Quit borrowing

[Obari]

It's a good thing to get oneself determined in taking a step, borrowing is a bad habit except in some cases where it becomes inevitable, we must learn to live a life of ownership, work hard in getting our own things, though it may not be that easy at the start but it's worth it, if you're used to borrowing things from people, you may not have the opportunity to get to work things out for having your own except by grace.

I never thought make loans some funds was bad for all cases, in fact you have to realize that many business people get loans but in reality they are very successful. What does it mean, if you are borrowing for the development of your promising business, then that is good, but if you are borrowing for the needs of daily living then obviously it is a bad choice.

I understand what the financial and psychological impact of a loan is, but not everyone will be in the same case. There are many successful businessmen because they get large capital loans, even though some of them also fail when their business is not running smoothly.

Exactly mate and even earlier when I made a comment in this thread, I specifically stated that borrowing isn't necessarily bad but it all depends on the purpose for which one is borrowing and most times, some persons just borrow because they have access to loan and some other persons borrow just fir spending which at the long run isn't right..

There are persons like me who also borrow for medical issues and in one way or the other finally get the loan cleared  and most times, ones personal behaviour also determines how often he or she might borrow recklessly.

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[leonair]

When you're short on cash, it can be difficult to quit borrowing money.

Loans are very useful for many people.  And without loans it is not possible to save the big mill industry.  Because one person cannot run a big company with only his savings.  In this case he has to take a loan from the bank. Of course, it is true that when one is in a pinch of money, he advances the loan and it is not possible for him to quit the loan. However, it is not only when there is a shortage of money that anyone goes for a loan. Many take loans for various purposes.  Such as tax evasion, concealment of one's savings etc.

In my opinion, it's not bad to take a loan as long as we know how to pay, the only bad thing is that we don't know how to pay, the second reason is that other people are because the debt becomes a vice even if we say that we can pay the debt but it is already manipulating the borrowed money because it just goes to things that don't really help them.

Of course if a person has the ability to repay the loan then taking a loan is not a problem for him. Because the person taking the loan is also benefiting us in some way.  Because when we deposit money in the bank, the bank lends that money to borrowers and from there they take interest and give us some percentage of the interest.

[barisbilgili]

It's a good thing to get oneself determined in taking a step, borrowing is a bad habit except in some cases where it becomes inevitable, we must learn to live a life of ownership, work hard in getting our own things, though it may not be that easy at the start but it's worth it, if you're used to borrowing things from people, you may not have the opportunity to get to work things out for having your own except by grace.

I never thought make loans some funds was bad for all cases, in fact you have to realize that many business people get loans but in reality they are very successful. What does it mean, if you are borrowing for the development of your promising business, then that is good, but if you are borrowing for the needs of daily living then obviously it is a bad choice.

I understand what the financial and psychological impact of a loan is, but not everyone will be in the same case. There are many successful businessmen because they get large capital loans, even though some of them also fail when their business is not running smoothly.

Exactly mate and even earlier when I made a comment in this thread, I specifically stated that borrowing isn't necessarily bad but it all depends on the purpose for which one is borrowing and most times, some persons just borrow because they have access to loan and some other persons borrow just fir spending which at the long run isn't right..

There are persons like me who also borrow for medical issues and in one way or the other finally get the loan cleared  and most times, ones personal behaviour also determines how often he or she might borrow recklessly.

everyone has different thoughts, and of course everyone's thoughts are not always right and that's also the case when deciding to seek a loan.
I was once involved in a convoluted loan, it all happened because I was concerned with lifestyle, so I decided to borrow money to be stylish.
it was a mistake that I now regret.

but in my opinion borrowing is not always wrong because sometimes we have urgent needs whether it is education or health matters which require us to seek loans and in my opinion borrowing for positive things is still very logical and not a problem.

[jostorres]

I said in the previous post, if the loan is made to develop a business that basically has income to pay monthly installments, then the loan is fine. But of course it's bad when you make loans for daily needs where basically you don't have reguler income, obviously it must be considered bad step because it will allow you to have difficulty in the process of repaying the loan.

So always be wise when you want to make loan, at least you have way to pay off the installments without any problems. Honestly, I have seen many people make bank loans for business development, they are successful and have no problems because basically they have regular income from their business.

The business too should be well-planned before taking out a loan for it, I've seen a lot of people taking loans for businesses that they have only just planned hypothetically and have no proper planning and nothing is really arranged at all. Such loans are always going to make one suffer when the time of repayment is near.

That is why it is essential for someone to first plan their business, make everything ready for the business to get started, and then get the funding necessary for the business to start. That way, they will know that they will be able to pay the loan back with the profits earned.

