Is taking a loan/debt addicted ?

[Zlantann]

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 might be justifying to borrow money to invest on a business or because of emergencies. But borrowing to meet a need or want is not adviceable. One can borrow to start or expend a business and the profit can be used to finance or repay the loan. Also, there are times when their are unforeseen occurrences such as sickness, accident or other losses, one can decide to take loan to meets these vital needs.

But when one borrow to buy food, clothing, car, or other accessories that are used mainly for pleasure, their are chances that it might be difficult to pay. Borrowing is not a good lifestyle because it can lead to other issues such as gambling, corruption and health issues.

The best way to deal with borrowing is to spend below your means and look for alternative sources of income if your pay is not sufficient or meeting your needs.     

[Mahanton]

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 just to pay up another loan? You are just making yourself get drowned by interest and there's no way on getting into that cycle.If you dont have any other choice and it would really be that important for you to take up some loan then deal with those interest but as much as possible or as you could then you should really be avoiding on doing so.Better to live up on something that you wont really be involving for
some loans because if you dont able to get out with that cycle then you are just been milked out by those lenders but there are indeed situations on which it cant really be avoided
for you to step into this area which you do need to borrow money when you are short out of funds.

[dothebeats]

I don't think it's addicting but more of sort of getting used to borrowing whenever you have tried getting one. Once you did it once, you will always have the reasoning that I can just take money in advance, I will have money to pay it anyway before the due date. That is fine if you are responsible enough to pay all your debts on time, but what happens if you do not? That becomes a problem. Usually, those who end up getting huge amounts of debt are the ones who cannot control their finances responsibly.

As long as you keep your spending in check, you're fine to go ahead and take a loan IMO.

[Frankolala]

Loans are only good when you want to use it to boost a business that is failing,it is not good to take a loan from the bank or any loan company if you don't have a means of paying back. Loans app are like slow death as they will keep on messing with your reputation by letting your friends and family know that you are owning their platform.

When the time for the pay back expires,and you couldn't meet up,an additional interest will be added due to delay and before you know it,the loan that you collected interest will keep on piling up. In my county if you are collecting a big amount of loan,there must be a collateral which an agreement will be signed between both parties involved,so that when you can't meet up to paying back at a certain period of time,the property becomes theirs. I hate having it in mind that am to payback a loan,it gives me sleepless nights.

Taking loans is not addiction because a time will come when you will be hunt by the bank or loan companies for your arrest.

[Nwada001]

Of course, the best way to maintain your normal well-being and get a good night's sleep is to not use credit at all. It is better to deprive yourself of something than, as you say, fall into a debt trap. But today there are a lot of banks offering their services, and people are tempted to want to get money faster, sometimes not thinking if everything is in order with how they will return it. Having a stable income also does not guarantee that everything will go as we would like. But life on credit is a part of our lives, and either you sleep peacefully without debts and know how to relax, or you are constantly under the yoke of debt, which, if it is impossible to pay on time, kills your health every day. Everyone has a choice.

Sometimes most people don't take on debt because they want to use it for luxury or for something that can wait, but sometimes they do because that's the only option left for them. Let's say I'm out of money and the only way I can earn money is through my signature, which I'm wearing, and if I don't finish my post for the week, I won't get paid, and in the meantime, my gadget develops a fault that requires a small sum of money to repair, which I don't have at the time been but I have hope of funds if the gadget is with me, the option which will be left for me is to either the repairer to repair the gadget for me on credit and give an exact date of payment or i take a loan and fix my gadget when i get paid from my work i repay the loan. In cases like this to me it's worth borrowing for. 

[Lanatsa]

Of course, the best way to maintain your normal well-being and get a good night's sleep is to not use credit at all. It is better to deprive yourself of something than, as you say, fall into a debt trap. But today there are a lot of banks offering their services, and people are tempted to want to get money faster, sometimes not thinking if everything is in order with how they will return it. Having a stable income also does not guarantee that everything will go as we would like. But life on credit is a part of our lives, and either you sleep peacefully without debts and know how to relax, or you are constantly under the yoke of debt, which, if it is impossible to pay on time, kills your health every day. Everyone has a choice.

Sometimes most people don't take on debt because they want to use it for luxury or for something that can wait, but sometimes they do because that's the only option left for them. Let's say I'm out of money and the only way I can earn money is through my signature, which I'm wearing, and if I don't finish my post for the week, I won't get paid, and in the meantime, my gadget develops a fault that requires a small sum of money to repair, which I don't have at the time been but I have hope of funds if the gadget is with me, the option which will be left for me is to either the repairer to repair the gadget for me on credit and give an exact date of payment or i take a loan and fix my gadget when i get paid from my work i repay the loan. In cases like this to me it's worth borrowing for. 

