Quit borrowing

[Taskford]

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.

This is actually happening not just in America but to all parts of the world. Maybe that’s more because of the present lifestyle that people chose to live, they prefer to live having luxurious lifestyle and clearly spend above their means, so the outcome is they eventually get broke later on. Except for those who borrow for investments, I think that is reasonable enough if they are also borrowing an amount they can manage to pay even if their investments won’t completely work.

To much influence on current status or trend happening on social media sites are one of the causes why many people choose to flex all what they have and either its legally belong to them or not. Some want to flex because they want people to think about that they are damn rich and have good disposition in life. There's nothing wrong about flexing any physical achievements but we need to make sure that we own that things and we don't deceive people just to chase for clouts.

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[Mr.right85]

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.

Most times those who find themselves taking loans, even more than they would have need of or even should they have need of them are those that have not been able to properly make plans and archive them.
I believe there are always options to keep you away from taking loans if one could make proper plans by visualising and speculating when your most likely with a 99% accuracy get your next income or fund and program when or how long it's likely to last or going to exhaust. You have better chances to living a healthy life that keeps you off borrowing. Some people just jump into borrowing because the facility is there and that's a bad way to actually approach taking loans. Its supposedly a last option, a do without and mainly, should be used investments that is sure to bring returns so, you could be able to meet up with the refunds and the interest that might be attached if any.

[Sanitough]

Debt is becoming a major issue now, not just in America but all over the world, people's incomes remain stagnant and inflation is catching up with their income, what we used to buy for $1 is now worth $2 and it is even worse in the developing countries because the purchasing power of their local currencies has lost value against USD plus high inflation. What I used to advise people is the adjustment of lifestyle, why drive a car, when you can take the bus, if you are used to eating out, cook your food at home, just look for ways to cut costs, another thing don't be lazy, find ways to reduce your cost of living in a legitimate means. It is a great feeling when you know you are free of debt, debt is a trap and most people that enter into it never get out of it, if you used it as leverage to scale up your investment or business very good but consumption is bad.

If we can’t live below our means, that’s when debt becomes a natural disaster. Though it’s not new to us anymore as majority of us are having our own debt, but if we can avoid it as much as possible, I guess living life would be more healthy and meaningful. Otherwise, if one will be drown into debt, expect that you will surely have a hard time making ends meet, which means one will certainly suffer from financial breakdown once ignored.

[mvdheuvel1983]

The fastest way to be broke and stay poor for life is borrowing.
I think the worse place to work in, are loan companies.
And borrowing include the buy now, pay later system they are both the same. If what you want, you can't get it with your own money, then be patient or just forget about it. Do not go into debt because of it. I know that there are some unique cases where it is inevitable but just try as mush as you can to have emergency funds/savings this is the antidote to borrowing.

[Faisal2202]

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

Totally agreed, we all in our life borrow money for even small things like, if you have a cousin or friend who asked you to pay his internet bills and he/she will pay it back. These all also a type of borrowing money and tbh i also borrow money sometimes but I try to clear my loan as soon as possible.

Because such small loans are forgotten by both parties which further increases the addiction to borrowing. And borrowing money with interest is an option i will not chose. Because the first reason is, my religion forbids it and secondly its not an act of morality. Because once you addicted to take loans you will destroy your family's legacy and for the giver of loan (lender) you will be addicted to free money and will lose your mind when you have to work (earn it).

The fastest way to be broke and stay poor for life is borrowing.
I think the worse place to work in, are loan companies.

Those who have left no option but to work in these loans companies, i think they can work there but they should not resort to lies to achieve their monthly loan targets. There are many cases in India where farmers took loans and bought field accessories and than failed to pay there loans+interests back and have to lose their field too (which they had used as an collateral). The point is there occur some emergencies in which we have to take loans but if your life is going smooth and you have no need to take loan but still you think to start another business and lack some money.

So you take a loan then i must say you are doing wrong and should avoid these mistakes.

