Quit borrowing

[isaac_clarke22]

~

During my young age, I took a student loan from my school when I was still a high school and they all turned out to be a pain in the ass in the end when I thought that it will all be over after I graduated. As long as you don't screw up your grades in school, you'll definitely be fine but they are still a pain in the ass now that education is a basic need and you almost have no control in deciding whether you should afford a loan or not. I still did not have any source of income that time as I was still dependent on my parents though.

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[goldkingcoiner]

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.

Personally, I avoid borrowing money like the pest. It is so difficult to get out of debt. It would be way easier to work for your money and save some cash in increments instead.

Sure it might take longer but you will be safe.

I think the culture of borrowing money until you are in a hopeless situation and are doomed to spend the rest of your life paying your debts is an american exclusive culture. In my country, we prefer to save our money and/or invest it into useful and profitable ventures. From my experience living in the United States of America for a long time and spending time around Americans, I can definitely say that they seem to be a risk-ignorant people. They appear to be completely oblivious to the consequences of their actions until it catches up to them. Then they are surprised.

[Rockstarguy]

~

During my young age, I took a student loan from my school when I was still a high school and they all turned out to be a pain in the ass in the end when I thought that it will all be over after I graduated. As long as you don't screw up your grades in school, you'll definitely be fine but they are still a pain in the ass now that education is a basic need and you almost have no control in deciding whether you should afford a loan or not. I still did not have any source of income that time as I was still dependent on my parents though.

Their some certain things we will need money to solve in life which it's so difficult to resist borrowing even if it will take lot of energy to  pay back. It is better to borrow money to handle good opportunities in life than to lose.  Borrowing is not bad when the Money is used to solve things that are important and very valuable,  borrowing is only bad when  their is no  meaningful thing to use the money for.  As far as one does not have sufficient amount of money loan taken can't be quit, people will always see it as the easiest means to raise money.

[gunhell16]

I think you should give a try to Robert Kiyosaki's speeches. He often talks about debts and it's pros & cons. He often mentions that if you take out a loan, you'll only have to pay interest rate because loans aren't considered income and are not taxable.

You seem interested in Robert Kiyosaki's views on debt and loans. yes, While it is true that loans are not considered taxable income, interest paid on loans is generally not tax deductible for personal loans, with a few exceptions such as mortgage interest. However, taking on debt is not without risks and potential financial stress before making any major financial decisions in my opinion.

There is nothing wrong if he believes in the principle that Robert Kiyosaki believes in and there is truth in what Kiyosaki said. It is up to us how to apply it in our real lives.

But in reality, it is also difficult to get used to debt because it will be difficult for us to get out of it, even if we say that we are good payers, that's why we can't save anything for future savings in my view and understanding about this matter.

[Jamala]

Being in debt kills you inside until you pay up. It breaks and uproots your peace of mind. Debts can cripple even your emotions.

[axxo]

Borrowing more money can leads to more debt and makes it harder to become debt-free. The primary reason for borrowing or taking a loan is living beyond one's means, where expenses exceed income. This kind of problem will become worsen with millions of people are spending more than they can earn and also credit card debt is increasing at alarming rate. So people should quit on borrowing money because it will cause more stress and depression if they wont be able to pay their debts. Debts will be doubled or tripled if you had missed paying the amount due and it would cause a lot more problem to you physically, emotionally and mentally.

[koleusdat]

That's right, it's not worth borrowing money, then it gets addictive and every month it turns out to be minus that collateral and so around, you need to be able to manage your earnings and not live in a big way.)

[reizella28]

That's right, it's not worth borrowing money, then it gets addictive and every month it turns out to be minus that collateral and so around, you need to be able to manage your earnings and not live in a big way.)

People get addictive to it as they could get money instant by just borrowing, not knowing that there's an interest for every payment you pay. It's actually stressful to think of your loan than will minus to your income every payroll. You'll also need to budget your money as you need to think of monthly payment to your loan. Borrowing money would be better when it comes to emergency purposes where you really need money not into unnecessary things.