There are really indeed moments in our lives on which we dont really have any option but to take up some loan which it isn't really that bad just like the rest been saying but be sure that you are really that paying

them on time because you are really that obliged on doing so.If you cant then you would be facing up some penalties and charges which is really that normal for those lending firm or individuals who do let you borrow.When you dont have extra money or funds or already had been exhausted then you wont really be having no options.

Its not bad to take some loan or debt as long you would be making yourself that responsible on paying it back.

[Natalim]

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 actually happens in real life, not to me but to my friend.  However, I understand their sentiments about why they do that because they have no option and many poor people did the same. It is a big mistake to borrow money just to pay for another debt, it becomes continuous, and couldn't get out of it unless you will increase your income. Sometimes we are too blind not to see the other opportunities around us, it is really a need for us to work hard and sacrifice ourselves from buying unnecessary things, instead to prior paying our debts. But if we can't do it, therefore, there is no way we can settle this thing forever.

[milewilda]

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 actually happens in real life, not to me but to my friend.  However, I understand their sentiments about why they do that because they have no option and many poor people did the same. It is a big mistake to borrow money just to pay for another debt, it becomes continuous, and couldn't get out of it unless you will increase your income. Sometimes we are too blind not to see the other opportunities around us, it is really a need for us to work hard and sacrifice ourselves from buying unnecessary things, instead to prior paying our debts. But if we can't do it, therefore, there is no way we can settle this thing forever.

This is why the rich becomes even more richer because they do really take advantage into those people who are really that in need and taking up some loans and make them do have the advantage.
Each of us does have their own struggles in life specially when you are an average wage earner where unexpected things do happen or emergencies which would be the cause for you to borrow
if there are no other choices that you could rely or depend on.Just like the rest been saying that taking a loan isn't bad as long you do obliged yourself on paying up your responsibilities
then you wouldn't find any problems.

[mvdheuvel1983]

If you wanna be happy and have peace and be happy stay out of debts. Sometimes it hard bit you but you have to try. Or rather still when you do pay back as soon as you get the cash. Also avoid loan sharks,
 they a vicious and would not hesitate to prey on defaulters. I do not think people get addicted to loan cash.

[Smartvirus]

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 guess its all I'll be talking about today because, I just saw a thread that focused on loan just a while ago although, it came with another context that centered on having to invest with loaned money.
It's okay to take loans, besides that's what the facility was provided for, to help you archive that which money serves as a limitation but, you ought to pay it back and with interest if it does come with one.

Well, in my nation, loans have been really popular and we've got lots of loan apps or firms out there and these guys have been cheated of there money many at times. The few that have got it right is the banks. They've got BVN  (Biometric Vertication  Number) to link accounts and it doesn't matter which bank was used to taking a lone, agree to the terms of deduction and you would get deductions whenever its credited.

For other financial firms, its just different. There terms are sly and people just ride on them all they want.

[Iroh]

Before you could borrow money from the bank, you would have to present some form of collateral that has to be of some great value so if you at any time default on your payment to it, the bank would use your collateral to service the debt.

I would advise against taking out loans. And if someone already has, then it’s wise to get another or several sources of income and work your ass off to pay off those loans. Cause the bank doesn’t take no for an answer. Neither does the loan shark. Especially the loan shark.

[Sexylizzy2813]

It can be addicted only if you think of taking than paying because some people always think of themselves than the people they're owing and they say "is a small money, I'll pay later" that's how you impose yourself in deep problem without you knowing. Is better to live a free life than seeing yourself running from your fellow human being cause of taking loan that you would have cleared off all in the name of greed. At some point you sit down and say money is the root of evil, that's something I don't really buy in this case.

[irhact]

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

It's and I have experienced it first hand, I had a friend who was a serial loan taker, he takes a loan just to pay another loan and this circle continues and now he's in a debt that he can't even clear in years to come and that's exactly why I avoid borrowing this kind of people money instead I just give them whatever that I'll be comfortable if they can't pay back. It's circumstances that make people take loan but there are people's that are now addicted to it that it becomes a habit.

It doesn't really matter how much they earn as they're always running out of cash due to poor money management and then go asking even those who aren't earning as much as them for loans. I won't recommend anybody taking loans if it isn't that necessary. Avoid it at all costs it's never a healthy life decision. Always try to manage any little cash you have and prioritize the important things in your life and neglect the wants.

[Dickiy]

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.

In this case we must first read the situation and what this debt is really for, if in business sometimes we need funds to increase our business capital and on average entrepreneurs take this, and of course business is not always smooth there must be ups and downs in income, so that when income decreases and cannot pay monthly bills in my experience it can be discussed with the bank because this concerns the smooth running of the business and cooperation.