[Russlenat]

It's okay to borrow if you intend to pay it back and need it. Sometimes it's necessary, but you shouldn't make it a habit like you will borrow to pay another debt. It will be a never-ending cycle that you will not stop doing until it affects your life and go into some parts of your life. It will manifest somehow.

Unless you borrow for asset purchasing that could generate income, that's one of the best things you can do when borrowing money. Make more money with it.

Borrowing is actually not a bad idea if your intention is good, especially if it will be used to generate more income for you. But if you intend to borrow just to pay your first debt, I don’t think it’s reasonable enough. It will only put you into more debts and eventually make yourself drown to it, and when you’re already there, you will find yourself hard to recover and get rid of debt. So as much as possible, learn to avoid borrowing money because that will eventually cause you to struggle financially in the future. You might benefit from it for now, but once you fail paying your debt, it will definitely put you into a lot of stress and pressures.

[Yatsan]

Loan or simply borrowing money from other people could be a negative condition of an individual. But ofcourse everything has good and bad side. A good side of this thing is if the individual to make a loan has plans on the amount such as putting it in an investment which has low risk such as starting a small business or even huge such as properties/ apartment. Actually, business owners are taking huge loan to start a business and they are making that business pay their loan, to maximize the money and make it efficient. However, bad side of borrowing or loan is when an individual has no plans of how the money would be paid 'coz eventually it will all be consumed which would put the person at the edge of be needing money again. Bottomline is, borrowing whether it is good or bad, depends on your intention and action to make.

[bettercrypto]

The fastest way to be broke and stay poor for life is borrowing.
I think the worse place to work in, are loan companies.
And borrowing include the buy now, pay later system they are both the same. If what you want, you can't get it with your own money, then be patient or just forget about it. Do not go into debt because of it. I know that there are some unique cases where it is inevitable but just try as mush as you can to have emergency funds/savings this is the antidote to borrowing.

If we can't control the bad debt, we will really get into debt and it will be difficult for us to get out of life. That's why if we borrow, we should think carefully about where to use it apart from emergency reasons.

Or if you have money, why should we borrow? it's just that simple to think. They say, it feels good if we don't have to worry about paying.

[blockman]

I think the worse place to work in, are loan companies.

No offense but they're just like normal people that are bringing food to their tables so, they're also people that just trying to survive just like us. They're also like corporate people that have normal lives so I don't think that they're the worse place to work.
What's worse are those people that are taking loans and don't pay them but instead think that to pay their first loan is to pay it with another debt. Maybe that's the sign that they have no intention of clearing their debts and once a person is in that situation, they're going to have a hard time going out of it and that's tested and proven by the people that I've known personally. It's better to quit borrowing and pay off a debt with another debt and don't take loans for nonsense things just like those material things that we just want to have and don't have the potential to make money. Avoid taking debts because it is a practice that can make someone be in deep of it.

[BobK71]

The fastest way to be broke and stay poor for life is borrowing.
I think the worse place to work in, are loan companies.
And borrowing include the buy now, pay later system they are both the same. If what you want, you can't get it with your own money, then be patient or just forget about it. Do not go into debt because of it. I know that there are some unique cases where it is inevitable but just try as mush as you can to have emergency funds/savings this is the antidote to borrowing.

If we can't control the bad debt, we will really get into debt and it will be difficult for us to get out of life. That's why if we borrow, we should think carefully about where to use it apart from emergency reasons.

Or if you have money, why should we borrow? it's just that simple to think. They say, it feels good if we don't have to worry about paying.

Debt is an extra burden for every human being that is not easy for everyone to control. This is even more fatal for those who are in bad financial conditions. But despite the fact that we often know this, we often take debt for different purpose. But the important thing here is that I have enough source to make the money that I will borrow? This can be even more dangerous for those who have planned to get debt for use in cryptocurrency. If you can invest in Crypto with their own financing, then it can be a recovery at one time, but if you invest with borrowed money, the extra money of debt can fall down a investor in disaster.