[Raceonsucced]

Borrowing money when it's really urgent, I think it's okay. As long as you don't continue to borrow without paying for it. Borrowing is commonplace in society. But we also have to know how to arrange the payment later. People who borrow money also because they have to. But in my opinion, don't borrow too much money, because it can accumulate bigger and become pressure when we pay it off. So it's better to borrow a little money, so that it's light when paying it off.

[Sterbens]

That's right, it's not worth borrowing money, then it gets addictive and every month it turns out to be minus that collateral and so around, you need to be able to manage your earnings and not live in a big way.)

There will be times when someone experiences unexpected financial things that result in having to borrow money. In my opinion, this is normal, and maybe everyone has experienced the same thing, including you. What is not allowed is when someone borrows money then they are addicted because they feel it is easy to get money just by borrowing, without them realizing that the debt is accumulating at the end of the month. In the end, they paid off the debt by going into debt. This makes most people depressed and then run away from their responsibilities.

[MarjorieZimmermanGinger]

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.

The beginning of the economic collapse caused by loans, the nature of the loans that we take also does not lead to needs, so the loans that we take are only to fulfill life's necessities such as food, lifestyle and others are not productive. Meanwhile the monthly fee as the responsibility of the loan is an obligation that has no option to get because of the difficulty of work, this is where the problem arises because of the unproductive nature of the loan.

Intelligence in managing finances is very important in current conditions and if someone fails to manage it properly, financial problems will become a heavy burden to solve. Moreover, job conditions are very difficult to find at this time and if someone is unable to save expenses, then his life will be even more difficult.

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 but almost all over the world this is happening now, there are more expenses compared to income and because of this there is no financial stability for people to go through life, credit cards, types of personal debt and excessive lifestyles make the condition worse for the economy. Meanwhile smart solutions to keep cash flow more stable are very difficult to find, so finance is a basic problem at this time.

[monedauno]

The problem is not the inflation of debt but the recession and the fact that so many people are taking advantage of the recession so they're going to borrow money and get their money back in the form of loans so they can get a loan of a sufficient amount and it's really not that far in the future, but then again the inflation rate in today's country is so high that its not surprising that even the banks have trouble charging them money, which in the form of loans will be very inconvenient and it is better to use your money to pay for it and save and keep the savings of your savings to yourself if you feel like borrowing more money. 
 
Well said, I can't blame you, I can't even blame you.

[Ryu_Ar1]

That's right, it's not worth borrowing money, then it gets addictive and every month it turns out to be minus that collateral and so around, you need to be able to manage your earnings and not live in a big way.)

There will be times when someone experiences unexpected financial things that result in having to borrow money. In my opinion, this is normal, and maybe everyone has experienced the same thing, including you. What is not allowed is when someone borrows money then they are addicted because they feel it is easy to get money just by borrowing, without them realizing that the debt is accumulating at the end of the month. In the end, they paid off the debt by going into debt. This makes most people depressed and then run away from their responsibilities.

This is a good point.
Sometimes when someone has borrowed once, they are like an addiction that makes them borrow again and again when they lose hope about finances.
It's like a need in the end that makes it a bigger dependency and this is the danger.

But indeed, on the other hand, if indeed we can survive while we are still able to survive without borrowing money there, it would indeed be better to maintain it without borrowing, which will actually make it difficult for ourselves.
I always try to do this, even though things like this are a little more complicated than imagined because sometimes there are urgent needs, but as long as we can afford it without borrowing, don't fall for it.

[Hispo]

The problem is not the inflation of debt but the recession and the fact that so many people are taking advantage of the recession so they're going to borrow money and get their money back in the form of loans so they can get a loan of a sufficient amount and it's really not that far in the future, but then again the inflation rate in today's country is so high that its not surprising that even the banks have trouble charging them money, which in the form of loans will be very inconvenient and it is better to use your money to pay for it and save and keep the savings of your savings to yourself if you feel like borrowing more money. 
 
Well said, I can't blame you, I can't even blame you.

That is what exactly happened here in Venezuela. The inflation went so fast that the loan interests were left behind. So people took advantage of it to max up their cards and use the money as soon as possible.

