Practice is the best way to avoid doing such things, having debts with unmanageable loans will put burdens to your finances, if you handle things the right way and you avoid stuff that's not really a need but just a wants then you are away from taking loans that's not appropriate to the capabilities that you have in terms of financial state.
You should be aware that spending more than what you can afford will always end up to loaning the money to cover it.
Keep on track with your expenses and make a good balance for everything.
These are not obvious things for everyone, especially since credit is now available to almost every person, which is not very good, since this can lead to large debts. Even small amounts can turn into very significant debts if the loan is not repaid on time. If spending exceeds income, it can't last long, for obvious reasons. I think that this speaks of a lack of financial literacy, and if there is such a problem, then you need to think about its root cause, otherwise nothing will change.
Precisely, if you can't control yourself spending and you use credit as a source for your financial needs then you will see yourself drowning knowing that you can't pay your debt using your day job salary, you'll find yourself looking for another loan to cover your debt and it will just keep repeating itself to the point that you already out of a source of money to use paying your debt/loan.
You can live your whole life on credit, creating more and more debt. But who will pay for all this? The answer is your relatives. But do they deserve such a burden? Maybe it's better to moderate your desires - instead of an expensive vacation go to the woods, instead of a new smartphone just keep using the old one?
The worst of one's life is dying with debts. When someone dies he/she shouldn't have debts. We need to prepare for such a level of living and move accordingly. This isn't an hard task, because most of the people's debts were through unwanted expenses. Maybe some practice to limit the spending and living according to our earnings could make life better. Some people never think about repaying the debts, for them it looks easy. People who have the mind to repay always have frustration and doesn't have free mind to think big. This itself ruin one's life and never lets them grow.
Practice is the best way to avoid doing such things, having debts with unmanageable loans will put burdens to your finances, if you handle things the right way and you avoid stuff that's not really a need but just a wants then you are away from taking loans that's not appropriate to the capabilities that you have in terms of financial state.
You should be aware that spending more than what you can afford will always end up to loaning the money to cover it.
Keep on track with your expenses and make a good balance for everything.
There are good debts and bad debts and this would be entirely depending on where you would be applying it, considering that even myself does have that financial sustainability came out from other sources or investment but i do still continue to get some loan and building up my credit which it do really raises up my score and to have that better standing and record which means that
whenever i do tend to get some loan or borrowing money then they could be able to offer me the best rates and interest and amount which is something that you could also make
use specially on establishing other source of income or simply with investment.
This is why when you do took up some debt for the sake of investment then you shouldnt hesitate but of course you should really be that assuring that you could really be able to pay up
without having no problems.If ever you arent that sure or doesnt have plans on the amount you are taking to loan then its better not to proceed on.
A wise way to take advantage of those available loans, I see your point and you are right, knowing how to maximize and use loans in a passive profitable business or investment, that will reflect as good loan and can give positive impact to grow your savings and investment, no argue on that point.
, I know that life does not allow them to know such things and they have to live in such a condition to know what is going on right, just like someone sharing with you about a secret to becoming rich in life is to love and share what you know, both about money, knowledge, health as well as spirit. .
