Quit borrowing

[Betwrong]

When facing financial difficulties, it can be challenging to avoid borrowing money. However, continuously relying on loans can lead to a cycle of debt that is difficult to break. One way to break this cycle is to create a budget and stick to it. Start by tracking your expenses and identifying areas where you can cut back. Another option is to increase your income. This could involve taking on a side job or finding ways to monetize your skills or hobbies. You could also consider selling items you no longer need or use. Prioritize paying your debts. Focus on paying off high interest debts first such as credit card balances, as these debts can quickly accumulate and make it even harder to get out of debt.

That's what I would advise to anyone with debts. Unfortunately, many people wouldn't listen. Typical situation: having many debts already they are taking a loan to go on holidays and spend it on buying unnecessary things. Then they have more debts than before, and it's harder to deal with the situation.

Guys, take on a side job and pay off all your debts first. Trust me, you'll feel happier than after any holiday when you are free from all your debts.

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[Desscount]

When facing financial difficulties, it can be challenging to avoid borrowing money. However, continuously relying on loans can lead to a cycle of debt that is difficult to break. One way to break this cycle is to create a budget and stick to it. Start by tracking your expenses and identifying areas where you can cut back. Another option is to increase your income. This could involve taking on a side job or finding ways to monetize your skills or hobbies. You could also consider selling items you no longer need or use. Prioritize paying your debts. Focus on paying off high interest debts first such as credit card balances, as these debts can quickly accumulate and make it even harder to get out of debt.

That's what I would advise to anyone with debts. Unfortunately, many people wouldn't listen. Typical situation: having many debts already they are taking a loan to go on holidays and spend it on buying unnecessary things. Then they have more debts than before, and it's harder to deal with the situation.

Guys, take on a side job and pay off all your debts first. Trust me, you'll feel happier than after any holiday when you are free from all your debts.

Those who continue to carry out debt and have meager income, I think they really don't realize their own financial capabilities,
if the debt is used for a business where it will generate profits and can pay it off it doesn't matter,
debt for fun I think it's a stupid decision.

[gunhell16]

When facing financial difficulties, it can be challenging to avoid borrowing money. However, continuously relying on loans can lead to a cycle of debt that is difficult to break. One way to break this cycle is to create a budget and stick to it. Start by tracking your expenses and identifying areas where you can cut back. Another option is to increase your income. This could involve taking on a side job or finding ways to monetize your skills or hobbies. You could also consider selling items you no longer need or use. Prioritize paying your debts. Focus on paying off high interest debts first such as credit card balances, as these debts can quickly accumulate and make it even harder to get out of debt.

You are right in what you are saying, as long as you don't let yourself be unable to pay the debt, and it is not bad to be in debt either. Just do it the right and proper way of using it. The others are able to do it and use it just because of their luxury and boasting to people.

But as much as possible, avoid it becoming a habit because you might not be able to control yourself and the time comes when you don't realize that you are buried or drowning in debt.

[CageMabok]

Your advice is good in terms of loans and their potential impact on someone's financial well-being but I think it's good to clarify by mentioning reliable cryptocurrencies so that the OP understands and doesn't make the wrong choice in investing and in terms of withdrawals too.

If you have to make clarifications by directly mentioning cryptocurrencies, I think stablecoins are better to borrow. Because apart from the price being always stable in the market, stablecoins are also easier for everyone to pay for so that the return will not be too complicated for the borrower. In addition, each borrower can also directly use stablecoins for the investment he wants, like the Bitcoin example, because with the profits he gets through Bitcoin investments, he can also collect them to repay loans he has taken on other people.

But I personally always don't want to make a loan if it's for investment, because I'm still worried that I can't repay it on time, even though the investment objective is for Bitcoin. So my advice is if you can, don't take a loan to make an investment, but try to collect the capital first and then use it to invest so that we ourselves won't feel too deep a burden when we have made our own investments in assets like Bitcoin. (for example).

[nara1892]

When facing financial difficulties, it can be challenging to avoid borrowing money. However, continuously relying on loans can lead to a cycle of debt that is difficult to break. One way to break this cycle is to create a budget and stick to it. Start by tracking your expenses and identifying areas where you can cut back. Another option is to increase your income. This could involve taking on a side job or finding ways to monetize your skills or hobbies. You could also consider selling items you no longer need or use. Prioritize paying your debts. Focus on paying off high interest debts first such as credit card balances, as these debts can quickly accumulate and make it even harder to get out of debt.