The payments made back to the bank were made with inflated money which had less value than the one asked in the first place, in the end, banks were losing money and ended up terminating the credit products for regular people. That is one of the reasons Venezuela may be one of the few countries in the world without institutional credit in our own currency.

Argentina manages it in a different way, their rates keep up with the inflation, so asking for loans there is actually expensive, one can easily end up paying the double of the money asked after just 6 months. 

[Pamadar]

Borrowing money when it's really urgent, I think it's okay. As long as you don't continue to borrow without paying for it. Borrowing is commonplace in society. But we also have to know how to arrange the payment later. People who borrow money also because they have to. But in my opinion, don't borrow too much money, because it can accumulate bigger and become pressure when we pay it off. So it's better to borrow a little money, so that it's light when paying it off.

Indeed right, if you borrow and you don't have that sufficient sources to pay it will create big problem.

But I agree that there are times, especially in an emergency cases where you won't be able to avoid borrowing, times that you
don't have any options but to proceed and ask for a certain amount to loan and think about paying after. That's not a habitual thing
but it's just a force incident that really needed to address.

[Paul Pogba]

I think so, most people borrow money just for fun and consumptive things like buying the latest mobile phone, for travel and so on, if we can stop these bad habits then we can become rich people because we can use the money used to pay off debts for cryptocurrencies investment.

[slapper]

The problem is not the inflation of debt but the recession and the fact that so many people are taking advantage of the recession so they're going to borrow money and get their money back in the form of loans so they can get a loan of a sufficient amount and it's really not that far in the future, but then again the inflation rate in today's country is so high that its not surprising that even the banks have trouble charging them money, which in the form of loans will be very inconvenient and it is better to use your money to pay for it and save and keep the savings of your savings to yourself if you feel like borrowing more money. 
 
Well said, I can't blame you, I can't even blame you.

That is what exactly happened here in Venezuela. The inflation went so fast that the loan interests were left behind. So people took advantage of it to max up their cards and use the money as soon as possible.

The payments made back to the bank were made with inflated money which had less value than the one asked in the first place, in the end, banks were losing money and ended up terminating the credit products for regular people. That is one of the reasons Venezuela may be one of the few countries in the world without institutional credit in our own currency.

Argentina manages it in a different way, their rates keep up with the inflation, so asking for loans there is actually expensive, one can easily end up paying the double of the money asked after just 6 months. 

Intriguing, isn't it? Nations wrestling with inflation and credit. Venezuela? Suffering from a hyperinflation whirlwind. Argentina? Keeping pace by cranking up interest rates.

But, my friends, this tale of inflation and debt has more layers than a political thriller. It's beyond controlling interest rates or inflation – it's also about prudent borrowing and spending.

Let's champion financial wisdom and accountability. Understand the perils of drowning in debt. Not just for personal salvation, but for the entire financial world's vitality

[cryptoknightt]

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.

True, in borrowing we have to think about several factors such as large interest, and most importantly our ability to pay bills when they are due, everything must be taken into account so that our income is not only used to pay off debt

[Pamadar]

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.

True, in borrowing we have to think about several factors such as large interest, and most importantly our ability to pay bills when they are due, everything must be taken into account so that our income is not only used to pay off debt

Yup, but most of the time those who take loans are really having difficulty repaying it.

It ends up that the salary that they've got is not enough to cover their debts, putting them in a situation where they needed to
loan more to cover the first one.

It's not good, but there are people who don't have any other options but to take that route just to survive, not meant for those
who are habitually taking loans for leisures, that's not what I'm implying.

[Hamphser]

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.

Not only on American history but this would really be rather considered to be a global problem considering that people are really that living way more than on their means and spending up like a mad man or simply

going into their limits. We should really be that aware and mindful in speaking about our spendings which it shouldnt really go way above on what we are earning.If you do live up on this way then you would
really be finding yourself into a great trouble later on as you would be making yourself get into deep debt which it would really be hard to get out once you do get shackled through it.

Im not saying that im not guilty with this since i had experience the worst thing even up to now, which im really that having that huge problem about repaying those credit cards because it do keeps on accumulating.
Paying up minimum amount due is really a pain in the ass and really just milking out their clients and this is where banks do make even more profits. lol