Quit borrowing

[Helena Yu]

Many people saying borrowing a money isn't a bad thing as long as we can manage it, but if you have a choice it's better to never borrow any money and looking on the other way to get money. Some people can't manage their loan and anything can happen outside of our plan in order to repay the loan, so it will increase the risk you will fail to repay back your loan.

I think even people are working and get paid lower than the average salary, they can still survive without need to ask a loan, it's just a matter of their lifestyle.

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[irhact]

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.

Borrowing to spend is bad and a disgusting habit to have as an individual, borrowing to spend can only leave you in debts. We have to learn to spend below our salary. Your expenses should never be above the income you generates and if you want to spend more then you improve yourself so you can earn more and that'll reduced your rate of borrowing money.

While borrowing to spend is wrong but borrowing to invest in yourself or your business isn't wrong. If you can stay away from borrowing entirely, that'll be great but if you can't then the only time you should be borrowing is when you want to invest in something that'll generate income for you and can pay off the debt.

[chrisculanag]

If I want to, I prefer to avoid loans because we know that loans have extra interest, but for someone like me, whose salary rate is too low, it is really necessary to borrow money to use in online businesses. It is better to think first if there are things that need to be financed or if there is a lack of capital for the business so it is necessary to take out a loan. Be smart in using the money from the loan, it is better if we use it in businesses or earnings so that we can return the money we owe sooner or at the right time.

[Strongkored]

The problem with loans is that they are made to fulfill a lifestyle, not for emergencies or for activities that can make us benefit from it, for example by starting a business, because not everyone has the ability to finance their business from the start, they need a loan and the loan will be a production loan because you will get profit from the business being run so you will be able to pay off the debt.
Currently, there are many applications that make it easy for people to borrow, even marketplaces provide pay later so that it will make it easier for people to shop using this feature and lose control because they have spent beyond their means and loans like this that must be avoided are not productive loans.

[S A KHAIR]

Borrowing money is really a burden, but if we don't have a better solution, borrowing is not so bad, as long as we control it well, there will be no problem. I used to borrow money because my business failed and that was the last solution I could do, it was very difficult to pay interest and principal but thanks to that loan I solved a lot of things when my business failed. If I didn't have that loan, I would have sold my house, so it can be said that a loan is not too bad in some cases.

[xSkylarx]

You are correct at some point, because we get into trouble when we spend more than we earn and think we can pay it off in the next pay, which means the cycle continues because you will be short that time. Though there are really others like poor people who borrow money, it's because their source of income is not permanent, like when they didn't earn anything and had nothing to eat, so they needed to borrow money to buy food. But again, if you earn money the next day, for sure it is not enough because you need to pay back your borrowed money.

[GeorgeJohn]

Let me say that anyone who is in need of loan for investment is not hundred percent right and its not hundred bad, it depends on the level of your income to pay back when the investment is not favourable, I can advice someone to pick up loan for investment but I will ensure that you have to pick up a loan you can return without the investment you want to put the investment directly to, so therefore I believe that loan can help to elevate someone when theirs profit and loan can make someone to back to the root one. So check your income before taking a loan

[Agbe]

If you are borrowing for business, it is not bad but make suy the repayment shouldn't be long. Don't keep the loan very long, but if is for personal use then I will not advise you to take the loan because it is bad. And also you have to cross check your business income before embarking on the loan. If your income is not good enough then you don't have to take it.

[Joshapat]

The temptation to borrow money is currently increasing, if 10 years ago people had to use collateral to borrow money but now only with an identity then we can easily get a loan quickly, but we must be able to hold back our emotions so that the loan doesn't make it difficult for us.

[DevilSlayer]

There is a good debt and bad debt, so it is really depends on you on how will you identify a specific debt. I'll give you a fine example: There is a situation that I want to make investment because I saw a big opportunity that can give me huge returns in the future and the problem is my money is not enough, the only way for me to have that money is to borrow money from the banks or from someone else. That situation is considered as good debt because it is a debt that can give me returns or profits. It can generate cashflow that can increase my income and can help me to achieve my goals. Capitalists, businessmans and entrepreneurs are using debts in order for them to save taxes wherein they can make more profit in their businesses. Let's go with the bad debt, I'll give an example of a bad debt. The situation is your friends invited you to a beach outing or some drinking night but you do not have money in order for you to participate in that kind of event, then you suddenly remember that you can borrow money from someone else in order for you to go in that event. That kind of borrowing is a bad debt, a deadly debt that will lead you to more sorrow and suffering. That kind of debt is something that we should avoid especially if your goal is financial freedom. Always remember the consequences that you can get by borrowing from someone else and use it in a bad way.