But in the context of consumer loans, banks usually have no tolerance and even if you take a loan from another bank, I don't think it's easy because your loan data will be available at the financial services authority and all banks use it to review your profile or history in finance. .
Digging a hole to close a hole is not a good thing, in fact it will make your finances worse and a lot of problems.

[DaNNy001]

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

It's and I have experienced it first hand, I had a friend who was a serial loan taker, he takes a loan just to pay another loan and this circle continues and now he's in a debt that he can't even clear in years to come and that's exactly why I avoid borrowing this kind of people money instead I just give them whatever that I'll be comfortable if they can't pay back. It's circumstances that make people take loan but there are people's that are now addicted to it that it becomes a habit.

Loan is always easy to collect and when its time to pay back, if you don't properly plan and strategies yourself you will become a debtor in all angles. I usually take loan whenever i know am in an emergency case and not only that also when i know i can be able to pay off within the period given because if you fail to clear off the pressure sinks in you and some people tend borrowing more loans just as you have stated to clear off and that entangles you in a loan circle.
Noteits better to always consider what the money collected is used for because if its for pleasure, you obviously can't pay back

[Jatiluhung]

I have witnessed a lot of people taking loans to banks. they use the money from the loan to increase their business capital so that they become more advanced. and their business has been running for a long time and seems to be doing well. But they said they were tempted to further scale up their business. well initially their business looks to be better. But after a few months I heard that they were having trouble paying loan installments to the bank. so they are forced to reduce their business capital and take the money to pay installments at the bank. but other problems arose in the following months. and now their business is even going bankrupt. it's as if their business, which was originally fine, has decreased after having a loan from the bank. and they even take other loans from loan services in online applications. because they want to keep their business going. and it seems many have experienced similar cases. i don't know the problem. But I think it's about poor financial management. and I hope we can avoid the temptation of borrowing in any form.

[Don Pedro Dinero]

This is why the rich becomes even more richer because they do really take advantage into those people who are really that in need and taking up some loans and make them do have the advantage.
Each of us does have their own struggles in life specially when you are an average wage earner where unexpected things do happen or emergencies which would be the cause for you to borrow
if there are no other choices that you could rely or depend on.Just like the rest been saying that taking a loan isn't bad as long you do obliged yourself on paying up your responsibilities
then you wouldn't find any problems.

That's not so, for one thing because not all rich people are in the business of lending, far from it. They become richer because instead of having low incomes, as is usually the case in the cases mentioned by the OP, in which people get deeper and deeper into debt, they have incomes that exceed their level of consumption, so they invest the excess. If instead of going into debt and paying interest on it, you invest and receive interest, you get richer and richer, and as your wealth increases, as long as you don't increase your consumption level above the increase in wealth, you get richer and richer in autopilot mode.

[xSkylarx]

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

It's and I have experienced it first hand, I had a friend who was a serial loan taker, he takes a loan just to pay another loan and this circle continues and now he's in a debt that he can't even clear in years to come and that's exactly why I avoid borrowing this kind of people money instead I just give them whatever that I'll be comfortable if they can't pay back. It's circumstances that make people take loan but there are people's that are now addicted to it that it becomes a habit.

Loan is always easy to collect and when its time to pay back, if you don't properly plan and strategies yourself you will become a debtor in all angles. I usually take loan whenever i know am in an emergency case and not only that also when i know i can be able to pay off within the period given because if you fail to clear off the pressure sinks in you and some people tend borrowing more loans just as you have stated to clear off and that entangles you in a loan circle.
Noteits better to always consider what the money collected is used for because if its for pleasure, you obviously can't pay back

That is the purpose of loan for emergency and there are things that needed to purchase but others are using it for their wants that is why some people can't pay it back because it was too expensive or its to big to payback. Having loan is not pleasurable also as you always thinking it everyday mostly if your salary is not enough and also you need to cut expenses to give way of your loan. We should stay away from debt as long as we can

[passwordnow]

Tons of people fall into that debt spiral you described, OP. 

I can attest to this but not for me but for the people that I know. It's true that it's a spiral trap and your debt will look like have no way of ending because you'll get used to it.
One perfect example is our neighbor. She's an old woman but kind but I've seen how tough her life is due to the situation that she's got, every day the lenders walk through and knocking her door because that's how she thinks about how to end her debts by borrowing again to cover and pay for the other one which is obviously not gonna help.

[michellee]

I am fortunate to have no debt in the form of a loan in my life and I also do not want to try it for whatever reason. I'm just afraid that if I can't return it for some reason, the lender could be disappointed and angry with me. But for those who borrow frequently, maybe they won't feel it because they've done it to many people and they can repay the loan. It was very difficult to stop because it had become a habit from a long time ago. And if they want to stop it as soon as possible, they must have the money to pay off all that loan debt and be determined not to borrow money from anyone else.