Well, I have to clarify that personally I have never had any loan or debt in my life so this thread has nothing to do with my experience but intends to find out how people in loan/debt deal with the problem. Let's say you take loans from a bank and sometimes for whatever reason, you can not pay the debt on time, then you borrow money from other channels. Sure this works for a certain period but later bad things may happen, you have to postpone the payment and struggle with finances again. Isn't this a vicious circle ? How would you deal with the problem ? I am all ears.
Taking a loan/debt make them addicted because they can't control their emotion to spend the money, many people take debt for buying something useless in their life although not everyone like that. I already see many people doing something like that borrowing from other channels, so it's better if we take a loan/debt we should know our capability to pay it back, and saving money is better rather than taking a loan.