Is taking a loan/debt addicted ?

[Raflesia]

today's lifestyle is increasingly consumptive so that it makes anyone want to follow trends that are currently popular, when income does not match expectations, the easiest thing is to get into debt, especially now that online debt offers with easy terms make many trapped in debt, it's natural that many say that taking loan is addicted.

A thing that you should really be avoiding as much as you could on where you are trying out to buy something which it is out of your budget or something that would be in line on what you are earning.
You would be putting yourself into a huge debt hole if you are really that too careless when it comes to your decisions.Its not bad to take up some loan but it would be much worth if you do loan up something specially if its attached with investment or other potential things that could benefit you.Its not bad to buy up some wants or from your wishlist sometimes but
making it as your primary considerations or give importance then it would be definitely wrong.

In the end, forcing one's will obviously won't have a good effect on our condition which will make it difficult and more difficult in the end.
Prestige is always there, but in the end we must also be aware that it is this prestige that leads us into an unavoidable abyss.
At present there are many examples of this, with the prestige we have, we will indeed look very good in the eyes of other people, but when we have difficulties in it, prestige will not help in the end.

[1715141995]

1715141995

[1715141995]

1715141995

[1715141995]

1715141995

[Marcellin9]

today's lifestyle is increasingly consumptive so that it makes anyone want to follow trends that are currently popular, when income does not match expectations, the easiest thing is to get into debt, especially now that online debt offers with easy terms make many trapped in debt, it's natural that many say that taking loan is addicted.

A thing that you should really be avoiding as much as you could on where you are trying out to buy something which it is out of your budget or something that would be in line on what you are earning.
You would be putting yourself into a huge debt hole if you are really that too careless when it comes to your decisions.Its not bad to take up some loan but it would be much worth if you do loan up something specially if its attached with investment or other potential things that could benefit you.Its not bad to buy up some wants or from your wishlist sometimes but
making it as your primary considerations or give importance then it would be definitely wrong.

In the end, forcing one's will obviously won't have a good effect on our condition which will make it difficult and more difficult in the end.
Prestige is always there, but in the end we must also be aware that it is this prestige that leads us into an unavoidable abyss.
At present there are many examples of this, with the prestige we have, we will indeed look very good in the eyes of other people, but when we have difficulties in it, prestige will not help in the end.

Prestige is a double edged sword which may harm you when you are in difficult times. I don't believe that people who follow any trend are able to keep pace with their uncontrolable desires. Whatever we own for now or the furture, the first thing we have to bear in mind is not to compare what you have with others. Once you are content with what you have, you'll be happier in life in general.

Someone very close to me was in a situation like this. He took a loan and then was using loans to pay loans. He used his salary to pay debts and then took another loan. It got much worst later on when his salary could no longer cover the amount of debt he owed. He was struggling with this for about 5 years, but we close to him didn't know how deep in debt he really was. I mean, we knew he was in debt but we didn't realize it was this bad.
He came out of it eventually, but with a lot of discipline and determination. It was really hard for him. Last month he told me "March would be the first month in the past four years where I will be getting my full salary".

He hated the idea of me taking a loan, no matter how small it was. He kept saying "that's how it starts until you're in too deep'.
What I understood from him is that, when you're accustomed to taking loans, you'll take it at every opportunity you get. Borrowing becomes your first and only option even in situations where it should be your last.

Your friend is correct about his lesson. I think many people should learn from that. "Borrowing becomes your first and only option even in situations where it should be your last" is the sign of being addicted to taking loans. I have seen many people around me like this and end up in deep debts. The only way to avoid the abyss is to stay far away from it.

[Sticks and stones]

It all depends on the circumstances. Taking out a loan can also be a good way to invest in a business opportunity or an investment that would offer long term benefits. There are several risks to consider when taking out a loan from the bank. If you are unable to make your timely payments, you would then default on your loan and that would obviously come with some additional problems.
A loan is only useful when taken out for a good cause. In this case, a good cause is something that would bring in huge profits later on.

[wmaurik]

It all depends on the circumstances. Taking out a loan can also be a good way to invest in a business opportunity or an investment that would offer long term benefits. There are several risks to consider when taking out a loan from the bank. If you are unable to make your timely payments, you would then default on your loan and that would obviously come with some additional problems.
A loan is only useful when taken out for a good cause. In this case, a good cause is something that would bring in huge profits later on.

