Is taking a loan/debt addicted ?

[Alisha-k]

In as much as personally, I do not buy the idea of taking loans, I'll rather avoid whatever it is, than take a loan.
I understand that certain situations and conditions can push us to take up loans and be in debt but our ability to pay up is what makes us stand out.
If you must take up a loan, it's necessary you take up what you can comfortably pay up in no long time, do not take loans when your means of pay back is uncertained.

[Cookdata]

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 always make sure that life doesn't give me problems that would be heavier than my pockets, sometimes the people we see often as loan takers don't do it on purpose, sometimes life challenges them with problems that are more than they can chew and as result, they don't have any choice than to accept been a borrower. You see health challenges is one of the biggest that can ruin your financial ladder; when your health consumes more than what you earn, you will be left with nothing, trust me.

In other ways, there are these sets of people, they are the very lazy types, they would rather borrow money than work their way out and that's how they move from one lender to another place until when they couldn't borrow more and how to pay back becomes a problem for them which is regarded as an addiction.

[Marcellin9]

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 always make sure that life doesn't give me problems that would be heavier than my pockets, sometimes the people we see often as loan takers don't do it on purpose, sometimes life challenges them with problems that are more than they can chew and as result, they don't have any choice than to accept been a borrower. You see health challenges is one of the biggest that can ruin your financial ladder; when your health consumes more than what you earn, you will be left with nothing, trust me.

In other ways, there are these sets of people, they are the very lazy types, they would rather borrow money than work their way out and that's how they move from one lender to another place until when they couldn't borrow more and how to pay back becomes a problem for them which is regarded as an addiction.

The two types of loan taking are true and I agree with you but my topic here was not intended to discuss the cause of taking loans but rather how to deal with the problem and simply stop the vicious circle. The bankers/lenders will never care about the reasons why borrowers need money, instead, they only focus on how to expand the loan businesses and get the payback on time. I feel like you are a kind and honest person but in reality, especially when it comes to finanical issues, kindness does not really work. You are welcomed to look at the issue from a different perspective and share your views.

[wmaurik]

In as much as personally, I do not buy the idea of taking loans, I'll rather avoid whatever it is, than take a loan.
I understand that certain situations and conditions can push us to take up loans and be in debt but our ability to pay up is what makes us stand out.
If you must take up a loan, it's necessary you take up what you can comfortably pay up in no long time, do not take loans when your means of pay back is uncertained.

I think what you are expressing is very appropriate, because often I see around my environment there are very many people who have difficulty paying off loans that they make based on their own desires. Even though they know that before making a loan in any form, what they have to think about first is how to repay it after the loan is taken by them.

That's what some people who take out loans often forget, because they only see how easy it is to take a loan without thinking about how to repay it more easily and not make it difficult later. And what I can't stop thinking about is that there are some people who make loans just to fulfill their lifestyle without making the loan proceeds rotate to get a better profit.

[og kush420]

In as much as personally, I do not buy the idea of taking loans, I'll rather avoid whatever it is, than take a loan.
I understand that certain situations and conditions can push us to take up loans and be in debt but our ability to pay up is what makes us stand out.
If you must take up a loan, it's necessary you take up what you can comfortably pay up in no long time, do not take loans when your means of pay back is uncertained.

I think what you are expressing is very appropriate, because often I see around my environment there are very many people who have difficulty paying off loans that they make based on their own desires. Even though they know that before making a loan in any form, what they have to think about first is how to repay it after the loan is taken by them.

That's what some people who take out loans often forget, because they only see how easy it is to take a loan without thinking about how to repay it more easily and not make it difficult later. And what I can't stop thinking about is that there are some people who make loans just to fulfill their lifestyle without making the loan proceeds rotate to get a better profit.

I must say some people are loan addict - yes - they are always on the hunt to get new target.
These people are targeting old aged - these kind of people are abundantly found on matrimonial sites those who would like get money out of them at every cost.
I would always pray to God to keep me away from these kind of scammers 

[Cryptock]

In as much as personally, I do not buy the idea of taking loans, I'll rather avoid whatever it is, than take a loan.
I understand that certain situations and conditions can push us to take up loans and be in debt but our ability to pay up is what makes us stand out.
If you must take up a loan, it's necessary you take up what you can comfortably pay up in no long time, do not take loans when your means of pay back is uncertained.

