Is taking a loan/debt addicted ?

[Jody.Drummer]

Personally, I will set aside income to pay off the debt even though it is not paid off directly I will repay it even though this takes a while, if we do not get out of the vicious circle, the debt that we have is not decreasing, but increasing

You can do that if you are in debt with someone who is not involved with any company. But if you are in debt with the company, you will be given special rules in terms of paying off your debt because the company will usually set a time for each person who is in debt to pay it off. Even though the way you are doing it also looks pretty good because it really can help you get out of debt problems, because you have been trying to get out of debt problems.

Once we are entangled with debt problems, it will be difficult for us to get out of that circle. Many people end up having to dig holes and close holes, even though that will be even more devastating later, because we can't get out of that problem when we keep taking new loans to pay off previous loans.
And when we are entangled, then there is one thing we can do, which is to take a risk by being honest with the company. Maybe we will be ashamed of other people because usually companies have field people who will come to our house to collect the clarity of our debts to them. What must be prepared here is a strong mentality, with good explanation I think the company will understand as long as we have good intentions to try to pay off our debt, even if the amount is not in accordance with the agreement we were able to pay beforehand.

[1715163321]

1715163321

[Yuray Borushko]

Personally, I think the situation you described definitely seems like a vicious circle. Constantly borrowing money to pay off existing debts can lead to even more financial stress and potentially worsen the problem.

So, that one way to deal with this issue is to create a realistic budget and stick to it, so that you can better manage your finances and eventually get out of debt. Additionally, seeking professional financial advice or considering debt consolidation options might be helpful in breaking the cycle. Remember that, communication is key – talking to your creditors and explaining your situation may lead to more flexible payment options.

[BVeyron]

I think so, nowadays it's too easy to find a loan because of the presence of online loan applications, in my country to borrow $2,000 worth of money, just send identity and selfie, and within a maximum of 3 days the loan amount will be accepted, but with the ease of the loan, interest must be paid very high.

Actually there is a problem of loan addictions, it's like gambling: people get what they want to have, then they pay properly, then they take one more credit, and so on... And at some point this person experiences problems with money loss (either problems with job, or other problems which need much money to solve), and then in order to pay the debts he or she needs to take actions in a hurry, which lead to even more money loss: they start selling houses/cars/business projects in really short periods of time, which makes them get less money for selling their belongings and property. This economic activity makes people gamblers, though most such gamblers don't even understand it and think that everything is stable.

I have seen people who experienced these and it is kind of sad that some who already have existing loans have no choice but to take a loan again just to pay those existing charges. It is not good to do this as you have the tendency to be stuck and be forcefully be in the loop of unending series of loan. But its still depends on the person doing this as I believe there is still way out. For those who have no choice but to sell their assets, it should be a wake up call to do something in order to stop their addiction with loans. So to answer the main question,  I think it depends on the situation whether you can consider one to be addicted to loan/debt since it varies based on how one pays the loan and how they managed the situation that they are into.

Right, good loan management is vital in avoiding loan loops. In some cases people are able to stop themselves from taking credits after income loss while being in need to pay the debts. While others rise the stakes... Also it depends on personal features of a person: if someone has no family, no children, so noone to be in charge in the end, then stake rise is really possible even after financial failure. And married people with children, with many relatives are eager to stop, since they risk not only their own finances if they get into troubles with loans.

[MiF]

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.

This is a common problem to those who are addicted on loan, i have many neighbors here who do this kind of loaning, they make a loan everywhere and there is sometimes that they can't pay the interest of thier loan and they hide in other places, and in the other day the problem is becoming more bigger because the local government units will call them  to answer why they don't pay the loans, that is why before we decide we need to think if loaning for no reason is right or wrong.

[Quidat]

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.

This is a common problem to those who are addicted on loan, i have many neighbors here who do this kind of loaning, they make a loan everywhere and there is sometimes that they can't pay the interest of thier loan and they hide in other places, and in the other day the problem is becoming more bigger because the local government units will call them  to answer why they don't pay the loans, that is why before we decide we need to think if loaning for no reason is right or wrong.

