Quit borrowing

[MarjorieZimmermanGinger]

Borrowing is very common here in our country, especially when it is our relatives. Letting them borrow money is easy but it is hard when you're asking them to return the money they borrowed from you, that's why I don't lend money to people anymore even if they are my friends or even relatives. Lending them money will just make them more irresponsible when it comes to financial thing.

They will pay you using money that they borrowed from someone else, and it will just keep on looping, a never ending cycle of borrowed money.

This is a case of personal loans between friends, family and relatives, we are often faced with problems like the ones you mentioned and sometimes we don't have the choice whether or not to give the loan to one of these three people. In the case of loans that are general in nature, people will choose to take out loans at leasing or conventional banks and we should avoid loans that are like this. Since several decades in the area where we live there have been lots of loan services that offer convenience and they provide terms and conditions that are not so burdensome, but the interest rates that are calculated are very large when you pay monthly installments.

When people depend on loans of a nature like this, it is tantamount to risking financial difficulties in the current year, especially since the loans taken are not to support a business or business, but to make ends meet or just to make ends meet lifestyle. This is a form of error and as much as possible people should avoid loans that are not productive, because they will bring much bigger problems in their lives.

[1714680195]

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[Fortify]

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.

I have to agree with this philosophy because borrowing money puts you on the completely wrong path in life. With the exception of borrowing money for a mortgage (which in many scenarios can leave you with an asset worth more than the amount you borrowed over a long time period), most other debt will be very bad for you in the long run. There are a few exceptions, like credit cards that allow you to borrow but might give you 24 months interest free as a promotional offer, but these are rare. It is always going to be better for your peace of mind if you can save up in advance of any anticipated costs, or otherwise live within your means. It can often lead to borrowing more and dent what should be your accumulating wealth.

[Mame89]

This is a case of personal loans between friends, family and relatives, we are often faced with problems like the ones you mentioned and sometimes we don't have the choice whether or not to give the loan to one of these three people. In the case of loans that are general in nature, people will choose to take out loans at leasing or conventional banks and we should avoid loans that are like this. Since several decades in the area where we live there have been lots of loan services that offer convenience and they provide terms and conditions that are not so burdensome, but the interest rates that are calculated are very large when you pay monthly installments.

the average person defaulting on debt is usually their business declining, not that they don't want to pay, but beyond their expectations, their income has decreased, they can't pay their installments, especially with the current world economy, prices are rising. the purpose of loans is to solve problems not become problems, the government (the Financial Services Authority of a country) should provide control over why loan customers cannot pay and supervise loan services that are burdensome to customers.

When people depend on loans of a nature like this, it is tantamount to risking financial difficulties in the current year, especially since the loans taken are not to support a business or business, but to make ends meet or just to make ends meet lifestyle. This is a form of error and as much as possible people should avoid loans that are not productive, because they will bring much bigger problems in their lives.

This is the fault of many people, they owe only for consumptive purposes. Many people feel stressed about giving up when they have debt because there are so many negative inputs about debt. we have to open wide Don't think narrowly about debt because of debt There are two of these, yes. The first is productive debt and this is about consumptive as you have mentioned. If we take advantage of productive debt, it is better, because most novice entrepreneurs, even big entrepreneurs, are successful with debt, of course, productive debt.

[stomachgrowls]

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.

I have to agree with this philosophy because borrowing money puts you on the completely wrong path in life. With the exception of borrowing money for a mortgage (which in many scenarios can leave you with an asset worth more than the amount you borrowed over a long time period), most other debt will be very bad for you in the long run. There are a few exceptions, like credit cards that allow you to borrow but might give you 24 months interest free as a promotional offer, but these are rare. It is always going to be better for your peace of mind if you can save up in advance of any anticipated costs, or otherwise live within your means. It can often lead to borrowing more and dent what should be your accumulating wealth.

Borrowing money wont really be that bad as long you are really that responsible on repaying it out. Why i can say so? I had made myself to be a successful businessman due to bank loans on which i did make some loan

and apply it on a business on which i did successfully able to make it grown and the revenue or profits i do get is the money i do pay up for the loan+ extra profits which is something that really beneficial.
It is really just a matter on how well you would really be handling up yourself and sticking up with your plans or having that mindset on which you wont take a loan for nothing or something that you would
really be just buying which isnt really beneficial at all. People do continue to get some mortgages without considering that those things are really that be on a the risks of depreciation or something
that you wont benefit on long term.

Better to take a loan if its needed or necessary specially on making up a business, but if not then you should avoid it at all costs because it would really be putting you into huge trouble.

