Is taking a loan/debt addicted ?

[Joshapat]

Now it's easier to take a debt, the many offers of applications that provide loans with easy terms make many people trapped with debt, moreover the debt is only used for pleasures such as travel, culinary, hobbies and so on, and it can be said that debt is now is an addiction.

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[bakasabo]

Taking loans or debts is an addiction that banks have created. As well as global development. We have usually one or several sources of income, but too many things we think we need or could get. This is the lust to have more or curiosity to try something. Loans are easy money, the way to get something fast and easy now, instead of waiting.

Loan/debt is an addiction that can be stopped easily, despite other addictions. Sometimes it is enough to go through 1-2 loan, to resist from taking a new one. There are people who are addicted to take loan all the time, to live on credit. Such addiction can be cured with sudden receipt of a huge amount of money.

[blockman]

Now it's easier to take a debt, the many offers of applications that provide loans with easy terms make many people trapped with debt, moreover the debt is only used for pleasures such as travel, culinary, hobbies and so on, and it can be said that debt is now is an addiction.

It's because the profit there is a lot and they can easily take collaterals that have a higher value than the requested amount. But if it's a non-collateral loan, they are getting the information of the borrower and its relatives that will be signed through reference.
So, if ever the loaner defaults on it, they will chase them and will have some words that the loaner will certainly don't like. That's why it's a trap, those that have tried it before won't be doing it again not just because of the rates but the shame that they've got.

[Smartprofit]

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.

Getting a loan from a bank is a very risky activity.  The bank loan will need to be repaid (in this case, not only the body of the loan, but also the accrued interest payable). 

Therefore, a loan can be taken only for very important purposes (for example, for business development or for the acquisition of promising real estate).  Some borrowers believe that it is acceptable to take a bank loan for the purpose of obtaining higher and secondary education (however, in my opinion, this is a controversial point of view). 

Refinancing does not solve the problem, as it only increases the credit burden. 

In my opinion, you should try not to resort to a loan of credit funds in principle.

[Ultegra134]

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.

Getting a loan from a bank is a very risky activity.  The bank loan will need to be repaid (in this case, not only the body of the loan, but also the accrued interest payable). 

Therefore, a loan can be taken only for very important purposes (for example, for business development or for the acquisition of promising real estate).  Some borrowers believe that it is acceptable to take a bank loan for the purpose of obtaining higher and secondary education (however, in my opinion, this is a controversial point of view). 

Refinancing does not solve the problem, as it only increases the credit burden. 

In my opinion, you should try not to resort to a loan of credit funds in principle.

Taking a loan is a risky move, but the risk varies depending on the reason you're receiving the loan. I've had acquaintances with unstable jobs take an expensive car loan at a young age because they want to show off with their car; I've had others who wanted money in order to afford a vacation, and paying a loan with monthly instalments was their way to go. These two examples both show an awful approach. The only reason I'd be okay with taking a loan would be for investment purposes, such as repairing or renovating a property for personal use, renting, or selling.

Not exactly a loan, but one more use of credit cards is to pay for stuff you can't avoid, such as insurance, taxes, etc., in interest-free installments, making it more affordable to pay and usually earning cashback points depending on your card.

[Henrobakkara]

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.

To start with, I would want to believe that for anyone going into taking a loan to do anything, that thing or investment should have to be something that is capable of generating the payback money for the loan you have taken if not 100% but at least to a reasonable amount but not to collect a loan to buy what can not or will not generate profit to pay for itself somehow. if not in this line, then a loan for me is a no-no.   

[Saisher]

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.

If you're not going to stop the cycle you will end up neck-deep in your debt, so stop the cycle you will not only lose your reputation but you will end up penniless because of the interest, it's better to sell whatever assets you have there, so you can stop this vicious cycle you will eventually land in prison if you will not stop the cycle, you can file for bankruptcy and let the take bank that whatever assets you had and find a good job to repay the bank.
Sometimes things like this should happen for you to understand that taking a loan is not always the answer, but saving little by little goes a long way.

[uche6215]

Getting a loan to start up something meaningful, that will profit you something by the end of the day is a very good idea. You can get profit from there to pay back your loan.
And it will build your reputation more and after paying back your old loan you might even get more loans.

[Issa56]

I don't think taking a loan is a bad idea, but when you are taking a loan, make sure it is used for something meaningful. Also if you are taking loan, make sure you borrow the amount you can afford to pay back at the given time, don't loan any amount which you can't pay back, so you won't endup taking loan from other places just to payback for the loan you borrowed and you haven't paid back. If you keep on taking loan, anywhere you borrow money from will definitely add their own interest.

[Cling18]

I don't think taking a loan is a bad idea, but when you are taking a loan, make sure it is used for something meaningful. Also if you are taking loan, make sure you borrow the amount you can afford to pay back at the given time, don't loan any amount which you can't pay back, so you won't endup taking loan from other places just to payback for the loan you borrowed and you haven't paid back. If you keep on taking loan, anywhere you borrow money from will definitely add their own interest.

Borrowing and loaning money will be a lifesaver and a big help to those who want to start up a business without enough capital but it should be handled and managed well. Loaning must also be accompanied by a proper lifestyle where we control spending too much on unnecessary things so we can save and prioritize paying our debt first. If we are responsible loaners, then borrowing will never be a problem that we could face in the future.

[zaki12]

Now it's easier to take a debt, the many offers of applications that provide loans with easy terms make many people trapped with debt, moreover the debt is only used for pleasures such as travel, culinary, hobbies and so on, and it can be said that debt is now is an addiction.