Specially on talking about loan cycle on where paying up your previous loan with a new loan which is something that would really be putting you into big trouble.Honestly i did really be able to experience
on the same stuff on which i dont really have any choice because i do really need up to pay up something or specially when emergencies.There are really moments in life on which there's no way that
you could be able to avoid some conditions or scenarios where you do have no choice but to take up some loan which i dont see to be bad as always but make sure that you
would really be that responsible on repaying those amounts in time if you dont really like any further problems.

[kawetsriyanto]

~there are lots of people who borrow without not having a payment plan and they seem to be relying on luck in their lives who are not sure when the money will come to them and I have encountered that mindset a lot in my environment it is very sad and I don't know how to deal with people who have a borrowing mentality like that. No wonder every day someone comes to the neighbor's house to ask when he is paying off the debt and every day the debt collector is different, in other words the person borrows from more than one lender, which is very sad.

Yep. It is always difficult to deal with people who rely on luck to pay the loans. Sure, this type of people have no clear plan for repayment. I ever experienced it, my money never returned to me until now because of this type of people. Because of this experience, I become a bit traumatic to give loans to people. I prefer to give some money for free than give loans to people.

If you know someone who already borrows money from some people, be careful to give him loan money if he asks for a loan from you. It potentially becomes difficult to get back your money because he is stuck in a debt cycle. Just give him some money that you are willing to give for free.

[Faisal2202]

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.

As You said, you never had any loans in your life and that's so unbelievable (no offense) but AFAIK every single person at least borrows a pencil from another person and sometimes forgot to return it (it's also a type of taking a loan) what loan actually is? Borrowing some assets or goods to meet your emergent needs quickly. I hope you are considering these types of loans too. Plus in my life, I have taken a loan a lot of times, but never took a loan from a bank because I know they will not go easy on you in any condition, and in the economic condition we are facing, not a chance of mercy in delaying returns.

But i do take loans from my friends and relatives, mostly from friends because i know if i am at some point not able to return my loan then they can wait. But i have seen many people taking loans from friends and not returning them even after the end date. this really makes me angry that's not because they have less money, because they never make effort to return them. The best practice to deal with the debt cycle is

First-->to not take debt because this is an addiction and at the start, we take it lightly as I said borrowing a pencil is also debt and we should avoid that too.
Secondly-->we should take debts from our loved ones so that we don't have to worry about deadlines,
Thirdly-->always take a loan from a generous family even if they have less money but they will go easy on you because they know they can bear to lend their money.
Fourth-->you should not use loan money in any type of trading, investing, etc. actually there was a topic already discussed here that, Taking loan for investment can be life threatening. but i think using loan money in investing is much better than using it for personal use. But that depends on the need.
Fifth-->you have to get knowledge of how to break out of the debt cycle. How? By reading some books and making some strategies. following are some recommendable books but the overall result will be the same like every book will have the same result which i think is covered in My survival strategies in this harsh economic conditions by Die_empty

• The Total Money Makeover: A Proven Plan for Financial Fitness" by Dave Ramsey
• Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence" by Vicki Robin and Joe Dominguez

there are many other books on the list but these are enough to get a progressive mindset plus if you follow every tip of Die_empty guy, then boom you are out of Debt cycle. (well, i hope so).

[stomachgrowls]

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.

This is a common problem to those who are addicted on loan, i have many neighbors here who do this kind of loaning, they make a loan everywhere and there is sometimes that they can't pay the interest of thier loan and they hide in other places, and in the other day the problem is becoming more bigger because the local government units will call them  to answer why they don't pay the loans, that is why before we decide we need to think if loaning for no reason is right or wrong.

Specially on talking about loan cycle on where paying up your previous loan with a new loan which is something that would really be putting you into big trouble.Honestly i did really be able to experience
on the same stuff on which i dont really have any choice because i do really need up to pay up something or specially when emergencies.There are really moments in life on which there's no way that
you could be able to avoid some conditions or scenarios where you do have no choice but to take up some loan which i dont see to be bad as always but make sure that you
would really be that responsible on repaying those amounts in time if you dont really like any further problems.