[Desmong]

For us to keep borrow money from any source might gently becomes an habit that might look like nothing to us but this a lone can make us lose big and our respect from people. People who choose to be borrow are doing that at there own risk since there is always a time when the people that are lending others money would want to come for there funds and use them for something else.

[Theones]

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.

I disagree
no one would want to be in debt - I personally like people debt free. And those who are good in dealing finances.

[Cryptock]

For us to keep borrow money from any source might gently becomes an habit that might look like nothing to us but this a lone can make us lose big and our respect from people. People who choose to be borrow are doing that at there own risk since there is always a time when the people that are lending others money would want to come for there funds and use them for something else.

people do borrow - but then they return the money.
but most of the time people do not return the money.

[og kush420]

Borrowing is very common here in our country, especially when it is our relatives. Letting them borrow money is easy but it is hard when you're asking them to return the money they borrowed from you, that's why I don't lend money to people anymore even if they are my friends or even relatives. Lending them money will just make them more irresponsible when it comes to financial thing.

They will pay you using money that they borrowed from someone else, and it will just keep on looping, a never ending cycle of borrowed money.

Not the pleasure of being in debt, or the habit of being in debt. all of us who are in debt certainly want to have all our needs fulfilled without being in debt.
But sometimes there are circumstances that force us to be in debt, which eventually spreads to other debts, as we said, in the end there is a lot of debt.

The suggestion is that if you can't increase your income, you can try learning to tighten your belt first. The existing salary is managed in such a way that the expenses that are usually required are there, even though they are not really important/need to be reduced so that you can repay debt.

Examples of pulses, examples of cigarettes, samples of food or drinks, examples of housing rental fees, etc.
How to save money should not only be for problems when we have debt, but we should also get used to it so that we can set aside income so that we have more spare money. Remember not to "miser" but get used to "setting aside".

debt is not a good practice in our family
One thing I like about my family is to have very good financial dealing and we have always been advised not to loan money and try to live debt free life.

[puloweh555]

A businessman will estimate the possible profits that can be achieved every year if they have high capital to build a potential business, so they decide to use a loan to increase business capital and all risks from the loan have been considered if the prediction of business development is not as expected, they must save a reserve fund to pay off the loan time. So I agree that if borrowed funds are used to open up business opportunities, don't use borrowed funds for gambling and drugs.

the thing that most often or even every day we experience debt problems, each of us personally we are always related to this debt it cannot be denied because in an era like this debt is something that is commonplace and is no longer a disgrace because If I'm honest, everything is certain have debt.

It's a different story, in ancient times debt was a disgrace, and so on, debt was hidden, so that other people, besides that, loan services weren't as plentiful as they are today. But that was before, now it's different, even when we're at home, we're offered to take out loans and so on, and that's okay.

Debt is not wrong but it must be used correctly, everything and anything that we are not allowed to owe. For me personally there are four things that we should not owe.

1. Debt for consumptive financing, consumptive financing, this lifestyle financing is something we hope to buy by way of debt. This is not allowed, because we can be sure that we will get into debt problems without any solution. let alone having debt beyond our budget or financial capabilities and consumer financing or this lifestyle is really the biggest trap. We hope that a luxurious lifestyle that doesn't prioritize our financial logic can make us fall into a debt trap that doesn't go away.

2. we don't get into debt to build a house to build a house. because if we go into debt to build a house, the budget shuts down. For example, we owe a bank to build a house, which means that this money doesn't go anywhere, only for the house we live in, and that's obviously the heaviest burden because what if the house doesn't generate feedback, it doesn't generate finances that can support income. us because home is something we have to live in.

3. Don't go into debt to start a new business or business. Because I personally don't think we should be in debt for a new business, the reason is, start our new business from scratch with the capital we have, if the business is running smoothly, then we owe it for additional capital.

[Iadegbola34]

Oh man, we've all been there, right? When you're strapped for cash, it's tempting to keep borrowing money just to get by. But here's the harsh truth: the more you borrow, the deeper you sink into debt. It's like a never-ending cycle.

The sad reality is that many of us are living beyond our means. We're spending more than we earn, and it's only getting worse. Just look at credit card debt—it's skyrocketing like crazy, and it's at an all-time high.

So yeah, borrowing money might seem like a quick fix, but it's not the solution. It's time to break free from this cycle and find better ways to manage our finances. Trust me, getting out of debt is way better than digging ourselves deeper.

[coinerer]

Those who take business loans make good use of it and the business thrives, in which case the loan does not matter to them. on the contrary it is very beneficial for them. and no big businessmen can run their business with their own finance they have to resort to loans and they are able to make good use of it and repay those loans on time.  So it will not be possible to Quit all type of loans.