[Gyfts]

Quit Borrowing? Why should I quit borrowing money.
Robert Kiyosaki is using debt to earn more money. More businessmen are borrowing money on the banks so that they don't pay taxes. Why should I quit borrowing money if I know that I can earn from the money that I borrow.

After all, it all comes to where will you use the money that you borrowed. We know that there are 2 types of debt which is good, and bad. Good debt is what businessmen like Kiyosaki are doing. They are borrowing money to earn more money thru their business. On the other hand, bad debt is a type of debt where you will use that money to buy something that you just want, and it will not generate any income for you as the borrower.

There's nothing wrong in borrowing money because I'm also borrowing money just to have money to invest. I can pay it monthly so there's no problem for me. Borrowing money to invest is a good thing while borrowing money to buy things you want is a bad thing. Don't say to us that we need to "Quit Borrowing" because it all depends on the use-case of that money.

I think people that read the OP must've thought borrowing only occurs when you're short on cash and don't have means of income. Every successful company incurs some level of debt if their earning potentials are heighted as a result of incurring the debt. Having a bunch of cash around instead of investing it means you aren't growing, so it isn't inherently bad if you aren't sitting on a bunch of cash and need loans (especially if you have valuable collateral - the terms of the loan can be favorable).

[CryptoHeadlineNews]

I don't know if I'm the only one who doesn't like borrowing money, since if care is not taken this can turn into a habit capable of making you a debtor all through your life, which is very bad, and as such you simply can't save a penny, because you have no money of your own. And that's why It's always advisable for people to try to live according to their means at all costs.
However, there are certain things I feel it's okay for people to take loans for;
1. Loan for medical emergency (i.e involving life & death)
2. Loan for educational emergency
And not taking loans to do weddings or celebrate your girlfriend's birthday, which I see to be the most stupidest reason for anyone to take loan for.

[Jody.Drummer]

Most people borrow money only for consumptive things like eating to restaurants, traveling, buying clothes and so on, it's time for us to stop this habit, borrowing money will make us lose money because we have to pay high interest, because almost all loans currently apply interest, The easier the loan, the higher the interest.

Yes, now there are lots of loan platforms that are even without valuable collateral, this encourages many people to borrow because they are considered very helpful with the convenience they offer. But in reality they don't help at all and even that presents new problems in life. We have to really consider this, because otherwise it will trap us in the future. I personally would try to avoid that, unless I have no other choice but to do so. I will try and find other options until I completely run out of options.

[Mate2237]

if care is not taken this can turn into a habit capable of making you a debtor all through your life, which is very bad, and as such you simply can't save a penny, because you have no money of your own. And that's why It's always advisable for people to try to live according to their means at all costs.
However, there are certain things I feel it's okay for people to take loans for;
1. Loan for medical emergency (i.e involving life & death)
2. Loan for educational emergency
And not taking loans to do weddings or celebrate your girlfriend's birthday, which I see to be the most stupidest reason for anyone to take loan for.

There are some people that are addicted to borrowing, those people can not stay without borrowing. So even this warning from OP to them to stop borrowing will enter one ear and escape from the other ear. From my own personal research, the 95 percent of nigerian Civil Servants are heavily indebted by their various banks because ill payment to their services. Many of them use loan to build their houses and started paying loans throughout of their life too they retired in the service and some of them continue paying the debt in the retirement period.

Taking loan for medical reasons is not good and also taking loan for educational purposes is not good as well. One is advise to take if he or she want to use it do business. So that you can pay back without stress.

[cafter]

borrowing cash might seem like an easy way out when you're strapped for dough, but you gotta remember that it can lead to a serious debt spiral that's hard to shake. like you said, the more you borrow, the more you owe, and it becomes harder to get back to square one.
a lot of us live beyond our means, and that's why we end up borrowing in the first place. the media and society push us to spend more, and it's tough to resist the urge to get the latest gear or go on fancy trips. but that kind of lifestyle can get you into some serious financial trouble, especially if you're constantly relying on loans and credit cards.
and it's not just a problem in america – it's a global issue. personal debt is on the rise everywhere, and it's getting out of hand. that's why it's so important for individuals to take charge of their finances and start living within their means.
to get started, you can create a budget and stick to it. yeah, it might mean making some tough choices and cutting back on the fun stuff, but it's necessary if you want to avoid getting stuck in a debt hole. and don't forget to focus on paying off any outstanding debts before taking on any new ones.

another way to improve your finances is to explore other sources of income. you could take on a side hustle, sell some of your unused stuff, or start a small business on the side. by boosting your income, you can rely less on borrowing and get your financial situation in better shape.
to wrap it up, borrowing cash might seem like an easy fix, but it can lead to major debt problems. you need to take control of your finances by living within your means, prioritizing debt repayment, and finding other ways to make money. with these steps, you can improve your financial health and avoid the stress that comes with being in debt.

