Is taking a loan/debt addicted ?

[Twentyonepaylots]

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.

[cydrix]

Establish a budget and stick to it consistently to end the debt cycle. If you're having trouble making payments, make debt repayment a priority and get in touch with your creditors. There are many financial institutions with possibilities for people in need. Discipline, preparation, and open communication are necessary for cycle-breaking.

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.

Although it is now easier than ever to apply for a loan online, there are still some risks, such as high interest rates, that should be considered. Read the terms and conditions of any loans thoroughly, and only take out what you can afford to repay. Before turning to loans, look into alternate financial options. You may keep yourself out of a debt cycle by being proactive and aware of potential threats.

[famososMuertos]

Yeah, I get what you're saying. There are people that takes more loan from other to pay their current loans and then they get piled up by different loans, ending up drowning. Loans and debt can be a real pain and stress in your life if you're not careful. So, when borrowing, you got to make sure you've got a plan to pay it back on time, or it can get messy. If someone's stuck in that nasty cycle of taking loans from different sources to pay their current loan, they should stop and start making a budget, figure out which debts are most important, and try to pay more than the minimum amount when they can. Talking to a financial experts might help too. It's tough to break free, but with some discipline and a solid plan, it's totally doable.

Well, is the theory that must be known before getting into a loan, then it is useless just when you say (very well) "it is drowning".

So the reality is that some need to go to the doctor because they are compulsive to get into debt and the solution is to take medication and pay off the debt.

In any case, it is always a very complex situation, in case TDC, there are statistics that say that 50% of debts are in innocuous things and that in themselves accumulate more expenses.

A classic is the purchase of a car, it is not only the debt of the car but also its maintenance, so, people have debts and decide to buy things to accumulate debt, instead of making new loans profitable. You do not need financial advice, but rather common sense. 

[kawetsriyanto]

It actually depends on the characteristics/nature of the person about how to deal with the loans. Those who only think instantly to deal with their loans, probably take new loans to pay their existing loans. They assume they will be able to pay off all the loans someday when they get a lot of money. But the problem is that they don't know how and when to get a lot of money. They just take some loans without clear plans for repayment in the future. These types of people will easily get addicted to the loans and never get out of the debt/loan cycle.

But for the people who prefer to sell their assets to repay the loans, they won't get addicted to the loans/debt because they know that the loans don't give advantage for them. It just becomes a burden and potentially spends all of their wealth. So, they only take a loan if it is in a very very urgent situation.

[Marcellin9]

Yeah, I get what you're saying. There are people that takes more loan from other to pay their current loans and then they get piled up by different loans, ending up drowning. Loans and debt can be a real pain and stress in your life if you're not careful. So, when borrowing, you got to make sure you've got a plan to pay it back on time, or it can get messy. If someone's stuck in that nasty cycle of taking loans from different sources to pay their current loan, they should stop and start making a budget, figure out which debts are most important, and try to pay more than the minimum amount when they can. Talking to a financial experts might help too. It's tough to break free, but with some discipline and a solid plan, it's totally doable.

Well, is the theory that must be known before getting into a loan, then it is useless just when you say (very well) "it is drowning".

So the reality is that some need to go to the doctor because they are compulsive to get into debt and the solution is to take medication and pay off the debt.

In any case, it is always a very complex situation, in case TDC, there are statistics that say that 50% of debts are in innocuous things and that in themselves accumulate more expenses.

A classic is the purchase of a car, it is not only the debt of the car but also its maintenance, so, people have debts and decide to buy things to accumulate debt, instead of making new loans profitable. You do not need financial advice, but rather common sense. 

Not only taking a loan to purchase a car, having enough savings to buy cars can also be irrational. Take me as an example, I bought a new SUV two years ago, a classic vehicle, very reliable and comfortable, paid with cash, one-time payment without any loan. This year I was thinking about purchasing another car simply because I thought it might be cool. However, considering the additional costs on maintainance, insurance, gas and others, I think this would be a bad idea to buy another car which I don't really need, although I can afford it. I am glad to be able to reflect on my unreasonable thoughts once a while, which helps me live a better life in general.

[bangjoe]

It actually depends on the characteristics/nature of the person about how to deal with the loans. Those who only think instantly to deal with their loans, probably take new loans to pay their existing loans. They assume they will be able to pay off all the loans someday when they get a lot of money. But the problem is that they don't know how and when to get a lot of money. They just take some loans without clear plans for repayment in the future. These types of people will easily get addicted to the loans and never get out of the debt/loan cycle.

I agree with this, 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.

But for the people who prefer to sell their assets to repay the loans, they won't get addicted to the loans/debt because they know that the loans don't give advantage for them. It just becomes a burden and potentially spends all of their wealth. So, they only take a loan if it is in a very very urgent situation.

The mindset when borrowing should be like what you said, but most of those who have a dismissive nature don't care and let everything go under pressure from debt collectors, and what's worse, people who are already addicted to loans when they are billed for payment, they even scold their debt collectors.