I see this as a credit deliberately taken on a company. For example, someone who takes out a motorcycle loan to open a small business, in which later he will repay the motorbike through the profits earned through a business or business. I think it's also good to do as long as you are able to master certain business fields that can help him pay off any loans he takes from a company or bank as you mentioned.

Failure to repay a loan will obviously cause a very serious problem because wherever someone lends money or in whatever form it is, there is always a benchmark for paying it off. So it is better to think several times before making any loan because there is no way to run from paying it off later on.

[Questat]

~
He hated the idea of me taking a loan, no matter how small it was. He kept saying "that's how it starts until you're in too deep'.
What I understood from him is that, when you're accustomed to taking loans, you'll take it at every opportunity you get. Borrowing becomes your first and only option even in situations where it should be your last.

There are two types of loans
 1. For Good Purposed - like investment, starting a business, or making use of it to make more money
 2. For Unnecessary Things - like party celebrations, hangouts, or what we called 'leisure

It is a need for us to think wisely and do some priorities that could give us a fortune. If taking a loan is for a valid reason like #1, I don't think we shouldn't. As long as we can manage to repay the debts, then there is no problem because it was more regretting if we miss opportunities.

[Wong Gendheng]

The temptation for ownership today is very easy to get, I often open YouTube on smartphones and most advertisements are offers for online loans and with very easy requirements, only licensing identities or driver Loans on more than 15 online plans and the result is that everything cannot be paid off because of the very high interest.

[BRINIRHA]

It all depends on the circumstances. Taking out a loan can also be a good way to invest in a business opportunity or an investment that would offer long term benefits. There are several risks to consider when taking out a loan from the bank. If you are unable to make your timely payments, you would then default on your loan and that would obviously come with some additional problems.
A loan is only useful when taken out for a good cause. In this case, a good cause is something that would bring in huge profits later on.

well, there are many reasons and purposes for someone to decide to take a loan. some are caused by compulsion and some are caused by seeing opportunities to get bigger profits by using bigger capital. so taking out a loan was an option at that time. But yeah everyone should know the risks that will be taken. and must be able to measure our own financial condition. whether we will be able to pay installments every month or not. because it is true that if we fail to pay installments then other problems will arise. and it will worsen the economic condition of the borrower.

[Inwestour]

well, there are many reasons and purposes for someone to decide to take a loan. some are caused by compulsion and some are caused by seeing opportunities to get bigger profits by using bigger capital. so taking out a loan was an option at that time. But yeah everyone should know the risks that will be taken. and must be able to measure our own financial condition. whether we will be able to pay installments every month or not. because it is true that if we fail to pay installments then other problems will arise. and it will worsen the economic condition of the borrower.

A loan is not always bad, if we can plan everything, calculate the budget correctly and see that it will not be difficult to pay it, if our earnings allow us to pay without any problems, then this can be acceptable in many cases.

These can be completely different needs, from buying a home and ending with a car, or a business loan. Many people around the world use loans, but this should all be considered and we should see that repayments are within our reach and represent a much smaller part of our earnings.

But if a person does not have a home, and he takes out a loan to buy a phone and gives a significant part of his earnings for payments, then this will be a very stupid loan. Therefore, you need to be able to distinguish between when it is permissible and when it is not worth doing.

[White pawn]

It all depends on the circumstances. Taking out a loan can also be a good way to invest in a business opportunity or an investment that would offer long term benefits. There are several risks to consider when taking out a loan from the bank. If you are unable to make your timely payments, you would then default on your loan and that would obviously come with some additional problems.
A loan is only useful when taken out for a good cause. In this case, a good cause is something that would bring in huge profits later on.