[Jamala]

Monies borrowed should be put into good use that are capable of generating additional money.
It tends to be useful to make an arrangement for what will befall your cash in the event that you become more sick. For instance, assuming that you need to go into clinic or on the other hand in the event that you really want another person to bring in cash choices for you. Having an arrangement could assist you with having a solid sense of safety and in charge. One of such things you could do is that financial plan and reserve funds calculators can assist with keeping your spending on target. Or on the other hand they could assist you with saving on the off chance that something occurs from here on out, for example, expecting to go into medical clinic.

[Pierre 2]

I think using credit cards can be very beneficial ininflation countries (Eastern Europe etc.) but using credits is definitely damaging task. If you borrow to spend you probably shouldn't do this beyond your monthly wage! Like never ever. In certain scenarios you may not be able to pay for it and your debt may be extended in absurdly high rate. I tend to use borrowed money through investments. I believe its one of the best methods ever, investing into bitcoin may be considerable even. But always, I feel sad cause, being indebted is uncool.

[Mpamaegbu]

Taking out a loan to finance projects (not to buy luxury) isn't a bad idea. However, we've come to see that most people default on the loans they take because things don't always turn out the way envisaged. Nobody likes to be embarrassed by their creditors because of a loan default but then it's what it's. Shit happens, and then it hits the fan to get worse. Has anyone noticed that the act of going to take a loan even humbles one? That's why at the point of asking for a loan, the borrower often speaks in subdued/hush tone as if they were dying 😆, even if they're asking of it from friends. But wait until when they need to repay it but can't and their voices go loud.

[Orpichukwu]

Borrowing is not really bad if what you are borrowing it for is something that's worth it... Just don't borrow because you want to satisfy your wants. Borrow when it's necessary and that's the only option that you have. Business, tuition, and some other essential needs are things I consider worthy to borrow money for.

[michellee]

If you can't or have difficulty repaying a loan, don't borrow because it can make it difficult for you. It's better for you to live simply and not overdo it than for us to have problems living our days. This must start with daily financial arrangements so that we can provide for our life needs. Don't spend on something that is not a primary or secondary need or that you don't need because it can interfere with your finances.

Usually, we become consumptive when we follow other people's lifestyles, where it will be difficult for us to manage finances from our income. But if you are sure you can manage the borrowed money well and can even expand it, you can try borrowing money. But everything must be calculated based on your income because that's where you must repay the loan.

[DiMarxist]

Borrowing is not really a bad thing, but borrow for somethings, like drinking, flexing, or borrow to pay another credits, it's will lead you to debt. But if you borrow for business or investment that will bring income, there is a situation that you want to make investment or business, because you saw an opportunity an investment that can give you huge amount in return in the future and the problem you is money, maybe the that is in your is not enough to start the investment or business, the only way for you to have that money is to borrow money from someone else.to start the investment or the business. There is situation that your friends invited you to an outing or some drinking or night clubs, but you do not have money in order for you to participate or spend in that kind of event, then you suddenly remember that you can borrow money from someone else in order for you to go in that event. It's will lead you to debt.

[Darker45]

Borrowing is not entirely bad. It could actually be good, but it has to be a last resort kind of thing. It is there as a final option, something which you will only do because you have nowhere else to go, no one else to turn to. But when borrowing is done merely for the sake of feeding our consumerist souls, then it is certainly bad and something to be avoided.

In my country, many are trapped in loans, unable to get out of it for many years. The working class mostly. Once they take a loan, it means a significant portion of their incoming salaries will not be full anymore, which also means they will need to borrow in order to survive until the next payday. The cycle goes on, that's why borrowing should be avoided if possible.

[ancafe]

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.

Human lust exceeds reason in living a simple life and income ability will affect expenses when a loan is taken on an unneeded basis. The solution is to avoid loans and use money as needed for important needs, there is no reason to take a loan if it is not for business development and even then it is done through careful consideration.

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, almost all countries experience complete conditions, spending more money is not at the stage of necessity. Taking a loan of any amount will affect the level of ability to pay off, if today you take $ 5000 then to pay will be far more than that, not to mention talking about money that continues to decrease in value.

So that $5000 today will be different from $5000 in 10 years in the future, the difference is not in the price but the value of the $5000, thus making the loan even more problematic because the debt to be paid exceeds the initial loan taken out.

[KingsDen]

There is a very big difference between borrowing for an investment or for a business and borrowing to survive.
You only borrow to acquire an asset that will give you money in the future. You don't borrow to acquire a liability.

So many rich men today depends on borrowing, they meet the bank and other financial institutions to borrow the money that is being deposited by the poor and then multiply it in the name of business and investment. That is a very good life to live, but if someone is leaving extravagantly and begins to borrow money to match their excessive living, that is a very bad habit.

[Aikidoka]

To be honest, I don't like borrowing money from anyone, not even from banks, although I know I would pay it back with actual work or anything else. It's still risky, so I prefer not to borrow at all. However, sometimes in life, you may be in dire need of money or in situations where borrowing is the only option. In cases of medical treatment or other serious situations, it's understandable to borrow money. But borrowing money for things that you can't afford to wait for is not something I see myself doing.