting from you would also lead you to borrow money to please her.

As a MAN or WOMAN you don't have to live a life under pressure that you can't control yourself and your income, any one who could stay away from all this could definitely stops borrowing and will live a debt free life. NB everyone earning must not be the same, draw your clothes according to your size.

One should check his expenses from the start and try to avoid borrowing to an extend because that's literally add up to your worries , their is no relief in borrowing as when you have to return the amount that is more tough task and xauses more financial troubles for you either its interest or any other benefits.

Good point about health, did not consider it on my answer,  but in general only borrow to buy tools or in a survival situation. Else wait, or increase your productivity with more skills, knowledge, network or tools.

Oh boy, the classic problem of being broke as a joke. Borrowing money may seem like a way out, but is it? To be honest, the last thing you wanna do is put yourself in a deeper hole of debt. Why not get creative with your funds instead? Have you given cutting out some unnecessary expenses a shot? Maybe give your daily Starbucks fix a break or whip up more grub at home. You'd be surprised how much of a difference those small adjustments can make. And if all else fails, there's always the trusty method of winning the lotto, amirite? Just joking, but seriously, borrowing dough ain't the best option out there. Don't fall for the short-term relief it can offer, be cautious and stay on top of your moolah game!

To be honest, I don't like borrowing money from anyone, not even from banks, although I know I would pay it back with actual work or anything else. It's still risky, so I prefer not to borrow at all. However, sometimes in life, you may be in dire need of money or in situations where borrowing is the only option. In cases of medical treatment or other serious situations, it's understandable to borrow money. But borrowing money for things that you can't afford to wait for is not something I see myself doing.

There is a very big difference between borrowing for an investment or for a business and borrowing to survive.
You only borrow to acquire an asset that will give you money in the future. You don't borrow to acquire a liability.

So many rich men today depends on borrowing, they meet the bank and other financial institutions to borrow the money that is being deposited by the poor and then multiply it in the name of business and investment. That is a very good life to live, but if someone is leaving extravagantly and begins to borrow money to match their excessive living, that is a very bad habit.

Human lust exceeds reason in living a simple life and income ability will affect expenses when a loan is taken on an unneeded basis. The solution is to avoid loans and use money as needed for important needs, there is no reason to take a loan if it is not for business development and even then it is done through careful consideration.

Not only in America, almost all countries experience complete conditions, spending more money is not at the stage of necessity. Taking a loan of any amount will affect the level of ability to pay off, if today you take $ 5000 then to pay will be far more than that, not to mention talking about money that continues to decrease in value.

So that $5000 today will be different from $5000 in 10 years in the future, the difference is not in the price but the value of the $5000, thus making the loan even more problematic because the debt to be paid exceeds the initial loan taken out.

Borrowing is not entirely bad. It could actually be good, but it has to be a last resort kind of thing. It is there as a final option, something which you will only do because you have nowhere else to go, no one else to turn to. But when borrowing is done merely for the sake of feeding our consumerist souls, then it is certainly bad and something to be avoided.

In my country, many are trapped in loans, unable to get out of it for many years. The working class mostly. Once they take a loan, it means a significant portion of their incoming salaries will not be full anymore, which also means they will need to borrow in order to survive until the next payday. The cycle goes on, that's why borrowing should be avoided if possible.

Borrowing is not really a bad thing, but borrow for somethings, like drinking, flexing, or borrow to pay another credits, it's will lead you to debt. But if you borrow for business or investment that will bring income, there is a situation that you want to make investment or business, because you saw an opportunity an investment that can give you huge amount in return in the future and the problem you is money, maybe the that is in your is not enough to start the investment or business, the only way for you to have that money is to borrow money from someone else.to start the investment or the business. There is situation that your friends invited you to an outing or some drinking or night clubs, but you do not have money in order for you to participate or spend in that kind of event, then you suddenly remember that you can borrow money from someone else in order for you to go in that event. It's will lead you to debt.

If you can't or have difficulty repaying a loan, don't borrow because it can make it difficult for you. It's better for you to live simply and not overdo it than for us to have problems living our days. This must start with daily financial arrangements so that we can provide for our life needs. Don't spend on something that is not a primary or secondary need or that you don't need because it can interfere with your finances.

Usually, we become consumptive when we follow other people's lifestyles, where it will be difficult for us to manage finances from our income. But if you are sure you can manage the borrowed money well and can even expand it, you can try borrowing money. But everything must be calculated based on your income because that's where you must repay the loan.

Borrowing is not really bad if what you are borrowing it for is something that's worth it... Just don't borrow because you want to satisfy your wants. Borrow when it's necessary and that's the only option that you have. Business, tuition, and some other essential needs are things I consider worthy to borrow money for.

Taking out a loan to finance projects (not to buy luxury) isn't a bad idea. However, we've come to see that most people default on the loans they take because things don't always turn out the way envisaged. Nobody likes to be embarrassed by their creditors because of a loan default but then it's what it's. Shit happens, and then it hits the fan to get worse. Has anyone noticed that the act of going to take a loan even humbles one? That's why at the point of asking for a loan, the borrower often speaks in subdued/hush tone as if they were dying 😆, even if they're asking of it from friends. But wait until when they need to repay it but can't and their voices go loud.

I think using credit cards can be very beneficial ininflation countries (Eastern Europe etc.) but using credits is definitely damaging task. If you borrow to spend you probably shouldn't do this beyond your monthly wage! Like never ever. In certain scenarios you may not be able to pay for it and your debt may be extended in absurdly high rate. I tend to use borrowed money through investments. I believe its one of the best methods ever, investing into bitcoin may be considerable even. But always, I feel sad cause, being indebted is uncool.