Quit borrowing

[concept2]

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.

Oh boy, the classic problem of being broke as a joke. Borrowing money may seem like a way out, but is it? To be honest, the last thing you wanna do is put yourself in a deeper hole of debt. Why not get creative with your funds instead? Have you given cutting out some unnecessary expenses a shot? Maybe give your daily Starbucks fix a break or whip up more grub at home. You'd be surprised how much of a difference those small adjustments can make. And if all else fails, there's always the trusty method of winning the lotto, amirite? Just joking, but seriously, borrowing dough ain't the best option out there. Don't fall for the short-term relief it can offer, be cautious and stay on top of your moolah game!

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[binimal]

Good point about health, did not consider it on my answer,  but in general only borrow to buy tools or in a survival situation. Else wait, or increase your productivity with more skills, knowledge, network or tools.

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.

[YinShuiSiYuan]

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.

Oh boy, the classic problem of being broke as a joke. Borrowing money may seem like a way out, but is it? To be honest, the last thing you wanna do is put yourself in a deeper hole of debt. Why not get creative with your funds instead? Have you given cutting out some unnecessary expenses a shot? Maybe give your daily Starbucks fix a break or whip up more grub at home. You'd be surprised how much of a difference those small adjustments can make. And if all else fails, there's always the trusty method of winning the lotto, amirite? Just joking, but seriously, borrowing dough ain't the best option out there. Don't fall for the short-term relief it can offer, be cautious and stay on top of your moolah game!

One should check his expenses from the start and try to avoid borrowing to an extend because that's literally add up to your worries , their is no relief in borrowing as when you have to return the amount that is more tough task and xauses more financial troubles for you either its interest or any other benefits.

[Adbitco]

When the load in man overcomes his income it boils down to borrowing money, why? Because people don't usually live at their expected earnings than living higher life and to keep debt on their records. These includes; ¹ those who have refused to limit their child birth, the cost of taking good care of two children won't be the same as to those who already given birth to Five Children meaning it makes life very difficult for the man as the head of the family. Living expensive life while your income is below such life which includes; ² consuming expensive alcohol and clubbing, ³ Living in an apartment that are 50 percent of your one year salaries also brings you into borrowing and ⁴ lastly dating an expensive girlfriend, expensive girlfriend meaning a woman that frequently demanding from you even when she knows your salary is below what she's requesting from you would also lead you to borrow money to please her.

As a MAN or WOMAN you don't have to live a life under pressure that you can't control yourself and your income, any one who could stay away from all this could definitely stops borrowing and will live a debt free life. NB everyone earning must not be the same, draw your clothes according to your size.

[Uruhara]

Taking a loan is indeed one thing that must be avoided. but for some people who really have urgent needs and there is no other way, borrowing is like a solution at that time. but yeah another problem will come later. what we have to do is we have to be able to measure our personal finances. even if forced to take a loan, it must be adjusted to our income, that is, we must know to what extent we can still pay. and if it feels beyond our ability then it is better to avoid it. this is where it's important to always set aside money for backup plans and emergency funds. so that when we need money urgently we can avoid loans by using an emergency fund.

[Doan9269]

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.

[Obari]

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.

Most times people don't intentionally live beyond their means but rather the society and situation around them make them do so..
I felt so guilty when I saw this post because I've been in debt lately and it haven't been an easy one and I even got duped on paxful during a p2p trade while withdrawing my Bitcoin and I felt it was the end for me because all my hope was pegged on that money but at the end I give glory to God because I moved on and even payed the loan and took another one to be able to meet up life's demands.

@Op I guess you haven't been in a situation where you have no other option but to borrow and worst of all is even when you're ready to borrow, you wouldn't even find anyone who is willing to give out the loan at that very moment, so you should be thankful for such a life..

I also understand that some persons also live restlessly above their budgets and end up in debts and loans but I want to say that not all as there are persons like me who have 6 other siblings who depend on me for their needs irrespective of the country and recessive economy.

In conclusion, we have better knowledge and idea of what to do but there are persons like me who lack the capital to start up something and we're saving to be able to meet up every life's demands and still run a charity foundation with all source of funding from my personal pocket as a Farmer.
Give me capital and wash me grow an empire.

[Beparanf]

One should check his expenses from the start and try to avoid borrowing to an extend because that's literally add up to your worries , their is no relief in borrowing as when you have to return the amount that is more tough task and xauses more financial troubles for you either its interest or any other benefits.

For some people that doesn’t care about excessive finances. They are use to borrow money and pay once their salary arrives every month. I think it’s ok to get a loan if you have a means to pay it back on time without paying some penalty.

But most cases, People is borrowing because their expenses is greater than their salary. Not that they are not checking expenses but their economy put them on that tight spot. Some country has a low income rate while cost of living is very high. People has no choice than to get an extra credit line to support there daily needs until they find a better job to pay all the loans and live debt free.

[ajiz138]

There is no problem taking a loan, because it is customary for us as humans to do it, the most important thing is that we have to be good at managing it and what the loan is for, for example if to increase your business you can add capital and income, this has often been done a lot people, so we have to know as we should manage the governance to return it every month.

There are many people who default on loans because they cannot manage them properly or someone personally uses the money to fulfill their needs, so this is the wrong thing for us to stay away from bad character, often I see around me they fail to pay loans because they only want their own satisfaction after getting the loan money.

While you can still generate a better income and that is sufficient then never apply for a loan.
Life will be calm without loans.