This is where people do make themselves get fall into debt pit on which they arent able to get out and making themselves put on huge trouble which it is really that a waste for you to keep on paying up interest just because you do keep on taking up some loan and paying it up to another and the thing continues round and round until you would be realizing that there's no way on getting out.

You should do your very best on avoiding loans as much as you could as long it isnt really that needed or necessary then it would be ideal you should skip out on getting one.
Always deal up with things according into your own budget and wont really be going overboard beyond on what you do have, with this then you are avoiding yourself into some potential problem in future to come.

[uswa56]

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 did it once and I regretted it, so the first loan I did became a valuable lesson in life not to do it again in the future.
The reasons people make when borrowing are certainly different, but most of them are due to an urgent need, so with the belief that they will be able to pay it off in the future, they choose to take out a loan, but in fact what we think doesn't always go according to what we plan.
I took a low interest loan with a short time, long story short because my loan resulted in a lot of my valuables having to be sold because at the time when I was due I had money but had other urgent needs so my finances were very messy.
it made experience for me not to make interest-bearing and maturity loans again.

[Pamadar]

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 did it once and I regretted it, so the first loan I did became a valuable lesson in life not to do it again in the future.
The reasons people make when borrowing are certainly different, but most of them are due to an urgent need, so with the belief that they will be able to pay it off in the future, they choose to take out a loan, but in fact what we think doesn't always go according to what we plan.
I took a low interest loan with a short time, long story short because my loan resulted in a lot of my valuables having to be sold because at the time when I was due I had money but had other urgent needs so my finances were very messy.
it made experience for me not to make interest-bearing and maturity loans again.

We can't predict what future will bring us, even you think you have a secure job and you can pay your loans if there's something happen and the good example is the pandemic.

You will lose your job and even there's a extension with your loans you still need to pay it and without any
income it will keep increasing because of the interest.

[Sterbens]

Yep. It is always difficult to deal with people who rely on luck to pay the loans. Sure, this type of people have no clear plan for repayment. I ever experienced it, my money never returned to me until now because of this type of people. Because of this experience, I become a bit traumatic to give loans to people. I prefer to give some money for free than give loans to people.

If you know someone who already borrows money from some people, be careful to give him loan money if he asks for a loan from you. It potentially becomes difficult to get back your money because he is stuck in a debt cycle. Just give him some money that you are willing to give for free.

It's hard to get out of that zone, debt can make a person change significantly. They always use the same way to pay off their debts, debt to pay off debts is not a way out, but only a temporary comfort zone. I agree with you, it's better to give for free than to have to lend it, because this is bound by a promise and if someone can't keep their promise to pay their debts then we will feel disappointed, so there will be no one else to trust.

[Rabata]

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 generally don't like bank loans. Because I know that once I get involved in debt, it will be difficult to control. Moreover, if the loan is not paid, the debt burden increases. Which can make people's lives more miserable. If someone is in such a problem, he should by all means borrow money from any other source like friends or relatives to collect necessary money and pay off the bank loan. When the bank loan is paid off, he will gradually become normal. However, before taking any loan, the borrower must consider whether he has the ability to repay the loan. Otherwise no one should take any loan.

[Litzki1990]

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.

First of all, unless I am in too much danger, I will not take the loan because it is very difficult to carry around with this debt burden. Borrowing is my last resort. I will borrow when I realize I have no choice but to borrow. And after accepting the loan I will try to repay the loan within the time given by the lender. Paying off the debt will require me to focus on more work and work longer hours than before so that I can pay off my debts on time. Because if I can't pay the loan on time, I may face a lot of pressure from the lender or the bank, that's why if I ever have such a situation, I will definitely try to pay the loan as soon as possible.

