Debt Management.

[Yukyzu]

Borrowing or going into debt will indeed be a burden that is not so easy to deal with because sometimes it will come into contact with its own emotional side. There are critical moments in our economy or family because the amount of debt is very large and can have fatal consequences for the integrity of the household. Therefore, never borrow beyond your means and even if you want to borrow, always try to have savings so you can pay it off in the future.

In my opinion, this really depends on a person's personality and there are also types of people who don't think about how to pay off their debts after borrowing from other people and instead they get angry when the person they lent the money to charges them, but there are also types of people who feel uncomfortable when they have debt and they will always think about how to pay it off, there are some families who have a lot of debt and they have difficulty paying it off, making relationships in their family fall apart and there are even those who choose to separate because of the debt, you are right. It would be better for us not to borrow debt that will make it difficult for us to pay it off.

[peter0425]

Borrowing or going into debt will indeed be a burden that is not so easy to deal with because sometimes it will come into contact with its own emotional side. There are critical moments in our economy or family because the amount of debt is very large and can have fatal consequences for the integrity of the household. Therefore, never borrow beyond your means and even if you want to borrow, always try to have savings so you can pay it off in the future.

In my opinion, this really depends on a person's personality and there are also types of people who don't think about how to pay off their debts after borrowing from other people and instead they get angry when the person they lent the money to charges them,

Many relationships have been ruined due to debts. If you can not control or manage your debts just do not get one. Especially one from special people like your friends or families. I personally am scared of having debts to my friends as it might impact our friendship and leave me with less a friend and a crushing debt.

[Zackz5000]

Borrowing or going into debt will indeed be a burden that is not so easy to deal with because sometimes it will come into contact with its own emotional side. There are critical moments in our economy or family because the amount of debt is very large and can have fatal consequences for the integrity of the household. Therefore, never borrow beyond your means and even if you want to borrow, always try to have savings so you can pay it off in the future.

In my opinion, this really depends on a person's personality and there are also types of people who don't think about how to pay off their debts after borrowing from other people and instead they get angry when the person they lent the money to charges them,

Many relationships have been ruined due to debts. If you can not control or manage your debts just do not get one. Especially one from special people like your friends or families. I personally am scared of having debts to my friends as it might impact our friendship and leave me with less a friend and a crushing debt.

You are right mate it is always good to have a source of income or a means to pay back before optioning for a loan expecially from loves ones in other to safe ourselves some embarrassment when it is due time to pay back and couldn't be able to pay back.

But in a more serious note it will be advisable we borrow money from friends, love ones or relatives than borrowing from bank or other organizations reason been that the interest rate won't be as high when compared to banks or other organizations because there will be consideration when you can't be able to pay back or back off all when the due time to pay back reaches. That is why it good before optioning for a loan one should have a source of income, also have a good intention before optioning for a loan.

[Renampun]

...

In my opinion, this really depends on a person's personality and there are also types of people who don't think about how to pay off their debts after borrowing from other people and instead they get angry when the person they lent the money to charges them, but there are also types of people who feel uncomfortable when they have debt and they will always think about how to pay it off, there are some families who have a lot of debt and they have difficulty paying it off, making relationships in their family fall apart and there are even those who choose to separate because of the debt, you are right. It would be better for us not to borrow debt that will make it difficult for us to pay it off.

In my experience, making debt at the start is very nice but it is difficult to pay it off because we don't know what will happen to us in the future, so I don't intend to make debt when my income is uncertain in the future, besides that I also don't want to lend money to my relatives or friends because they will definitely have difficulty paying it off, I once had a fight with my friend because he was unable to pay off his debt to me.

[Jody.Drummer]

Many relationships have been ruined due to debts. If you can not control or manage your debts just do not get one. Especially one from special people like your friends or families. I personally am scared of having debts to my friends as it might impact our friendship and leave me with less a friend and a crushing debt.