[Mauser]

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.

We are living in really difficult times at the moment, in the last 15 years we had so many different major crisis that there was no real recovery. The economy is very fragile as we are struggle from government intervention to the next big bailout. Just in the last few years we had the covid pandemic, Russia Ukraine war and the new high inflation making food and energy a luxury good. The main problem is that wages are not rising in line with all the cost. For example, living expenses went through the roof making it almost impossible to buy your own apartment these days. The only real chance we have is using debt to try and maintain some decent living standards and hope that our wages will eventually start rising and match the inflation rates. The good thing with high inflation is that it's also making our current debt less valuable in the future. 

[Botnake]

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.

A lot of people are also underpaid, that's also one of the very first reason why debts are inevitable. This has been always the case here in my country. Workers were underpaid and they work 8 hrs or more for 6 days a week, leaving them no time to look for another alternative/side hustle to earn extra income.
Borrowing isn't always bad, because some people just have no choice in order to survive.
Rapid inflations and slow salary increase are also one of the reasons.

Well said. People are just force to apply for loans or debts so they can get out from their current bad situation. Otherwise, if they won’t do nothing, they will end up starving. That’s why borrowing seems inevitable for most of us especially with this high rising inflation that is already beyond our control. Maybe another reason that a person is drown to debt is because of his expensive lifestyle. He will definitely end up as a pauper if he stay that way.

[Sterbens]

Well said. People are just force to apply for loans or debts so they can get out from their current bad situation. Otherwise, if they won’t do nothing, they will end up starving. That’s why borrowing seems inevitable for most of us especially with this high rising inflation that is already beyond our control. Maybe another reason that a person is drown to debt is because of his expensive lifestyle. He will definitely end up as a pauper if he stay that way.

Yes, there are many factors that cause a person to be in debt, the higher cost of living makes it difficult for someone to get through their days. The cycle will continue if we can't do something. An expensive lifestyle greatly affects our expenses, so in a position like this it would be nice for us to make changes little by little so that we don't continue to fall into debt. Saving to pay off debt can be one of the things we can do, because if we choose to pay off the debt by borrowing it's the same thing, we can never get out of this problem. Changing the mindset by trying to live frugally and not prioritizing style is better for a change in a position like this.

[Flexystar]

That’s true story everywhere. Not just America but every corner of the world has been injected by the traditional banking system. Credit cards are the worst in all of it because user thinks he has lot of money but in reality they are spending more than their salaries and income. It’s ok to be used in emergency cases but it’s really bad if someone is using it regularly. There are ways to manage it but it could be dangerous if not a managed well enough.

Apart from this, the whole problem starts at our own record keeping. I have seen families cutting down their needs to insane levels. But they have sense of reality, they don’t fall for the traps of unreal attractions or what can I say, an artificial fun?

Borrowing below your income is completely fine but it should be on bigger things. Such as home, education, medical emergencies. These are the things which matters so that’s completely fine.

[Bananington]

Totally agreed, we all in our life borrow money for even small things like, if you have a cousin or friend who asked you to pay his internet bills and he/she will pay it back. These all also a type of borrowing money and tbh i also borrow money sometimes but I try to clear my loan as soon as possible.

Borrowing small money here and there and at every chance you have the opportunity to because you know the person you are borrowing from has the money to give you will quickly make you loose your respect and self esteem even if you have a good paying habit. We should always live our life around the money we have and earn and plan well with what you have. Borrowing should be on a rare basis and strictly important things, not on small small things that you could have handled had you only planned better. If you start borrowing small and you always get it, you will start increasing what you take and ask people to borrow you before you know, and also before you know it, you may begin to spend almost all you earn on paying back debt.

[Uruhara]

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.