[Uruhara]

Most people borrow money only for consumptive things like eating to restaurants, traveling, buying clothes and so on, it's time for us to stop this habit, borrowing money will make us lose money because we have to pay high interest, because almost all loans currently apply interest, The easier the loan, the higher the interest.

Yes, now there are lots of loan platforms that are even without valuable collateral, this encourages many people to borrow because they are considered very helpful with the convenience they offer. But in reality they don't help at all and even that presents new problems in life. We have to really consider this, because otherwise it will trap us in the future. I personally would try to avoid that, unless I have no other choice but to do so. I will try and find other options until I completely run out of options.

as you said that borrowing is a last resort when we don't find other options when experiencing an urgent need. The convenience of borrowing money at this time can indeed be useful for some people who are in a desperate situation and really need money quickly. but this convenience is indeed a lot of misused. namely those who take loans too lightly and they make loans just for fun like buying a new smartphone or buying new clothes and the like. which is actually not an urgent need. and they don't realize that trouble will come to them if they don't stop doing it. but for someone who understands financial management and has careful future planning, I'm pretty sure that person will avoid a loan.

[Fivestar4everMVP]

No body become rich by borrowing, as even if you borrow alot of money, and look like you are rich, you become poor again as soon as the borrowed money is returned to the lender..

Borrowed money have destroyed alot of people, as well as businesses, the major cause of all this is, like the op said, people living above their means, wanting or owning things that they know they are not worth financially.

If peeps can listen to advice, and try all the can to live below their means, that is spending far less than you earn, we all would live a better and happier healthier life.

[Mahanton]

Most people borrow money only for consumptive things like eating to restaurants, traveling, buying clothes and so on, it's time for us to stop this habit, borrowing money will make us lose money because we have to pay high interest, because almost all loans currently apply interest, The easier the loan, the higher the interest.

Yes, now there are lots of loan platforms that are even without valuable collateral, this encourages many people to borrow because they are considered very helpful with the convenience they offer. But in reality they don't help at all and even that presents new problems in life. We have to really consider this, because otherwise it will trap us in the future. I personally would try to avoid that, unless I have no other choice but to do so. I will try and find other options until I completely run out of options.

as you said that borrowing is a last resort when we don't find other options when experiencing an urgent need. The convenience of borrowing money at this time can indeed be useful for some people who are in a desperate situation and really need money quickly. but this convenience is indeed a lot of misused. namely those who take loans too lightly and they make loans just for fun like buying a new smartphone or buying new clothes and the like. which is actually not an urgent need. and they don't realize that trouble will come to them if they don't stop doing it. but for someone who understands financial management and has careful future planning, I'm pretty sure that person will avoid a loan.

Its not really that bad on making yourself get involved with some loans as long you would really be that responsible on paying it back and you do know on what are your obligations then it would be just alright.
Wrong thing on here on the time that you would be taking up some loan is on that you do miss out on repaying it back on where this is where problem do begins but as much as possible if you do still have
other options left then its better not to borrow.Make yourself that free on repaying up interest just because you had just taken a loan, well for the sake of business or investment then it might
be considerable specially if we dont have any for start ups.

[jrrsparkles]

When you're short on cash, it can be difficult to quit borrowing money.

Everyone has been there. We're short on cash and in a lot of debt, but a cover loan to get out of the red and even improve our readiness is the light at the end of the tunnel.

Blissful days? Sadly, no. It all comes down to the straightforward, yet frequently misunderstood, formula that says borrowing more money equals more debt. It is more difficult to return to black the more debt you accumulate.

The majority of us live beyond our means, which is one of the primary causes of our ever-increasing habit of borrowing money. Simply put, incomings are outpacing outgoings. It's also getting worse.

More than at any time in the past two decades, millions of Americans are spending more than they earn. Spending on credit cards, the most common type of personal debt, is estimated to be rising at a rate faster than at any other time in American history.

Debt is a good thing for a rich man whereas for poor its going to worse his financial status, rich people can use their debt for tax benefits and whatever ways to avoid paying high taxes whereas a salaried person takes loan for buying a home or car just comes under the liability with no real benefits at all which put them under a trap called loan/interest cycle so they need to work for entire life to pay the loan and retire with nothing and ends as a broke person.