A businessman will estimate the possible profits that can be achieved every year if they have high capital to build a potential business, so they decide to use a loan to increase business capital and all risks from the loan have been considered if the prediction of business development is not as expected, they must save a reserve fund to pay off the loan time. So I agree that if borrowed funds are used to open up business opportunities, don't use borrowed funds for gambling and drugs.

There is no guarantee that there will always be profit in business, but profit is possible depending on some unique planning and marketing strategies of the business. so here a businessmen can earn huge amount of profit from business by using unique ideas and strategies. so in that case investing in business with loan is not a problem. but if one gambles with loans or invests in high risk areas like crypto then he will make a big mistake and he can face big danger. So if you plan to do anything with the loan, you should think about it a hundred times

[Lorence.xD]

Those who take business loans make good use of it and the business thrives, in which case the loan does not matter to them. on the contrary it is very beneficial for them. and no big businessmen can run their business with their own finance they have to resort to loans and they are able to make good use of it and repay those loans on time.  So it will not be possible to Quit all type of loans.

A businessman will estimate the possible profits that can be achieved every year if they have high capital to build a potential business, so they decide to use a loan to increase business capital and all risks from the loan have been considered if the prediction of business development is not as expected, they must save a reserve fund to pay off the loan time. So I agree that if borrowed funds are used to open up business opportunities, don't use borrowed funds for gambling and drugs.

There is no guarantee that there will always be profit in business, but profit is possible depending on some unique planning and marketing strategies of the business. so here a businessmen can earn huge amount of profit from business by using unique ideas and strategies. so in that case investing in business with loan is not a problem. but if one gambles with loans or invests in high risk areas like crypto then he will make a big mistake and he can face big danger. So if you plan to do anything with the loan, you should think about it a hundred times

I think having a loan for a business is kinda risky so it would be applicable only to people who have a stable jobs to pay their loan incase the business failed. Because you will be in debt incase you didn't have pay the loan. And I agree that it would work to start a business if you have proper planning and strategies to make your business work and have a lot of profits. Like it wouldn't be just a trend for the opening but it would be a long term investment since some business only survive due to new opened. Make sure that you study the things to start a business cuz if you don't probably it would lack something that causes your business to fail.

[fauzan Ichsan]

Those who take business loans make good use of it and the business thrives, in which case the loan does not matter to them. on the contrary it is very beneficial for them. and no big businessmen can run their business with their own finance they have to resort to loans and they are able to make good use of it and repay those loans on time.  So it will not be possible to Quit all type of loans.

A businessman will estimate the possible profits that can be achieved every year if they have high capital to build a potential business, so they decide to use a loan to increase business capital and all risks from the loan have been considered if the prediction of business development is not as expected, they must save a reserve fund to pay off the loan time. So I agree that if borrowed funds are used to open up business opportunities, don't use borrowed funds for gambling and drugs.

There is no guarantee that there will always be profit in business, but profit is possible depending on some unique planning and marketing strategies of the business. so here a businessmen can earn huge amount of profit from business by using unique ideas and strategies. so in that case investing in business with loan is not a problem. but if one gambles with loans or invests in high risk areas like crypto then he will make a big mistake and he can face big danger. So if you plan to do anything with the loan, you should think about it a hundred times

a businessman will certainly be friendly with risks, so they must have careful calculations to get the planned targets. indeed not all the efforts made will bear fruit, but at least with good calculations it will minimize the risks faced. especially to borrow money as capital, of course, you have to be able to rotate money properly, so that there are no obstacles in its implementation, because of course the money you have will be rotated in a relay manner, to fulfill business implementation. as long as it can be done, most likely the results will be as expected

[Pamadar]

Those who take business loans make good use of it and the business thrives, in which case the loan does not matter to them. on the contrary it is very beneficial for them. and no big businessmen can run their business with their own finance they have to resort to loans and they are able to make good use of it and repay those loans on time.  So it will not be possible to Quit all type of loans.

A businessman will estimate the possible profits that can be achieved every year if they have high capital to build a potential business, so they decide to use a loan to increase business capital and all risks from the loan have been considered if the prediction of business development is not as expected, they must save a reserve fund to pay off the loan time. So I agree that if borrowed funds are used to open up business opportunities, don't use borrowed funds for gambling and drugs.