[cryptoknightt]

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

[erep]

But for the people who prefer to sell their assets to repay the loans, they won't get addicted to the loans/debt because they know that the loans don't give advantage for them. It just becomes a burden and potentially spends all of their wealth. So, they only take a loan if it is in a very very urgent situation.

Loans related to urgent needs for necessities must be prioritized and not to buy something unimportant, wise people will avoid loans/debt in any way unless there is no other way because of a financially critical condition but they will repay as soon as possible even though gradually. However, there are some people who are always in debt/loan because they are not trying to pay off the debt but apply for another loan to cover part of the previous loan, don't imitate that behavior because your life will always be tied to other people, so increase savings from work for future needs .

[BRINIRHA]

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

Of course you should. because the debt still has to be paid either slowly or quickly. And I hope you can immediately pay off every loan you have. In the past, I also had a loan and I struggled to pay it off. and last year I managed to pay it off. and when I am released from a loan I feel great freedom. In fact, I have become more passionate about working to make my business more advanced and growing rapidly. because sometimes when we have loan bills it can make our minds a little stressed and we can't think optimally. but when we have paid off everything, our minds become clear again and have a positive impact on everything we do.

[abralzain17]

yes, I agree that if the method used by someone like you mentioned is a vicious circle, he will never be separated from debt or loans.
someone who is addicted to debt, he will do anything to fulfill his desire, so that whatever he wants to do, he always thinks about how he can get a loan or owe it from another party. this is my friend's experience.
when he is unable to pay, he will stay away from the person who gave him a loan.

[Rockson1]

Thy say the borrower is a slave to the lender, so if you borrowed up to two to three  place you are  increase stress for your self.

[carlfebz2]

Thy say the borrower is a slave to the lender, so if you borrowed up to two to three  place you are  increase stress for your self.

Wont really be that stressful if you are really just that responsible on paying it back.This is why when you do took a loan then you should really be sure that you should have put it up on the right place or making use of it on something that would generate income but if you do take a loan just for the sake of buying something or speaking about wants then you would definitely be having a problem later on.
Its never been not that advisable on taking up some loan specially if those amounts arent really be used on something useful or really worth but if you do have the money that you are
expecting and able to pay it up on time then youre good but if not then dont tend to take up a loan or proceed on.

[Stedsm]

It depends on the reason why the loan was taken at whatever time it was taken. However, taking loans continuously to clear old debts or should I say, bad debts sometimes is not at all a good practice and should be avoided at any cost because it's never easy to get out of this cycle once you get stuck in it. If you have less money, you'll think that how will I repay and if you've got enough money to repay, you'll think that now I'm earning enough, so I'll repay slowly. That's not how a borrower should do, and at most try to clear his debts whenever he is capable of doing so, in order to get out of that situation and should also not take back a loan for whatever reason if he thinks he can manage the funds anyhow through any channel but not loan.

[Bushdark]

There are something we don't need to joke about. Taking loan and not paying back can be addictive and someone can inherited it from the gene of the parent. We need to know the root of our problem before trying hard to solve it. There are poor who would have inherited the spirited of owing debt and they will always seeing themselves taking loan and borrowing money without the urge to pay back even though they ahve the means and the source to pay back. People that are addicted to getting loan and not paying back are at there doom day.

[Sayeds56]

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.

Indeed, taking new loan to pay back previous ones, is a vicious cycle, however this issue can be resolved by preparing and implementing a long term workable plan to overcome this challenging situation. The following measures can help to address this issue:

- Cut down un-necessary expenses and prioritize to pay back loans.
- Negotiate the terms of payment with your creditors.
- Seek professional help to work out a payback plan which cab be implemented keeping in view your financial resources.

[Pamadar]

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

Indeed, if we will not take care of that debt, it will keep increasing as there's interest and without proper planning before you take that debt, you will end up loaning more to the point that you cannot pay it anymore.

You have to allocate portions of your salary to pay little by little to avoid loaning more to cover your first loan it
will not help but will be an additional problem when the loan generates corresponding interest.

[skarais]

Loans related to urgent needs for necessities must be prioritized and not to buy something unimportant, wise people will avoid loans/debt in any way unless there is no other way because of a financially critical condition but they will repay as soon as possible even though gradually.

Basically not all loans are bad, but I agree that if someone is trying to make a loan just to fulfill a lifestyle then that is the worst choice. Apart from all that, good or bad really depends on each person, but if it were me then I would not make a loan as long as I still have better options to choose from.

Due to the current economic problems, I tend to see some people take out loans to fulfill their luxurious lifestyle. I'm sure things like this will only burden their economy, especially if their income doesn't match their lifestyle needs. But I agree that loans can be made as long as you are in an urgent situation but you have a safe way to pay them off.

[KFC786]

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.

Loan is a curse as when you take loan you  are just frustrated as it's easy money and toy will spend or loose it more easily than hard money. So that's why I never take loan's etc. And also there are high interest rates on these loan's too. That's why I avoid them.

[wmaurik]

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.

[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.