[19Nov16]

Borrowing money is something we usually do, in life of course not everything goes according to plan, sometimes sudden costs often occur especially if they have a wife and children, as long as we have the will and ability to pay then borrowing money is not a problem.

[TheUltraElite]

You cant quit borrowing, otherwise how will the banks survive?

Seriously though, we all need money in times of emergencies which is what borrowing should be kept limited to. No wonder the need for this has gone up and hence the influx of payday loan apps on app stores and its complications and consequences.

I think from a trading perspective, playing it safe with limited borrowing is a good habit. But for the real life spendings, we cannot completely be debt free.

[Cryptomultiplier]

Another name for borrowing is loan. The rich in our society today didn't become rich from thier own savings. They at some point had to take loans from banks or other loan sharks in order to foot their business ideas.
How else do you think entrepreneurs survive most times?
Where borrowing is bad is when there is no concrete reason for such cash, other than spending.
If for emergencies cash is borrowed, it is reasonable. If cash is borrowed and invested, it is also reasonable. Mind you, investment can come in different many forms.
I do not borrow is it ain't necessary, but if I must to avoid embarrassment, I will borrow, but not above what I can normally afford.

[Razmirraz]

Borrowing money can get you out of the financial troubles you are facing, but you may accidentally get caught up in another problem. Borrowing money from friends, relatives or close family might be able to help you overcome financial problems without having to pay interest. if you borrow money from moneylenders it is not a good solution for you, the consequences will be very fatal if you fail to pay off the installments at the appointed time.

You need to manage your finances wisely so that you are not in debt, spend money as needed, and you can use the rest for other unexpected needs. Arrange your finances according to income, don't get caught in digging holes to close holes for borrowing money to pay off debts.

[uneng]

Borrowing money can get you out of the financial troubles you are facing, but you may accidentally get caught up in another problem. Borrowing money from friends, relatives or close family might be able to help you overcome financial problems without having to pay interest. if you borrow money from moneylenders it is not a good solution for you, the consequences will be very fatal if you fail to pay off the installments at the appointed time.

You need to manage your finances wisely so that you are not in debt, spend money as needed, and you can use the rest for other unexpected needs. Arrange your finances according to income, don't get caught in digging holes to close holes for borrowing money to pay off debts.

Borrowing is a dangerous deal when people do this to pay a pending bill, for an example. Many people on this situation enter an endless cycle of new loans to pay previous loans, continuously, until the interest rates become so intense that the person can't continue doing this anymore. After all the pending bill becomes much more expensive than the initial one, which lead the person to borrow money for the first time.

Unfortunatelly not everyone have family and friends who they can count on to take some money borrowed, so their only alternative is to appeal to a bank or loan shark. The fact is that such deals are only advised if the person is borrowing money to invest in something solid, which can allow them to calculate how much they are going to make from the investment and how long it's going to take.

[bangjoe]

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.

Such borrower behavior is very bad behavior, borrowing money to cover the previous loan. I also think that sometimes we need a loan at a time when it is really urgent for us, such as when we are in trouble or whatever happens to us, but it is a bad thing to borrow to cover other loans, and what is even worse is to borrow money to fulfill our needs style and style. I know wasting borrowed money to do things that are not useful and I think that is a fatal mistake in using borrowed money.

I totally agree that borrowing money is to expedite a business or buy assets and/or others that will provide us with income, that is the wisest step, I have also seen many people who are already rich do this to develop their business.

[Jody.Drummer]

Borrowing money is something we usually do, in life of course not everything goes according to plan, sometimes sudden costs often occur especially if they have a wife and children, as long as we have the will and ability to pay then borrowing money is not a problem.

Yes, that's not a problem, but it's the beginning of problems that will come in the future. It will be fine when we still have enough income to pay off what we borrow, but are we sure that we will still experience good conditions? of course not. We cannot predict what situations will come to us one day. Sometimes we are too confident about it all, even though we ourselves don't know what will happen. I've seen people who go through this, indeed they are fine, but in the end they have to be really hard when something bad comes. We have to really consider it all before we borrow.

[boyptc]

Borrowing is addicting if the purpose isn't being put into a good use. But there is what call, good debt and this is applicable for businessmen. It's not like you'll borrow to buy bitcoin, that's totally a wrong thing.

You as a borrower have already a good source of income and that will be your main requirement in borrowing, to get a better cash flow and to expand your business which seems to be truly profitable. The banks are going to allow you to borrow but with a limit and this is what business people are doing.

But if you're someone who's borrowing money to buy needs like gadgets, expensive travels and vacation and yet you're not earning that much. That's just irresponsible way of borrowing, yeah, YOLO and you deserve better but that's not the type of description of borrowing to me.

[Cryptomiles1]

Borrowing is not a bad thing you may decides to borrow to sort out your problems mostly any health related issues need money if the person is not financially balanced, such people may decides to borrow and to fixed out their health after which they fully recover and get back their feet they pays back. There are some people who are deliberately subjecting their selves to borrowing money and is common within my country, just in the name to please people around them.

[Davidvictorson]

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.

Just like every habit, borrowing can easily and quickly become one. Before you know it, you are in an endless loop of debt. It is easy when you borrow money from a family  or friend because there is no interest attached but when you borrow from external bodies you would have to pay some interests. This mean that you are pay more than you borrowed. This in itself would lead another strain on your finances and the result is that you find it difficult to stay be financially stable. To solve the debt cycle, sew your suit according to your size. Unless it is an emergency and you have tried all other means, then borrowing should be your last resort. I know some times it is hard but just try and look for a way to increase your source of income.

[_BlackStar]

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.