There is no guarantee that there will always be profit in business, but profit is possible depending on some unique planning and marketing strategies of the business. so here a businessmen can earn huge amount of profit from business by using unique ideas and strategies. so in that case investing in business with loan is not a problem. but if one gambles with loans or invests in high risk areas like crypto then he will make a big mistake and he can face big danger. So if you plan to do anything with the loan, you should think about it a hundred times

a businessman will certainly be friendly with risks, so they must have careful calculations to get the planned targets. indeed not all the efforts made will bear fruit, but at least with good calculations it will minimize the risks faced. especially to borrow money as capital, of course, you have to be able to rotate money properly, so that there are no obstacles in its implementation, because of course the money you have will be rotated in a relay manner, to fulfill business implementation. as long as it can be done, most likely the results will be as expected

The advantage of having the right knowledge and good understanding of what you are planning with the loan money.

It's not an easy task as you really needed to study the flow and how you anticipate what
will be the possible or potential outcome of your target business or investment.

Borrowing might give you possible outcome if you know the purpose of your loan, if it's
for business or investment that you fully understand, then it's good, but if not, if the purpose
is just to fill your lust or some other sort of things, then better to stop or not to proceed.

[Uruhara]

Oh man, we've all been there, right? When you're strapped for cash, it's tempting to keep borrowing money just to get by. But here's the harsh truth: the more you borrow, the deeper you sink into debt. It's like a never-ending cycle.

The sad reality is that many of us are living beyond our means. We're spending more than we earn, and it's only getting worse. Just look at credit card debt—it's skyrocketing like crazy, and it's at an all-time high.

So yeah, borrowing money might seem like a quick fix, but it's not the solution. It's time to break free from this cycle and find better ways to manage our finances. Trust me, getting out of debt is way better than digging ourselves deeper.

So true. But getting out of that cycle is not easy. Because some people really want to get out of the loan cycle but their unstable economic conditions make it difficult for them to leave the habit. because they do it under conditions of compulsion. Because the core problem of the increasing number of people entangled in the loan cycle is due to the increasingly difficult economic situation. High inflation which is not accompanied by an increase in income also triggers people to find it difficult to manage their finances. because the money generated is not worth the increase that soared so rapidly. so more money is being spent than is being made.

But everything will indeed return to how our habits control our lifestyle. if we are used to saving, then even the current economic situation will not make it difficult for us. It's just that nowadays more and more people are prioritizing a luxurious lifestyle rather than a simple life. And another trigger is that currently there are more and more loan applications that make it easy for people to make loans. so people start to get addicted.

[MarjorieZimmermanGinger]

the average person defaulting on debt is usually their business declining, not that they don't want to pay, but beyond their expectations, their income has decreased, they can't pay their installments, especially with the current world economy, prices are rising. the purpose of loans is to solve problems not become problems, the government (the Financial Services Authority of a country) should provide control over why loan customers cannot pay and supervise loan services that are burdensome to customers.

That is what is called the risk of a loan and default due to the business not running normally or experiencing bankruptcy is not a consideration, because after all the bank will not accept reasons for the business being undertaken by the customer to go bankrupt. It is therefore important for anyone taking out a loan to have plen B when problems like this occur. If not, the collateral required when taking the loan will be auctioned according to the agreement between the bank and the loan customer.

This is the fault of many people, they owe only for consumptive purposes. Many people feel stressed about giving up when they have debt because there are so many negative inputs about debt. we have to open wide Don't think narrowly about debt because of debt There are two of these, yes. The first is productive debt and this is about consumptive as you have mentioned. If we take advantage of productive debt, it is better, because most novice entrepreneurs, even big entrepreneurs, are successful with debt, of course, productive debt.

Not everyone is lucky in building a business or business, and this must be considered before taking a loan from any party, because the worst possibility is when everything we plan doesn't go well and the loan will become our monthly burden to pay. Many entrepreneurs sometimes start a business from loan capital, but when we use all the capital from these sources then that is also not true in my opinion, because there is a risk that we are at stake for the business that is being run.

The decision regarding the loan depends on each person and if they intend to develop a business and have a plan when something unexpected happens it is not a problem, but what must be remembered when the worst case occurs regarding the business being carried out and they are required to seek collusion so as not to get into trouble with the loan taken.