You are right in what you are saying, as long as you don't let yourself be unable to pay the debt, and it is not bad to be in debt either. Just do it the right and proper way of using it. The others are able to do it and use it just because of their luxury and boasting to people.

But as much as possible, avoid it becoming a habit because you might not be able to control yourself and the time comes when you don't realize that you are buried or drowning in debt.

Actually it can be done, but when we get used to being in debt then that is the beginning of real difficulties. Let's just say we are currently in debt, and we can manage all our finances at the same time we can pay off debts on time and without any difficulty. Well in the future we will think the same thing from our experience at this time. We will think that in the past we can pay it off without any obstacles, and from there we will start thinking about starting to owe again, even though, at that time we did not have an urgent need that required us to take out a loan. So things like this actually backfire on ourselves, and we also don't know what will happen next.

[gabbie2010]

In most cases one can't do without acquiring a loan but one should stop getting loan for unnecessary things

Countries, Nations etc obtain loans mostly for infrastructural development these are necessary projects for the purpose of making life easy for their citizens, however there are some individuals who obtain loans to spend on trivial things like embarking on spending spree just for show off, this is very common in my community infact some obtain loan to buy stuffs for festivals while paying through their nose in offsetting their loans to avoid defaults, most of those loan are not necessary at all because some defaulters ended up losing some of their assets (cars, houses etc)  used as collateral in the process of obtaining the loans.

[Bobrox]

Borrowing could be option for problem facing with financial difficulties but in cryptocurrency stable coins are recommended for borrowing than try with other coins has fluactive price later when repayment deadline coming. But always be careful with loan interest and how much percent each month or repayment full duration until how many months. Looks not recommended if you want use borrowing fund for short term trading because can't guarantee to earn profit consistency every day, but for long term investment looks beneficial depend first time investing in bitcoin or other coin when price dump.

[Dickiy]

Actually it can be done, but when we get used to being in debt then that is the beginning of real difficulties. Let's just say we are currently in debt, and we can manage all our finances at the same time we can pay off debts on time and without any difficulty. Well in the future we will think the same thing from our experience at this time. We will think that in the past we can pay it off without any obstacles, and from there we will start thinking about starting to owe again, even though, at that time we did not have an urgent need that required us to take out a loan. So things like this actually backfire on ourselves, and we also don't know what will happen next.

There are lots of factors that cause someone to go into debt or take loans several times, they need money urgently, so they have no other choice but to borrow. An unsupportive economic angle will make it very possible for them to choose to borrow and then pay it later. This is not wrong and it is natural, but if we too think borrowing is normal then this is the beginning of a loss of balance in someone's finances, where every month their salary is only to pay off debt. We must be careful in responding to this, it will be very dangerous for someone who has experienced addiction in debt because there will be very many negative impacts that he will feel later in life, not a few of them are stressed and even end their lives because of the impact of emotional pressure what they feel.

[GxSTxV]

There are various instances and methods through which individuals and even companies obtain loans. When someone reaches this point and is obligated to do it’s undoubtedly due to a bad situation and there is no positive outcome associated with borrowing money. But also we cant say that every borrowing is entirely negative particularly when it comes to health concerns where you are short on funds for necessary hospitalization or medication. I personally been in such situations.
Beside that i have seen numerous cryptocurrency projects that offer money lending opportunities with returns for the lender one of them was the famous blockchain wallet so in my opinion borrowing is not always a bad thing and can prove beneficial in several scenarios.

[Hamphser]

Actually it can be done, but when we get used to being in debt then that is the beginning of real difficulties. Let's just say we are currently in debt, and we can manage all our finances at the same time we can pay off debts on time and without any difficulty. Well in the future we will think the same thing from our experience at this time. We will think that in the past we can pay it off without any obstacles, and from there we will start thinking about starting to owe again, even though, at that time we did not have an urgent need that required us to take out a loan. So things like this actually backfire on ourselves, and we also don't know what will happen next.

There are lots of factors that cause someone to go into debt or take loans several times, they need money urgently, so they have no other choice but to borrow. An unsupportive economic angle will make it very possible for them to choose to borrow and then pay it later. This is not wrong and it is natural, but if we too think borrowing is normal then this is the beginning of a loss of balance in someone's finances, where every month their salary is only to pay off debt. We must be careful in responding to this, it will be very dangerous for someone who has experienced addiction in debt because there will be very many negative impacts that he will feel later in life, not a few of them are stressed and even end their lives because of the impact of emotional pressure what they feel.