A lot of people are also underpaid, that's also one of the very first reason why debts are inevitable. This has been always the case here in my country. Workers were underpaid and they work 8 hrs or more for 6 days a week, leaving them no time to look for another alternative/side hustle to earn extra income.
Borrowing isn't always bad, because some people just have no choice in order to survive.
Rapid inflations and slow salary increase are also one of the reasons.

Well said. People are just force to apply for loans or debts so they can get out from their current bad situation. Otherwise, if they won’t do nothing, they will end up starving. That’s why borrowing seems inevitable for most of us especially with this high rising inflation that is already beyond our control. Maybe another reason that a person is drown to debt is because of his expensive lifestyle. He will definitely end up as a pauper if he stay that way.

The type of work and the amount of income of each person is different. and in developing countries, in fact, there are still many types of jobs that are paid very low. Meanwhile, the prices of basic daily necessities continued to increase due to inflation. and that made everyone's expenses increase tremendously. but unfortunately the increase in spending is not accompanied by an increase in income. because many companies don't even raise the salaries of their employees when inflation occurs. so that starting from here everyone experiences an imbalance in income and expenses. and one day it will make them experience a lack of money to fulfill their life needs. and well maybe some have resorted to taking out loans to survive. although that is not good and can be bad for the long term but it is also a temporary aid for them to be able to fulfill their basic needs such as food and so on. The solution may just be to find a side business that can increase income. but of course not everyone can do it. because there are types of work that cannot make someone have enough time to earn extra income. this is a state of dilemma.

[AnonBitCoiner]

A Man can should use that sum of money which he can afford because using more money than income can become a cause of one's failure in completion of daily uses so unfortunately he will take loan for such activities which in my opinion are most hazardous.

Borrowing can be considered as a good thing but if we are not able to return it on a time then sometime it cause a distrust between the provider and acceptor. In my opinion if a person limited his uses and spend money which he thought that he can easily manage and there will be no difficulty in the end of the month so it will be easy to manage the ongoing activities of life and there will be not need of borrowing money.

[Distinctin]

Bank is always on the upper side. They will allow the loan if they see that there's a good way of paying them. I mean, they will check your capabilities before they will allow the loan.

There's a process where you needed to provide all the details and you need to submit backup documents to assure
the bank that you are capable of and you have the asset to return the money or pay your loan, whatever the circumstances.

Submitting a bank loan proposal is very easy if you have collateral that can meet the loan requirements, the bank will accumulate the value of the collateral and the bank will determine the maximum loan limit that the bank will offer to customers, I have checked the bank's interest payments are very high and do not recommend that you apply for a loan bank, if you apply for a low loan it is better to save than paying off the loan every month, if the need is urgent then there are loan options to friends but you have to pay off the loan on time.

Its really important that whatever loan it is, be it from bank or from a certain friend, you should always pay on time, otherwise you cannot make another loan once you have settled your first loan. However, taking loans is not really necessary if your intention is only for short term survival, you can just adjust your expenses if it’s really needed so that you can’t avoid from any loan. But if your goal is to have a secure investment that could benefit you in the future, then maybe you can consider taking loan but only at a minimal amount, an amount that you can easily pay on time.

[Zilon]

Debt is part of human existence, if various governments can owe other countries how much more citizens. The ugly phase of taking loans is when it is beyond once income. If a loan is taken for a good course and can be cleared off within a stipulated time then it is not a bad habit. When it becomes bad is when we go beyond what we can pay back and when we take loans to impress the society.

There will always come a time in everyones life where taking loans will be the last option to meet up a pressing need. Some might choose to over look this option and wait till they can tackle the need themselves while others might decide to take a loan with the intention of paying back within a stipulated time frame.

[abralzain17]

not everyone has sufficient funds to run and advance their business.
I think borrowing or debt is a way to improve one's finances, the positive value that can be taken from borrowing is the responsibility to pay it so that you understand how to manage finances.
as for what needs to be avoided from borrowing or debt is to avoid looking like a rich person, in my opinion that needs to be avoided, and don't put too much emphasis on excessive style by using borrowed money or debt