I think what you are expressing is very appropriate, because often I see around my environment there are very many people who have difficulty paying off loans that they make based on their own desires. Even though they know that before making a loan in any form, what they have to think about first is how to repay it after the loan is taken by them.

That's what some people who take out loans often forget, because they only see how easy it is to take a loan without thinking about how to repay it more easily and not make it difficult later. And what I can't stop thinking about is that there are some people who make loans just to fulfill their lifestyle without making the loan proceeds rotate to get a better profit.

And there are people who would make you small and make you realize that you are a piece of garbage
The worse of all are those who get money from you and then ignore and give you bad names when you ask for the loan you have given them

[Yatsan]

In as much as personally, I do not buy the idea of taking loans, I'll rather avoid whatever it is, than take a loan.
I understand that certain situations and conditions can push us to take up loans and be in debt but our ability to pay up is what makes us stand out.
If you must take up a loan, it's necessary you take up what you can comfortably pay up in no long time, do not take loans when your means of pay back is uncertained.

I think what you are expressing is very appropriate, because often I see around my environment there are very many people who have difficulty paying off loans that they make based on their own desires. Even though they know that before making a loan in any form, what they have to think about first is how to repay it after the loan is taken by them.

That's what some people who take out loans often forget, because they only see how easy it is to take a loan without thinking about how to repay it more easily and not make it difficult later. And what I can't stop thinking about is that there are some people who make loans just to fulfill their lifestyle without making the loan proceeds rotate to get a better profit.

There are really people who'd apply for loan 'til their salary or monthly income gets occupied 'coz for them, they won't have a burden paying those things since it would be charged smaller than actually purchase it on one time purchase. That's indeed true but will never be financially advised. An individual should be as well futuristic with their funds such that there will be times wherein you'd need a money to pay what's important. And this is where debt would occur. The idea here is to have somewhat of savings or insurance in order to cover you up in a long run and to avoid being in debt only because you prioritize things which are not considered a necessity.

[ivankoh]

In other ways, there are these sets of people, they are the very lazy types, they would rather borrow money than work their way out and that's how they move from one lender to another place until when they couldn't borrow more and how to pay back becomes a problem for them which is regarded as an addiction.

I totally agree.  I am also a borrower to buy a house, in fact, I am personally very afraid of debts, if not in a dilemma, I would not borrow.  I see some people, they easily borrow to play cards.  Maybe for them, the conditions and circumstances, means and equipment to repay the debt are very normal.  They don't even hesitate, don't think much, don't feel the debt is a pressure.  and they are willing to continue to borrow when the debt is repaid, they will borrow anyone when needed… ns can also be an addiction

[Marcellin9]

In other ways, there are these sets of people, they are the very lazy types, they would rather borrow money than work their way out and that's how they move from one lender to another place until when they couldn't borrow more and how to pay back becomes a problem for them which is regarded as an addiction.

I totally agree.  I am also a borrower to buy a house, in fact, I am personally very afraid of debts, if not in a dilemma, I would not borrow.  I see some people, they easily borrow to play cards.  Maybe for them, the conditions and circumstances, means and equipment to repay the debt are very normal.  They don't even hesitate, don't think much, don't feel the debt is a pressure.  and they are willing to continue to borrow when the debt is repaid, they will borrow anyone when needed… ns can also be an addiction

These people are everywhere. I remember once having dinner with a bunch of fiends. Acutally, most of them were not my friends and only the host was. The dinner banquet was for the celebration of my friend's newly born son. Anyway, we had sit arond the table and everyone began to talk after a few drinks. To my suprise, half of them were bragging about how much money they could lend from banks and/or lending institutions and how lavish their lifestyle was. I realized immediately that I was not one of them so I kept quiet. Many of them had dozens of credit cards to cover each other but the debt grew bigger and bigger like a snowball. They did not feel bad but excited, like being addicted to drugs. I was becoming more aware of who I am after that dinner. Step away from loan/debt and never be an addict !

[Agbe]

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.

Let me start from the subject or topic. I may say yes from the experience of my two friends one male and another female. The female took loan from me since last year and she has not paid it yet she was disturbing me to give her another loan again and she has taken from others too and she is still seeking to collect more. Make is another addicted one. He is always on loan. So people can be addicted to loan.
Then coming to the content of the OP. Banks only give loan with collateral so that if you could not pay the loan at the stipulated time they would claim the property. So that is your own concerned. And for me, personally I don't like loan, in fact I hate loan.