[kotajikikox]

Never that i took loan if not for emergency purposes in which only takes place in family loan from office.
But if for other? Nope and never matr.

For me? This is addicted and yeah so many people that comes for loan and not keeping their living because of debt.

[barisbilgili]

Never that i took loan if not for emergency purposes in which only takes place in family loan from office.
But if for other? Nope and never matr.

For me? This is addicted and yeah so many people that comes for loan and not keeping their living because of debt.

If you take a loan for positive things, I think it doesn't really matter and whether you are addicted or not it all depends on the needs you need, as long as it is used for important things.
but if you take a loan for things that aren't important, I don't think it will be addictive, quite the opposite, because there is a very heavy feeling when paying it off.

so far I have also taken loans for urgent needs and I have tried hard to avoid that, as long as I can handle it, it is better not to be in debt.

[Fesatmas]

Never that i took loan if not for emergency purposes in which only takes place in family loan from office.
But if for other? Nope and never matr.

That's right, I myself will only make loans when I experience unforeseen things and need fast funds. But it's not uncommon for me to find those who like to be in debt, then their lives depend only on being in debt. They feel comfortable being in that position because they can get money easily just by being in debt, most of them pay off their debts by taking on more debt. They are already stuck in the zone and the cycle will continue until they realize that the debt has accumulated and stress.

For me? This is addicted and yeah so many people that comes for loan and not keeping their living because of debt.

I thought that only gambling could be addictive, but it wasn't. Having savings or starting to save will actually really help someone when experiencing unexpected things compared to having to borrow because there are many negative factors that we will feel when we have a lot of debt, one of which is that the mind will always be depressed, life will never be calm and the environment can change, people are reluctant to make friends because they are afraid that we will borrow.

[sulendra12]

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.

It's a never ending cycle if you don't have any method to actually pay the "actual debt". The closest you can get for getting loan is probably from your close relatives or your family, so you won't get any "big" trouble. But still it's mandatory to actually pay the loan as a normal human being. If I was at that position, I would borrow from only one person so I can manage my financials. It's not really healthy to be in debt to multiple person.

[Raflesia]

Never that i took loan if not for emergency purposes in which only takes place in family loan from office.
But if for other? Nope and never matr.

For me? This is addicted and yeah so many people that comes for loan and not keeping their living because of debt.

If you take a loan for positive things, I think it doesn't really matter and whether you are addicted or not it all depends on the needs you need, as long as it is used for important things.
but if you take a loan for things that aren't important, I don't think it will be addictive, quite the opposite, because there is a very heavy feeling when paying it off.

so far I have also taken loans for urgent needs and I have tried hard to avoid that, as long as I can handle it, it is better not to be in debt.

It should be remembered that even though this can still be done, when things repeat themselves, because it seems like there is a handle when something is urgent and you immediately borrow money because the previous thought was like that, gradually this is still a big risk, I think.
It's not to be blamed either if there really is an urgent need and it's the only last resort to save them then they can still borrow money but if this keeps happening isn't this the same as not learning from previous conditions.
I still feel that as long as I can not borrow, whether it's important or not, then why not do it like that instead of continuing to force myself into loans which in the end make myself miserable.

[Bushdark]

Never that i took loan if not for emergency purposes in which only takes place in family loan from office.
But if for other? Nope and never matr.

For me? This is addicted and yeah so many people that comes for loan and not keeping their living because of debt.

Maybe taking a loan can be addictive but there is no proof for this if actually it leads to addiction. I think this can be linked to spirited effect where someone will be inflicted with the spirit of borrowing money from people without having the curiosity to pay back. People that like borrowing and that don't pay can be linked to spirit influence maybe as a result of the mistake there parent might have made before they are born. Normally get loan can make us indepted to the person that we get the loan from, which can urge us to quickly want to pay the loan without crazy excuses.

[hannahB4]

Taking a loan can lead to addiction but not in all cases, there are so many investors today, who borrow money to finance the project after that they will pay the money and keep the profit from the business. The loan itself is not bad, what is been taken or used for is what matter.