Yes, not all does have that kind of life on which having that sustainable living or having that financial capability on which it would really be that understandable that people would really be having those kind of options

on the time that they would really be experiencing shortage of money on which it would really be that understandable that they would really be taking up such step on the time that there's no other way or solution on which they could really be able to touch on.This is why it would really be just that normal that people would really be taking some loans despite on knowing that they would really be paying up some interest on which
it would really be that a common approach that they would really  be that consider on borrowing despite on being at disadvantage.What choice they do really have?
As long you would really be that responsible with your loan and able to repay on time then i dont see any problems with this.

[Vishnu.Reang]

Taking loan is not bad as long as borrowers know their limits, it will totally depend upon your need, you are taking loan for what? asset or liability, let me clear these two things asset mean which give you income and liability mean which take income from you. In my opinion if you are taking loan for liability then you should avoid the loan. If you want to invest in asset such like house, making up business etc which can give you more benefit with right income then you can borrow loan three is nothing wrong.

[slapper]

There are various instances and methods through which individuals and even companies obtain loans. When someone reaches this point and is obligated to do it’s undoubtedly due to a bad situation and there is no positive outcome associated with borrowing money. But also we cant say that every borrowing is entirely negative particularly when it comes to health concerns where you are short on funds for necessary hospitalization or medication. I personally been in such situations.
Beside that i have seen numerous cryptocurrency projects that offer money lending opportunities with returns for the lender one of them was the famous blockchain wallet so in my opinion borrowing is not always a bad thing and can prove beneficial in several scenarios.

Borrowing is "bad" - that's a strong statement. I'm fascinated... and dubious. You appear to associate borrowing with financial instability, which is not entirely untrue. Consider a world without borrowing. No mortgages, business loans, student debts... Enjoyable, right? Hold on! How would individuals buy homes without loans? Small companies' growth?

Healthcare loans turn the tables. Such loans can save lives. Isn't it odd? Shouldn't society's healthcare cover these costs? The cryptocurrency loan argument... I'm doubtful. Crypto loans provide benefits, but aren't they risky? The borrower defaults - what happens? Doesn't that sound like a stomach-turning roller coaster?

[demonica]

Taking loan is not bad as long as borrowers know their limits, it will totally depend upon your need, you are taking loan for what? asset or liability, let me clear these two things asset mean which give you income and liability mean which take income from you. In my opinion if you are taking loan for liability then you should avoid the loan. If you want to invest in asset such like house, making up business etc which can give you more benefit with right income then you can borrow loan three is nothing wrong.

Í agree with you, there's nothing wrong about borrowing if you know how to use it wisely. We learned about this before and borrowing can be a good thing if it's done in a good and smart way. However, a lot of people just use their borrowed money on their leisure. I understand that sometimes we get tempted to get our wants, and we often use credit to acquire them. But if we know how to properly use our loan and make use of it to gain money, there's no need to quit borrowing.

[armanda90]

Í agree with you, there's nothing wrong about borrowing if you know how to use it wisely. We learned about this before and borrowing can be a good thing if it's done in a good and smart way. However, a lot of people just use their borrowed money on their leisure. I understand that sometimes we get tempted to get our wants, and we often use credit to acquire them. But if we know how to properly use our loan and make use of it to gain money, there's no need to quit borrowing.

Regardless of the loan used for things that are not so important, we must make a limit on the amount of assets we have with the number of loans we take.  Many businessman depend on loans for their business but still limit it to under 20% to 30% of the loan amount with the capital and assets they have. Its looks efficient because they can manage well with how much loan taking and loan interest have to pay. However, taking out loan other than for business needs does not seem to be recommended and we faced difficult for repayment loan interest.

[GxSTxV]

Borrowing is "bad" - that's a strong statement. I'm fascinated... and dubious. You appear to associate borrowing with financial instability, which is not entirely untrue. Consider a world without borrowing. No mortgages, business loans, student debts... Enjoyable, right? Hold on! How would individuals buy homes without loans? Small companies' growth?

Healthcare loans turn the tables. Such loans can save lives. Isn't it odd? Shouldn't society's healthcare cover these costs? The cryptocurrency loan argument... I'm doubtful. Crypto loans provide benefits, but aren't they risky? The borrower defaults - what happens? Doesn't that sound like a stomach-turning roller coaster?