[alastantiger]

Borrowing seems inevitable to every man.
There are three factors that leads to borrowing.

1. Living above your earning: Most people try to live a life that they cant afford, wanting to impress other which are not neccessary.

2. Comparism: This also is in line with the above factor. Comparing your self with others forgeting that all finger are not equal. Measuring your self with those that can afford what you cant afford automatically leads to borrowing just to level up with other people.

3. Unforseen circumstances: this is something that every man must go through. Something that you didn't plan for, maybe falling sick, paying unexpected bills etc, can as well lead to borrowing.
In conclusion, humans cannot do without borrowing. Even a country as big as it is needs to borrow from another country to sustain her citizens.

The above two factors if not controlled can lead you to borrowing addiction.

[livingfree]

Debt is a good thing for a rich man whereas for poor its going to worse his financial status, rich people can use their debt for tax benefits and whatever ways to avoid paying high taxes whereas a salaried person takes loan for buying a home or car just comes under the liability with no real benefits at all which put them under a trap called loan/interest cycle so they need to work for entire life to pay the loan and retire with nothing and ends as a broke person.

I agree, it's the other way around for the rich people because they're able to capitalize with debt and using it for better purposes and at the same time, they won't default on it and has a lot of resources to pay for it.

Whilst for the poor people, they're getting debts to buy those trendy stuff that won't generate income on them and the value depreciates and that's not a good purpose of taking debts.

It's to take debts but it's hard when it's come to the payment times. You'll feel guilty that you shouldn't have done it.

[justdimin]

Peer pressure in the society we live in today leads to young people taking on unnecessary debt that they cannot pay off because they live extravagant lives above their means. This lifestyle can sometimes lead young people to commit theft and other crimes in order to satisfy their desires among their peers.

I agree with this, there are people with some stuff and they might be richer or they might make a bad decision but when it comes to these type of spending, overspend their budget and still get some stuff. Their friends see these and want stuff a lot and that is why it turns out very wrong and they make mistakes, which I understand and that is why we are overspending right now, basically confirming that we are fine with the society as it is and how we are likely to go on like this.

But, the reality is that any person who gets out of this pit hole and lives a decent life, it becomes a lot more decent and they focus on how they could get out of it completely and live a free life, not free in price but more about freedom.

[John Abraham]

More than at any time in the past two decades, millions of Americans are spending more than they earn. Spending on credit cards, the most common type of personal debt, is estimated to be rising at a rate faster than at any other time in American history.

Not only in America but it's also happening in Arabs. People think Arabs mean rich people. But the truth is all Arabs are not wealthy. They borrow money to live a healthy life. They borrow money to buy expensive cars. They borrow money to buy gold. This show-off culture destroys society everywhere. People want to show off their wealth. To do that, they borrow money more and more secretly.

At some point, people get addicted to borrowing money. I know some people who earn good money. But some of them are gamblers. They borrow money to gamble. Their debt increases every time they borrow to pay another lender. They realize their mistake once they are in a lot of debt.

[Iroh]

Most people borrow money only for consumptive things like eating to restaurants, traveling, buying clothes and so on, it's time for us to stop this habit, borrowing money will make us lose money because we have to pay high interest, because almost all loans currently apply interest, The easier the loan, the higher the interest.

I do not agree that most people borrow money for frivolous activities like those you mentioned. A lot of people do borrow to indulge themselves in activities like that, but most people actually borrow money to solve a pressing issue or a health emergency.

Emergencies could arise at any time and what do you do when you haven’t got any savings? You go cap in hand to the bank or to wherever you could get a loan. The easier the loan, the higher the interest rate would be when paying back. I agree with you on that.

I think people live beyond their means in trying to create a false/misleading image of themselves mainly on social media but also off the social media platforms as well. It doesn’t turn out well in the end most of the time.

[cryptoknightt]

Borrowing money is one of the crucial things, in the end people's interpretations of debt are different, borrowing money will feel like a vicious circle if it's not taken into account, but borrowing money in a planned way can be a very good investment for some people.
To avoid this vicious circle, we must calculate and plan loans and how we repay these loans

[virasisog]

There are people who survive by just borrowing money. They will borrow right after loaning just to cover up their previous debt. This cycle will continue if we will not cut it. Yes, not everyone would have the same privilege but we can have the free will to change our path. Loaning or borrowing can only drag us down more so as much as possible, we should know how to handle our finances responsibly and avoid loaning if it isn't really necessary.
If we can find other ways to survive and grind then we should grab more opportunities so we don't have to rely on others' money.