Taking out a loan to go into investments is not advisable. Individuals should only go into Investments with spare money and not money borrowed from the bank. If, due to some stroke of ill luck, you lose out completely on your investments, you would have lost all your money and even worse be in debt to the bank. The bank can be merciless when coming for their money.
It’s also wise to consider how deep your pockets are before investing so you wouldn’t have to rely on the bank for a loan or a bailout

[erep]

Taking out a loan to go into investments is not advisable. Individuals should only go into Investments with spare money and not money borrowed from the bank. If, due to some stroke of ill luck, you lose out completely on your investments, you would have lost all your money and even worse be in debt to the bank. The bank can be merciless when coming for their money.
It’s also wise to consider how deep your pockets are before investing so you wouldn’t have to rely on the bank for a loan or a bailout

Loans from banks must be deposited monthly to pay off loans with high interest rates, the first loss of the loan must pay interest rates of up to 15-30% of the total loan and every investment is not necessarily profitable for a certain period of time and if the market conditions are worst then you have to hold coins for long term, another solution is better to save monthly from income/salary money every month to invest, the main priority is to invest using reserve money without any connection with other money so we will focus on investing for the long term.

[ChiBitCTy]

Well first off I would make sure I take most of these replies in this thread with a grain of salt.  As a financial advisor this is the exact type of thing that I deal with on a day to day basis.  Really what it boils down to is making a monthly budget for yourself, and include in a part of it to be a portion that goes towards paying off debt.

Lets say you don't have enough money at the end of the day to pay that debt off, then one thing to consider, if it applies, is taking a loan from your retirement plan, like a 401k.  Often times these loans don't cost the borrrower much more than 50-100 bucks and when they pay it back they're simply paying themselves back, and not some company that loaned it to them plus a bunch of interest tacked on. 

Bottom line, come up with a plan to pay it off and stick to it.  Even if that means no vacations of any sort for a while.

[Raflesia]

In the end, forcing one's will obviously won't have a good effect on our condition which will make it difficult and more difficult in the end.
Prestige is always there, but in the end we must also be aware that it is this prestige that leads us into an unavoidable abyss.
At present there are many examples of this, with the prestige we have, we will indeed look very good in the eyes of other people, but when we have difficulties in it, prestige will not help in the end.

Prestige is a double edged sword which may harm you when you are in difficult times. I don't believe that people who follow any trend are able to keep pace with their uncontrolable desires. Whatever we own for now or the furture, the first thing we have to bear in mind is not to compare what you have with others. Once you are content with what you have, you'll be happier in life in general.

Actually it doesn't really matter if we follow the existing trends, but things like that must be accompanied by conditions where we balance this prestige with the finances we have. The problem is that many of us can't keep up with this but force this as if this has no real impact on them and this is what becomes more difficult.
Even though sometimes all people's thoughts are different about this because there are those who think more about their ego and prestige without caring about their finances, for someone who has further thoughts about the future I think things like this must be thought through carefully about the positive and negative sides.

[AverageGlabella]

Bottom line, come up with a plan to pay it off and stick to it.  Even if that means no vacations of any sort for a while.

If you are doing this then you are doing it with no margins which means if you fall ill and cannot work you have dug yourself a hold that you cannot get yourself out of. If you MUST take a loan then you should only borrow an amount that you can afford to take some time to pay off because you can never predict your health. Most loans are for more then a year too so the chances of falling ill or having issues is high. Borrowing money to make a investment in btc that is very volatile is a horrible idea though and I do not think anyone should do that. btc has been down many months and if someone borrowed money to buy it 6 months ago they would be in a world of trouble because they would be 6 months down in payments and they would probably need to start selling things that they own before it gets really bad. 

[Sayeds56]

Isn't this a vicious circle ? How would you deal with the problem ? I am all ears.

It can be very challenging, if you are in in a situation where you are unable to pay your loans and debts. I would suggest some steps that might help you break the vicious cycle: First of all access your financial situation and try to figure out the root cause of the problem. Is it due to temraory financial setback or more persistent income issue? Knowing the exact cause can help you addressing the issue more effectively. Prioritize the repayment of those loan with high interest rate & penalties. Repay your debts by cutting unnecessary expenses.

Seek professional help if your situation is very complex, it can provide guidance on managing your debt and creating a plan to become debt free.

[beerlover]

There are two types of loans
 1. For Good Purposed - like investment, starting a business, or making use of it to make more money
 2. For Unnecessary Things - like party celebrations, hangouts, or what we called 'leisure

It is a need for us to think wisely and do some priorities that could give us a fortune. If taking a loan is for a valid reason like #1, I don't think we shouldn't. As long as we can manage to repay the debts, then there is no problem because it was more regretting if we miss opportunities.