There are indeed people who owe money to their closest people such as family or friends, and indeed their relationship can be destroyed because the borrower cannot repay the debt while everyone needs money, sometimes I also lend money to others not because I have money but feel sorry for them, but of course when I need money I collect it and yes they say they cannot pay it for various reasons. When we have debts, we must be able to manage our finances well, fulfill our needs and pay off debts to maintain good relationships with each other. Because it is with the name of money that everyone is sensitive so even family relationships can indeed be destroyed.

Therefore here is the importance of money management so that we do not make money loans we must be able to manage finances well, although occasionally maybe we will be at a point that does have to do that, but if you really want to borrow money, we must consider it first, not to not think about the future can pay it off or not.

[Ben Barubal]

     There are other people who make borrowing a habit, while others use lenders to start their businesses. And lastly, they use the loan to buy the luxuries they want.
So what OP mentioned is a good habit when a borrower can do it because, for sure, they will not be in debt.

     Now, in order not to lead to problems due to debt, if it is possible and there is no need to borrow, don't borrow so that there is no stress and problems; that's all, but it's still our choice.
As other's always said always think more than twice.

[N.O]

When I hear the word loan, I remember the people of my country and the economic infrastructure of the country. I am talking about my country, the poor and middle class people of my country take loans from various banks or NGOs. Debt benefits people in one way and also harms a lot. The lower class people of our country have to take loans and pay extra money to their NGO organizations. Poor people take loans for their personal needs or to find small employment but unable to repay the loan properly, they have to sell their last possessions to repay the loan. A debt crisis can also have serious consequences for a country's economy, including high levels of unemployment and reduced living standards of the population. Once he gets into debt, his life becomes miserable in the future. A country or people should take on debt only when you can see that you will be able to handle it in the future.

Debt is very dangerous for a person if he takes loan for his comfort or he want to buy liabilities. Liabilities destroy the person and person can't stand by entrapping in the debt . If a person want to take debt ,he should invest this money to setup a business. He should take debt for his family health because our family life is more more important than money. So don't compromise with your family. Man should not take debt from NGOs but they take loans from friends or relatives. They will help us in our bad days and they will not take interest on it.

[eightdots]

When I hear the word loan, I remember the people of my country and the economic infrastructure of the country. I am talking about my country, the poor and middle class people of my country take loans from various banks or NGOs. Debt benefits people in one way and also harms a lot. The lower class people of our country have to take loans and pay extra money to their NGO organizations. Poor people take loans for their personal needs or to find small employment but unable to repay the loan properly, they have to sell their last possessions to repay the loan. A debt crisis can also have serious consequences for a country's economy, including high levels of unemployment and reduced living standards of the population. Once he gets into debt, his life becomes miserable in the future. A country or people should take on debt only when you can see that you will be able to handle it in the future.

What to do with the borrowed money is very important. People who take loans should be careful, especially in countries where loan interest rates are high. In countries with high inflation, it is sometimes more profitable to meet a need immediately than to meet it later because it is known that the price of the goods to be purchased will increase. In some cases, it is advantageous to borrow money, but it is important to borrow the amount you can pay.

Banks reach out to people to give loans, but it doesn't make sense to get a loan for an amount you can't repay. If you will not have difficulty making repayments and you need money and you will invest this money in a good way, borrowing can be useful in such cases. It is always necessary to proceed carefully and plannedly.

[Baki202]

 There are other people who make borrowing a habit, while others use lenders to start their businesses. And lastly, they use the loan to buy the luxuries they want.
So what OP mentioned is a good habit when a borrower can do it because, for sure, they will not be in debt.

Borrowing for the right reason is not really a bad idea, and borrowing to invest is not a bad idea. The reason I said so is that when you look at the government one way or another, they still borrow. so most of these establishments also borrow money to fund their businesses. people who spend loans on luxury are not responsible and they don't look like people who will do anything tangible in life because this is a season when everybody is trying to get better at what they do and also looking for ways to improve in every aspect, whether investing or starting a business. And if anyone borrows, it is better to pay it back.

Now, in order not to lead to problems due to debt, if it is possible and there is no need to borrow, don't borrow so that there is no stress and problems; that's all, but it's still our choice.
As other's always said always think more than twice.