[xSkylarx]

In other ways, there are these sets of people, they are the very lazy types, they would rather borrow money than work their way out and that's how they move from one lender to another place until when they couldn't borrow more and how to pay back becomes a problem for them which is regarded as an addiction.

I totally agree.  I am also a borrower to buy a house, in fact, I am personally very afraid of debts, if not in a dilemma, I would not borrow.  I see some people, they easily borrow to play cards.  Maybe for them, the conditions and circumstances, means and equipment to repay the debt are very normal.  They don't even hesitate, don't think much, don't feel the debt is a pressure.  and they are willing to continue to borrow when the debt is repaid, they will borrow anyone when needed… ns can also be an addiction

These people are everywhere. I remember once having dinner with a bunch of fiends. Acutally, most of them were not my friends and only the host was. The dinner banquet was for the celebration of my friend's newly born son. Anyway, we had sit arond the table and everyone began to talk after a few drinks. To my suprise, half of them were bragging about how much money they could lend from banks and/or lending institutions and how lavish their lifestyle was. I realized immediately that I was not one of them so I kept quiet. Many of them had dozens of credit cards to cover each other but the debt grew bigger and bigger like a snowball. They did not feel bad but excited, like being addicted to drugs. I was becoming more aware of who I am after that dinner. Step away from loan/debt and never be an addict !

Its their mindset in what they are doing they prefer to be in debt. There are really people are doing this just to show off and also they cant see any problem of it as they can still able to pay their debts and can sustain their lavish life which is true but they are wasting their money and time about it since for sure even they are able to pay it they will regret it later on and thinking that the money they spend on useless things should be like bought appliances or items that you will needed in the future as well as investing to business.

[Flexystar]

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 are going to take a loan then make sure you plan to way way ahead of the time. You must note down everything from expenditures, savings, what goes into EMI and what is leftover. You will have to break it down in your accounting to make sure you dont get stuck into that vicious cycle at all.

Like you will have to start with these:
1) Whether you are a business person?
If yes, then what is your current valuation, profits, income and will have to take employee salaries, business expenses, cost to company in consideration. Then after calculating exact EMI's and loan tenure you can decide whether it is feasible for you to pay or not. OR at least you can have exact figure up to which you can pay stress free and take only that much amount of loan.

2) In case of employee person you will anyways get the loan based on your salary income. That will have recalculated figures yet you will have to see what expenses your house is making. Sometimes there are always unwanted expenses in the house which your bank will never know about. So be careful while taking the loan and understanding what amount is being sanctioned to you.

I have been there. And I have also taken parallel loan amount. This means I over took the loan above my salary but it was emergency situation and I managed to repay my loans in very short period of time so I never had problem. But this happened because I did it calmly and planned everything properly.

[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.

Let me start from the subject or topic. I may say yes from the experience of my two friends one male and another female. The female took loan from me since last year and she has not paid it yet she was disturbing me to give her another loan again and she has taken from others too and she is still seeking to collect more. Make is another addicted one. He is always on loan. So people can be addicted to loan.
Then coming to the content of the OP. Banks only give loan with collateral so that if you could not pay the loan at the stipulated time they would claim the property. So that is your own concerned. And for me, personally I don't like loan, in fact I hate loan.

There are people who can continue taking loans and even not yet been done paying they will try to seek for another,
I know some people who have this attitude personally.

I don't deal with them after letting them barrow some amount and not pay me back, I'll let them but
never to allow them to barrow again so it won't added to their debt.

[Fivestar4everMVP]

Well, one thing am so sure of is that, I can never borrow money that I can't pay back, I've never borrowed money from the bank, but I've borrowed money from family and friends, and some times, even on this forum, though during the time I owed some of this loans, like the last one I experienced, I ran into problems which tried to make me not to be able to repay the loan, but I still fought my way through and repaid it all.
One mistake I've always avoided is, borrowing to repay another loan, thats a very bad habit and shouldn't be encouraged anywhere.