That's precisely what i was trying to say: many things can be accomplished with loans and in many cases where these loans making people’s lives better such as purchasing cars, houses, paying medical expenses, and funding education. It's evident and clear that nobody wants to borrow money aimlessly or solely to appear rich, but rather out of urgency and necessity. Furthermore financial institutions and lenders study your situation and repayment capacity and time of fully paying back your loan that how they are charging interest rates also.
Borrowing is a double edged sword it can be so bad and risky for both sides ( the one who borrow and the one who’s funding), yet it can also be a lifesaver in certain situations.

[puloweh555]

In most cases one can't do without acquiring a loan but one should stop getting loan for unnecessary things

It's not the pleasure of being in debt or the habit of being in debt. Many people who are in debt certainly want to have all their needs fulfilled without being in debt. But sometimes there are circumstances that force you to be in debt, until it eventually spreads to other debts and in the end you have a lot of debt.

What you say is true, if someone is in debt just to fulfill a lifestyle that is a very stupid action. But there are some debts that need to be done if we do business, because having debt for doing business is commonplace because our money is rotating so that we get the advantage of repaying debt or paying every month. Another mistake people owe so that the debt becomes negative is in debt but he has no income so that the term dig a hole to close a hole occurs because he pays off debt by getting in debt again.

[DrBeer]

Loans for unreasonable consumption, or loans to pay off loans, are exactly the real evil.
The problems are several.
The first is that credit is now absolutely available, and taking out a loan is easier than drinking a cup of aromatic coffee.
Second - the population of many countries. completely lost logical thinking, or rather uncontrolled consumption triumphed over it.

This is the main problem.
Oh yes, and a little "trifle" is the unwillingness of these individuals to get their heads together and learn to CREATE MONEY instead of LENDING MONEY.

[coinerer]

Taking loan is not bad as long as borrowers know their limits, it will totally depend upon your need, you are taking loan for what? asset or liability, let me clear these two things asset mean which give you income and liability mean which take income from you. In my opinion if you are taking loan for liability then you should avoid the loan. If you want to invest in asset such like house, making up business etc which can give you more benefit with right income then you can borrow loan three is nothing wrong.

Í agree with you, there's nothing wrong about borrowing if you know how to use it wisely. We learned about this before and borrowing can be a good thing if it's done in a good and smart way. However, a lot of people just use their borrowed money on their leisure. I understand that sometimes we get tempted to get our wants, and we often use credit to acquire them. But if we know how to properly use our loan and make use of it to gain money, there's no need to quit borrowing.

If someone wastes money by taking loans unnecessarily then it can turn into a nightmare for him. But if someone takes a loan and invests that money in a good place and if he gets good quality profit from it which is more than his loan interest then there is no problem with his loan on the other hand the loan will play a big role for him. So in all cases taking a loan is not a bad thing in many cases a loan works as a boon for a person

[BenCodie]

One case of debt, which I believe that you are referring to, is unnecessary debt. Debt that you otherwise did not actually need to take to survive. Debt such as for retail spending, luxuries, non-necessities. I fully agree with you that borrowing for this purpose is irresponsible, as all it does not take long for it to become a trap, while the assets/spending are worth much less than the value spent at the time of purchase.

On the other hand, borrowing for survival is sometimes the only way forward. At this point there's no real option but to extend the timeline and try to figure out a way with the additional time.

My other idea is borrowing for investment. It's the age old question with Bitcoin for example - Should you borrow to invest in Bitcoin? The answer is usually no as it's considered a gamble, but history proves otherwise. I find this topic to be most interesting when it comes to the purposes of borrowing.

[barisbilgili]

Loans for unreasonable consumption, or loans to pay off loans, are exactly the real evil.
The problems are several.
The first is that credit is now absolutely available, and taking out a loan is easier than drinking a cup of aromatic coffee.
Second - the population of many countries. completely lost logical thinking, or rather uncontrolled consumption triumphed over it.

This is the main problem.
Oh yes, and a little "trifle" is the unwillingness of these individuals to get their heads together and learn to CREATE MONEY instead of LENDING MONEY.

All of this includes difficulties in self-control, indeed no one denies that borrowing for unreasonable interests or loans to pay off loans is an actual crime, but everyone who already knows will do that when they find it difficult to control themselves.
I'm sure almost all of us have experienced this situation but we are slowly changing our thinking to create more money than borrowing, and it will continue to be repeated for generations at any time in this world without stopping.