Yes, it all depends on us too, don't be easily tempted by debt. Stay away from the habit of being in debt, all those who are in debt certainly want to have all their needs fulfilled until they finally dig a hole to close the hole because Debt Debt in the end has a lot of debt.

Therefore, before going into debt, we must have a steady income to pay off the debt that we will borrow. If you decide to go into debt, use the debt to help productive finances.

[Inwestour]

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 will say that I am familiar with such a case and in fact it is a very terrible addiction, in fact it is not even an addiction, but a real disease that a person is not able to cope with on his own.

I knew a man who constantly took out loans, he made good money, but spent much more and that's why he took out loans. At first, he repaid the loan when received a salary, but then this was not enough as his debts grew and he had to take out more loans to cover the debts of previous loans. It was like some kind of horror, but he could not stop.

The debts reached some unrealistically large values, and the banks started blacklisting him, so that he could no longer take loans.

As a result, his friend saved him, he paid everything for him so that the banks would not take away his housing, and this man promised to give everything, it's just luck that they helped him, he still repays him every month. But I will say that I do not believe that people can change, only qualified help is needed here, otherwise sooner or later everything will return.

[jrrsparkles]

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 loan isn't dangerous nor an addiction, and we generally take loans for our financial needs but most of us mismanage the loan funds and fall into debt, borrowing from someone can avoid the defaulting but it doesn't give a permanent solution so first of all for what reasons we are taking loan is important, for something which is not really productive then you should not take a risk with it but if you are sure it can be a life changing when you have the money then its worth to take.

And importantly loans builds the credit line so one who pays the loan on time will get less interest loan than defaulters.

[EarnOnVictor]

Now it's easier to take a debt, the many offers of applications that provide loans with easy terms make many people trapped with debt, moreover the debt is only used for pleasures such as travel, culinary, hobbies and so on, and it can be said that debt is now is an addiction.

Loan taking is not an addiction but it's addictive and those people that see this coming are so few and the number of people that would be affected is also few. It was still better when only commercial banks give loans where you will have to go through some tough/strict conditions and have collateral before taking loans.

But things have revolutionised, nowadays, you can take loans as fast as you can imagine, and this is mostly done without any collateral. This is where the addiction starts, and to be sure of what I am saying, I was getting addicted to loan apps between 2021-2022. I would have money in my account and still be craving for a loan to show how bad it was.

[kryptqnick]

I am not sure taking loans is necessarily an addiction, as someone may continue taking them out of necessity, out of being unable to get out of the constant owning of money. If a person gets out and can cover basic needs without a loan and takes one anyway, even though it will lead to another circle, that might be addiction.
I'm not from a country where taking loans is considered normal, and I don't remember ever taking one myself. But I do know that some countries have this whole thing about having a positive credit history, and about it being typical to take mortgages, student loans, as well as use credit money once a bank account runs out of salary... I also feel like it's a very dangerous path, excluding perhaps mortgages.

[Iroh]

Getting a loan to start up something meaningful, that will profit you something by the end of the day is a very good idea. You can get profit from there to pay back your loan.
And it will build your reputation more and after paying back your old loan you might even get more loans.

Taking out a loan from the bank for a good cause(mostly something that would give you good profit in the long run) is okay. You could always find the money to pay back the bank.
Banks are the first financial institution people go to when thinking of taking out a loan and they’re famous for getting their money back from their clients. As a business owner, It’s always good to build up a reputation especially with the bank so you could get huge sums in loans whenever you need it. That could come in handy when you need to make some immediate payments or purchases.

[Issa56]

Borrowing and loaning money will be a lifesaver and a big help to those who want to start up a business without enough capital but it should be handled and managed well.

Not everyone that's taking loan is having intention to start a business with, anyone taking loan is always having personal reasons for doing that, so the best thing is that always take loan that you can pay back easily and make sure you don't waste the money anyhow, have seen someone that have taken loan to celebrate birthday before which I believe that's rubbish, I don't really think things like that really make any senses, if you are taking loan, then make sure you are using the money for something reasonable.

[visionE2]

I think debt needs to be understood first and understood the benefits and drawbacks and how we can react to it so that we don't get trapped and enter into a vicious circle. Especially if you owe it to invest in crypto it is very risky.

Debt according to our ability can motivate us to work. My father said that debt is also not a loss if we can really make our debt productive. we can make repayments and we can make ends meet for our daily needs. I myself have cash but I also have debt for business capital.

[el kaka22]

This is definitely a way that goes on to create a very bad life. My parents were like this, and they screwed up really bad in the end. If you are taking a loan, then make sure that you can pay it back, if you have to just get a big bag of rice and just eat that until you have enough money to pay.

I literally mean living as cheap as possible, just rice, ramen, noodle, water, and barely minimum of anything else, no netflix, no disney plus, nothing, just spend as little as possible, do not even drink coffee. I did this, I had debt for four months, and I lived as cheaply as possible and spent nearly nothing, and paid a huge debt back, which should have taken me 3 years in normal situations, took me 4 months and I am now debtless again.

[South Park]

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 depends on how this is done, if the interest rates you have to pay are very high for the loan you took but you can restructure your debt and ask for another loan with lower interest rates, then this is the one instance in which it makes sense to ask a loan to pay for your current debts, as this will reduce the money you have to pay and the overall burden towards your finances, but this is rare and the majority of those which engage on those practices have some sort of problem managing their money.