That is the reason why loans were created, but then banks decided to give it to people for smaller things as well and it became a trouble. Normally the whole idea of a loan is to grow, and the banks give it to you because they know you will grow and be able to pay them back as well, but because there are some people who use credit cards and smaller loans for liabilities, they became in trouble with more people defaulting as well.

Even if you fail to pay your loan back as a business, they could just take your business and that will be considered your debt paid, but when you do not have much, it's bad for you and also for the banks as well since they won't be getting their money back.

[Rockstarguy]

It all depends on the circumstances. Taking out a loan can also be a good way to invest in a business opportunity or an investment that would offer long term benefits. There are several risks to consider when taking out a loan from the bank. If you are unable to make your timely payments, you would then default on your loan and that would obviously come with some additional problems.
A loan is only useful when taken out for a good cause. In this case, a good cause is something that would bring in huge profits later on.

Taking out a loan to go into investments is not advisable. Individuals should only go into Investments with spare money and not money borrowed from the bank. If, due to some stroke of ill luck, you lose out completely on your investments, you would have lost all your money and even worse be in debt to the bank. The bank can be merciless when coming for their money.
It’s also wise to consider how deep your pockets are before investing so you wouldn’t have to rely on the bank for a loan or a bailout

It depend on what kind of investment one is taking loan for, like if it is taking loan to invest in cryptocurrency it is never advisable to take a loan because volatility and how unpredictable the market is. But if it is a loan to invest in a physical business that has no high risk and well profitable one can go ahead to take a loan that he or she can afford to pay back. It just depend on the nature of investment that will determine if it is okay to take loan or not.

[wheelz1200]

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.

Head on don't avoid it.  What I mean by that is to look for more work amd pay that loan off as fast as you can.  The longer you delay it the more of your limited money you have you lose it in interest.  It is a vicious circle but the best advise I ever got was just that, don't avoid it.

[D ltr]

from the people around me, they owe it sometimes for the necessities of life but not infrequently also for lifestyle.
debt sometimes becomes an addiction for people in need, but when they are in arrears for some reason they will never be given a loan twice anywhere, whether it's a bank or a non-bank funding company

[Dave1]

It all depends on the circumstances. Taking out a loan can also be a good way to invest in a business opportunity or an investment that would offer long term benefits. There are several risks to consider when taking out a loan from the bank. If you are unable to make your timely payments, you would then default on your loan and that would obviously come with some additional problems.
A loan is only useful when taken out for a good cause. In this case, a good cause is something that would bring in huge profits later on.

Taking out a loan to go into investments is not advisable. Individuals should only go into Investments with spare money and not money borrowed from the bank. If, due to some stroke of ill luck, you lose out completely on your investments, you would have lost all your money and even worse be in debt to the bank. The bank can be merciless when coming for their money.
It’s also wise to consider how deep your pockets are before investing so you wouldn’t have to rely on the bank for a loan or a bailout

It depend on what kind of investment one is taking loan for, like if it is taking loan to invest in cryptocurrency it is never advisable to take a loan because volatility and how unpredictable the market is. But if it is a loan to invest in a physical business that has no high risk and well profitable one can go ahead to take a loan that he or she can afford to pay back. It just depend on the nature of investment that will determine if it is okay to take loan or not.

And since we are here in this community, then the obvious is that the loan being taking out is for bitcoin investments. But still though, for me it's not even cross my mind to take out a loan and then invest on it to bitcoin and or crypto.

How are you going to pay in monthly in the first place? when for sure you are going to invest that money and sleep it for over years in crypto in order to get a huge gain. So it's a bad decision to do that recourse in crypto.

[fuer44]

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.

I also don't have this kind of experience but at least I have friends who have been in this vicious circle. Loan money from a bank, when payment is overdue and he doesn't have money, he will loan money from another person or another bank to pay the bill, so he has 2 current bills. How to get away from it? I have 2 suggestions that might be considered:
1. Selling assets, whatever it is. Whether it's land, vehicles, luxury goods or anything that has a high selling value to cover all bills.
2. Loan again from the bank with a higher rate to cover the 2 bills earlier, even though in the end you still have bills but at least only 1 even though with a higher number too.