[Bitstar_coin]

Yeah, I kinda resonate with the OP, borrowing to solve lack of cash problem is not usually the right way to handle things but it is mostly the only quick option available. If am limited with cash or experiencing red, I will obviously opt in to borrowing to offset my bills because I know I can always repay it back since I have a source of income.
Borrowing money without having the means to pay back is the real danger. You will end up compounding the problem

[Oilacris]

Yeah, I kinda resonate with the OP, borrowing to solve lack of cash problem is not usually the right way to handle things but it is mostly the only quick option available. If am limited with cash or experiencing red, I will obviously opt in to borrowing to offset my bills because I know I can always repay it back since I have a source of income.
Borrowing money without having the means to pay back is the real danger. You will end up compounding the problem

Also that taking a loan on paying up a loan which it do really impose that potential danger but as long you are really that responsible on repaying up your loans on due time or right time then i dont really

see that it would really be a problem.Taking up a loan doesnt mean that you are experiencing problems but this is indeed true the best and fastest way on acquiring cash which you might be using into some other things. It is really just that unwise on taking up some loans just because you do want to buy something which isnt really that beneficial at all.Unless if  you do took up some loan but for the sake of
investment on which i could say that it is really that a good move rather on the opposite one.It is really just that you should really make sure of yourself that you would be able to repay it on time
to avoid some potential problems.

But just like on what most people been saying that it would really be better if you do have zero loans.Invest on the amount which you can afford to lose.

[nara1892]

Oh man, we've all been there, right? When you're strapped for cash, it's tempting to keep borrowing money just to get by. But here's the harsh truth: the more you borrow, the deeper you sink into debt. It's like a never-ending cycle.

The sad reality is that many of us are living beyond our means. We're spending more than we earn, and it's only getting worse. Just look at credit card debt—it's skyrocketing like crazy, and it's at an all-time high.

So yeah, borrowing money might seem like a quick fix, but it's not the solution. It's time to break free from this cycle and find better ways to manage our finances. Trust me, getting out of debt is way better than digging ourselves deeper.

So true. But getting out of that cycle is not easy. Because some people really want to get out of the loan cycle but their unstable economic conditions make it difficult for them to leave the habit. because they do it under conditions of compulsion. Because the core problem of the increasing number of people entangled in the loan cycle is due to the increasingly difficult economic situation. High inflation which is not accompanied by an increase in income also triggers people to find it difficult to manage their finances. because the money generated is not worth the increase that soared so rapidly. so more money is being spent than is being made.

But everything will indeed return to how our habits control our lifestyle. if we are used to saving, then even the current economic situation will not make it difficult for us. It's just that nowadays more and more people are prioritizing a luxurious lifestyle rather than a simple life. And another trigger is that currently there are more and more loan applications that make it easy for people to make loans. so people start to get addicted.

The problem may be from the mindset in this.
Indeed, we also cannot rule it out and in fact this is still a problem that is experienced by almost some people who are in the lower middle class of the economy. I'm not going to blame that and indeed if it's really just borrowing the last thing that can be done to support life then I don't think it's a problem. It's just the thought that it's still a solution and it's being done over and over again that makes this a little tricky.
We seem to be suggested to continue borrowing on the grounds that the previous loan was also successful in repayment and this kind of thinking is what worries us.

[coinerer]

Those who take business loans make good use of it and the business thrives, in which case the loan does not matter to them. on the contrary it is very beneficial for them. and no big businessmen can run their business with their own finance they have to resort to loans and they are able to make good use of it and repay those loans on time.  So it will not be possible to Quit all type of loans.

A businessman will estimate the possible profits that can be achieved every year if they have high capital to build a potential business, so they decide to use a loan to increase business capital and all risks from the loan have been considered if the prediction of business development is not as expected, they must save a reserve fund to pay off the loan time. So I agree that if borrowed funds are used to open up business opportunities, don't use borrowed funds for gambling and drugs.

There is no guarantee that there will always be profit in business, but profit is possible depending on some unique planning and marketing strategies of the business. so here a businessmen can earn huge amount of profit from business by using unique ideas and strategies. so in that case investing in business with loan is not a problem. but if one gambles with loans or invests in high risk areas like crypto then he will make a big mistake and he can face big danger. So if you plan to do anything with the loan, you should think about it a hundred times

a businessman will certainly be friendly with risks, so they must have careful calculations to get the planned targets. indeed not all the efforts made will bear fruit, but at least with good calculations it will minimize the risks faced. especially to borrow money as capital, of course, you have to be able to rotate money properly, so that there are no obstacles in its implementation, because of course the money you have will be rotated in a relay manner, to fulfill business implementation. as long as it can be done, most likely the results will be as expected

Yes a businessman before taking any loan calculates his profit loss very well and then takes a decision. Because they never want their business to lose. and that's why they do business very carefully. bit when a gambler is addicted to gambling, he has very little guidance. and he decided to take the loan without thinking anything through. so taking a loan is not the same for everyone. for some the borrowing becomes a positive aspect and for some it causes a big problem in standing. So whether to quit borrowing money depends on one's motive