[yohananaomi]

I totally agree.  I am also a borrower to buy a house, in fact, I am personally very afraid of debts, if not in a dilemma, I would not borrow.  I see some people, they easily borrow to play cards.  Maybe for them, the conditions and circumstances, means and equipment to repay the debt are very normal.  They don't even hesitate, don't think much, don't feel the debt is a pressure.  and they are willing to continue to borrow when the debt is repaid, they will borrow anyone when needed… ns can also be an addiction

Borrowing, as you said, will of course be different, because borrowing to buy for interests or needs that are really needed is of course very wise to do, because there is no other alternative. but it is very wise to borrow from a bank whose credibility is very well tested, not to institutions that are easy, but the interest is high and it will be misleading later.
but borrowing for dishonorable actions such as playing gambling is definitely not recommended, because what makes addiction is not just borrowing but gambling which actually drags the addiction.

[browsiek]

Well, one thing am so sure of is that, I can never borrow money that I can't pay back, I've never borrowed money from the bank, but I've borrowed money from family and friends, and some times, even on this forum, though during the time I owed some of this loans, like the last one I experienced, I ran into problems which tried to make me not to be able to repay the loan, but I still fought my way through and repaid it all.
One mistake I've always avoided is, borrowing to repay another loan, thats a very bad habit and shouldn't be encouraged anywhere.

Borrowing and borrowing is a very common thing as long as we know that the reasonable limit that we are able to pay is legal.  What should not be done when borrowing is exceeding the specified limit because when borrowing money from a bank or any institution, the interest we pay increases, which makes it difficult for us to pay it.  as much as possible we should be able to manage it well and when borrowing we must have income that must be paid for the loan.

[Rockstarguy]

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.

Let me start from the subject or topic. I may say yes from the experience of my two friends one male and another female. The female took loan from me since last year and she has not paid it yet she was disturbing me to give her another loan again and she has taken from others too and she is still seeking to collect more. Make is another addicted one. He is always on loan. So people can be addicted to loan.
Then coming to the content of the OP. Banks only give loan with collateral so that if you could not pay the loan at the stipulated time they would claim the property. So that is your own concerned. And for me, personally I don't like loan, in fact I hate loan.

I don't really see it as addiction but sometimes it can been laziness, not willing to take fully responsibility of life. I know things are difficult this time but that doesn't mean one needs to sustain his/her self with loan. Instead of looking for where to take loan why not look for something that will bring a penny and adjust the way of spending money just to meet up. It is only someone who is not willing yo struggle and take responsibility that will be comfortable to take loan with having fear of stress on how to pay back.

[tjtonmoy]

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

Indeed, it is. Firstly, no one should take loan if they are not in any extreme situation. But if you are in a debt already, then there are some way you can get out of it. But it will be a long journey for sure. Taking from one and paying the other creates a mess. But if it's already done, then you should focus on the highest interest loan first. The more you drag it, the more you'll have to pay. So make a list of everything and choose which one you need to clear first. Then create a budget on how you are going to spend and pay back depending on your budget. Also, if you're struggling with debt, there are resources available to help you. Consider seeking the advice of a financial counselor or debt management professional, who can help you come up with a plan to get you back on the track.
And I am saying this again. Don't rush, it will take time, but you will eventually get out of it some day. And before taking any loans, consider discussing the payback amount which you can afford.

[ShowOff]

I would not consider getting loan unless it was an urgent situation. I won't even consider installments when buying anything I want because this will just be a burden that I have to bear each payment period. Loan can help in times of need, but I'm not at all sure it would become an addiction were it not for some utterly dire need.

There are those who can make loan to build their businesses, there are those who succeed and there are also those who fail. So there is no dependence on making loans of any amount, but usually banks can offer more loans if you are a customer who is not in trouble and is smooth enough to pay off the loan before maturity. The best advice is, don't make loan if you don't need the money urgently, you should have better options than making a loan like selling some valuable assets or something.

[Zilon]

First never take a loan you can't pay back within a stipulated time secondly  the fastest way to pay back debts is to start making instalments as early as possible that way it will reduce the borden of paying bulk money and also help repay back those loans before the due date.

The most awkward loan is when it is above your income and the said loan isn't meant for investment of any kind. Loans are sweet when they are been taken but becomes a trap when it becomes difficult to pay back. Loans of this nature will either result in losing properties staked as collateral or taking up more loans to offset outstanding loans.