Quit borrowing

[Jamala]

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.

[Zaguru12]

An unnecessary debt actually equates to having more financial troubles, there are many that can’t coat their wants  in shape with their wages mostly because of the class they belong to. But there are others that actually borrow money for critical needs or situations that their savings can’t really cover.

 Also there are many businesses that have been built through loan or grants and they went all the way to been successful. The only way loan or borrowing isn’t advice is when it is done to acquire material stuffs that are more less liabilities rather than a source of income or a means to save ones dear life. Otherwise loans aren’t all that bad

[bettercrypto]

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.

   That's why it's good to borrow if it's used in a way that can produce money as well or be used in a business that you want to do.
 Because every country in the whole world is able to borrow.

[coupable]

Borrowing is not a bad thing in and of itself as long as the borrower knows how and when to repay it. Problems begin when borrowing begins. It represents the only solution in every crisis, because it must be a circumstantial solution and not a strategy to postpone getting into trouble. There are businesses based on borrowing, but they have their own strategy that cannot be applied to individuals.
Personally, I have to borrow from time to time, but it is always for a short period and small amounts that do not exceed $2,000. And I do it when I can't find an alternative solution.

[sheenshane]

Just watch this, How Debt Get You Rich | Robert Kiyosaki.

See, borrowing isn't bad as long as you know how to manage it and I did the same, I have also a debt but I manage to become wealthy someday.
Because I believe that debt can be a tool for creating wealth, it's important to approach it with caution and only take on debt if you have a solid plan for using it to generate income and grow your investments.

I realize that it would have been smarter to only borrow money if I had a clear plan to use it in a way that could help me make more money in the long run, such as starting a business or investing in a property that generates profit.  Borrowing for things like vacations, entertainment, or non-necessary purchases is generally not a good idea and can lead to unnecessary debt.

[Zlantann]

An unnecessary debt actually equates to having more financial troubles, there are many that can’t coat their wants  in shape with their wages mostly because of the class they belong to. But there are others that actually borrow money for critical needs or situations that their savings can’t really cover.

Most people are in debt because they want to please other people. Some people are very competitive that they want to buy what they can not afford because they want to look like others. I have seen people take loans because they want to have a lavish wedding or birthday. The only reason one should borrow might be because of emergency or critical needs. One might decide to borrow because there is no money to but food or pay for certain basic needs such as housing, etc.

 

Also there are many businesses that have been built through loan or grants and they went all the way to been successful. The only way loan or borrowing isn’t advice is when it is done to acquire material stuffs that are more less liabilities rather than a source of income or a means to save ones dear life. Otherwise loans aren’t all that bad

Taking a loan to start up a business might not be bad advice because a good venture can grow and bring profit. But it might not be the best option because business is risky. If the business fails to pay back the loan might become a problem. Many sound businesses were started or expanded using loans or other credit facilities, but many failed and put their owners into debt that they can't afford to pay.

[Nwada001]

Borrowing is sometimes that we ordinarily don't want to do, but most of the time it's just the only choice that one has. Let's say, for instance, that you are in need of medical refills and you don't have enough money at that time, but at the end of the month, week, or day you are expecting to receive something for work that you have already done. At this point in time, you need to borrow money so that you can pay your medical bills, and then when your wages and allowances come in, you settle your debts. This kind of borrowing is encouraging.

The kind of borrowing which is a bad habit and contributes to the economic downfall of a nation and the financial instability of a person is when an individual borrows just to satisfy his casual, unwanted, and pleasure, like when you don't even have any source of income, where you are expecting money from, and because you want to gamble you went ahead to borrow money. That kind of borrowing is sometimes not encouraging, and we advise anyone who really wants to make it far in life to stop.

[Dr.Bitcoin_Strange]

Quit borrowing

This is impossible, OP. The inflation rate is growing day after day, and it's so bad in some countries that even with their salaries, average citizens of those countries where inflation is high cannot even completely fulfill their basic needs with their salaries without having to take out loans. OP, it's really not easy for some people. But the best way to help their situation so they don't incur a lot of debt is to always make a good financial plan and budget for themselves so they don't spend what they didn't really budget for. Even some wealthy people still borrow to add up, and that's when the money they have at that moment cannot completely cover what they intend to do with it. Even some SMEs (small and medium enterprises) still borrow to support their business.

[binimal]

(If you are not in a survival situation) Only get into debt to buy tools that are reasonably expected to increase your productivity which would help you to increase your income, pay your debt and be better off at the end.

(If you are in a survival situation) Ask for help, avoid getting into debt as it will spiral you down the debt hole.

(If you are getting into debt to consume) Clearly define your minimum needs to be well off and happy enough, avoid any "status" consumption, learn something new, acquire some skill that someone is willing to pay for, create something, offer something of value to your virtual o local community (hopefully bitcoiners) and try to live by your means, gradually increasing your minimum needs to be happier. Live slightly bellow your means, and you will always have something to save or spend in superfluous things. Keep yourself a sovereign individual  

[crwth]

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.

[karmamiu]

When credit cards were first introduced, it only took few months for all those creditors specially who has a debt for no particular reason had spent their lives in misery. Personally, I cannot afford to have a debt specially I don't have a big reason to. Aside from that, I didn't have that much income in order for me to receive loans or decide getting in debt. In our country, it is much difficult once you get inside that non ending cycle of payment, every month you'll get exhausted by only paying those interest leaving nothing on your salary. I have seen so many people on my neighborhood doing the same thing over and over again, and to add more salt on their wounds, even if you say that by living below your means will somehow help you, to be precise, no coz sometimes the most basic meal you can afford is already equivalent to an expensive meal. The primary problem in our country is due to lack of financial support and management in farming areas which makes the basic necessities like vegetables very expensive. In this regard, most victims of those non ending cycle of debt are farmers due to lack of capital for their farms, and usually all our goods are imported out of the country.

I also understand that getting in debt is not really a wise thing to do, but there are some circumstances that this is the only solution they have in mind in order to survive.

[bitzizzix]

Borrowing is not a bad thing, what is bad is borrowing beyond your means and also not knowing how to pay it back. Borrowing is the last solution if there is no other solution and it is supported by having the ability to pay or having a steady income such as having a job and salary, and this can repay the loan according to the agreement.
and borrowing to create a business, asset or for any investment it is a good option in my opinion, as long as you choose for a profitable purpose and have knowledge and so on among the goals I mentioned earlier. And still have to have income or salary to be able to pay it and also borrow according to ability.

[CryptSafe]

Borrowing as it is has its own consequences and excess of it is not what i fancy. Borrowing when you have a remedy or pay back plan is ok but when you are hoping or depending on a means when you are not sure of it is very much not alright. I believe most times it is not as a result of satisfaction people borrow but at times they encounter emergencies which results to their urgent request for financial aid or assistant to solve their problem immediately.

Borrowing  in terms of setting up a profitable business is not bad. As long as you have set your repayment plan depending on your terms and conditions, it is aright to go with as the business venture for which the loan was taken is profitable enough to repay the loan, running cost and every other financial commitment to service.

[Oasisman]

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.

[Sarah Azhari]

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

Yes, I admit it, but it still depends on you, If you able to manage it, you can be a free man without debt. I have experience with lending when still have a credit card. That such cards where always bring me to lend anything I want, but after that my bills are piling up, and Almost can't afford it. The best solution is, close it.

It's the same like today, If I have cash, I will spend for unnecessary purposes, so extravagant, because of that I keep it in bitcoin, and store it in hard-to-reach places, so when I want spend for unnecessary purposes, be shy to do that.

[franky1]

when people take out a loan. they have to then put money aside from their limited income to repay their loan ongoing afterwards. meaning they have to waste less money to afford the repayments

people need to pretend they already have a loan and put money aside to save. pretending they are making repayments where instead they are actually accumulating savings. thus then not need a loan because they have accumulated savings

dont just spend your money and then say its ok if my household items break i can take out a loan because i can afford the repayments.. instead act as if it already broke to get your mind into putting money aside as if you are repaying a loan but instead saving that money. so that when it does actually break the money is there..

if you want to invest that money to make it self accumulate to more value to speed up the benefits of saving. put it into assets that are at their LOW. dont invest in things that are highly priced compared to recent history buy low to then sell high

bitcoin is at a low compared to its 2 year history, where as gold is at a high. so best bet is buy bitcoin not gold right now

[Sebas.tian]

 Borrowing money from bank or somebody to feed your stomach is not good but you can borrow money to improve your business, which is advisable but ensure you work hard to pay back the loan so that it will not cause more trouble for you in future. I will not advise anyone to borrow money to invest in Bitcoin or cryptocurrency, because Bitcoin price is unpredictable which the price can pump at anytime to help people to get what they want at the moment, and it can also dump to make people hold more than a year to avoid lost. Just invest the little money you have now on Bitcoin than to borrow Because borrowing will never give you peace of mind whenever the price is low in the market.

[adaseb]

Being in debt is the American Dream. And been that way for a while. Fueled with cheap money and near zero interest rates why are you surprised.

The latest generation has never learnt what a high interest rate environment means. Last time rates were high was 20 years ago and most back then we’re all going to remember. Now people got a little overboard with their debt such as housing debt and auto loans.

[Don Pedro Dinero]

Being in debt is the American Dream.

I don't know if you're being sarcastic but that's not the American dream.

What Is the American Dream?

The American dream is the belief that anyone, regardless of where they were born or what class they were born into, can attain their own version of success in a society in which upward mobility is possible for everyone.

The American dream is believed to be achieved through sacrifice, risk-taking, and hard work, rather than by chance.

The problem in its version of the last decades is that the dream has been fuelled by debt. The US has been exporting its dollars which have been used as a global reserve and in return has been able to consume many goods and services that it did not produce, something that is beginning to change.

On a personal level, getting into debt is not always negative, it is negative for consumption, which is what most people get into debt for. On the other hand, borrowing to invest can be reasonable and provide leverage, making it possible to reach goals more quickly, and many companies do so.

[Gallar]

I can understand if the person who is borrowing money is someone who is really desperate, and indeed the economic situation is really down. people with a background like this are understandable.

but what happens if people who are well off still borrow money. not a few rich people, but have a sizable debt, it may result from increasing their business capital or when opening a new branch of their company. it's all still understandable, because this is a business matter.

but what if there are people who borrow money just to look stylish with expensive clothes, expensive food, and luxurious vehicles. this kind of thing is not exemplary, it's no longer a waste, it's more than a waste.
and all of this must be avoided by everyone, if you do not want to be in debt. because don't let pride lead you to misery. just enjoy what is there, don't force it if you can't afford it.