The problem with people is that it is always easy for them to take a loan but buying it back is a big problem because they do not even have the means to pay. After any loan, the first thing to consider is to start planning against paying the loan back but most people don't even have that in mind they just collect and the next thing is to spend.

Borrowing has saved a lot of people from a lot of challenges and embarrassment. The only advice I would give is to use your loan for something tangible rather than just to spend it or even use it as a top-up to purchase an important item. then how to pay back will now be the bone of contention

[errorcode99]

There is one thing involved in borrowing money, if you want to borrow money, make sure that you borrow money that you can afford to pay back and secondly, borrowing money is good for someone who has a good vision for investing, not for someone who has. Short vision because if you have short division for any investment you cannot utilize the money you borrow from someone but if you have good vision you can utilize the money you borrow and they also diversify that money to make something else so I don't blame anyone who borrows money to invest because that is part of the risk and risk is one of the things that makes a businessman richer.

[wxa7115]

Borrowing for the right reason is not really a bad idea, and borrowing to invest is not a bad idea. The reason I said so is that when you look at the government one way or another, they still borrow. so most of these establishments also borrow money to fund their businesses. people who spend loans on luxury are not responsible and they don't look like people who will do anything tangible in life because this is a season when everybody is trying to get better at what they do and also looking for ways to improve in every aspect, whether investing or starting a business. And if anyone borrows, it is better to pay it back.

Taking a loan in order to start a business or to invest is not a bad idea, but unless you know very well what you are doing you may lose that capital and leave yourself in a very difficult position, this is especially true when it comes to investing, as we have seen several people trying to take that route over the years on the forum, and I do not remember a single case in which one of them succeeded.

The problem with people is that it is always easy for them to take a loan but buying it back is a big problem because they do not even have the means to pay. After any loan, the first thing to consider is to start planning against paying the loan back but most people don't even have that in mind they just collect and the next thing is to spend.

Borrowing has saved a lot of people from a lot of challenges and embarrassment. The only advice I would give is to use your loan for something tangible rather than just to spend it or even use it as a top-up to purchase an important item. then how to pay back will now be the bone of contention

While there are people out there that think about loans as inherently bad, the truth is that taking a loan at the right time can help you out immensely, it is just that you need to take a loan with a small interest rate, be very clear on how long it could take you to pay it up, and use one only when you really need it.

Three conditions that are very rarely met these days, as most of the loans taken today by the average person can be classified as consumer loans, and in that case it would have been better for those people to not take a loan and wait to have the cash on hand to buy what they want.

[Zanab247]

     There are other people who make borrowing a habit, while others use lenders to start their businesses. And lastly, they use the loan to buy the luxuries they want.
So what OP mentioned is a good habit when a borrower can do it because, for sure, they will not be in debt.

     Now, in order not to lead to problems due to debt, if it is possible and there is no need to borrow, don't borrow so that there is no stress and problems; that's all, but it's still our choice.
As other's always said always think more than twice.

That is a bad habit, when you make borrowing consistently because the more money is coming into your account, the more you will be spending the money to pay debt and it will not allow you to have rest of mind with your profits.

But borrowing money to start a business is a good habit, but don't make it a continuous borrowing because it will not allow you to focus on your business very well, but if you borrow to start a particular business, and pay back the loan without demanding for another loan, it will make you to grow higher in wealth.

I believe, some borrow money because they don't have, but if you have the money to start the business, is not advisable to borrow money because it will put you into debt that will make you to regret.

[Xampeuu]

Many successful business people borrow money, when borrowing money, make sure that the money will grow so that it can be returned and give us more results. On the other hand, it would be better to borrow money and not include all of our assets, so that if something goes wrong we can still move on, not being too burdened with debt. Therefore, use the loan money wisely, with careful calculations and plans

[ndutndut]

In my experience, making debt at the start is very nice but it is difficult to pay it off because we don't know what will happen to us in the future, so I don't intend to make debt when my income is uncertain in the future, besides that I also don't want to lend money to my relatives or friends because they will definitely have difficulty paying it off, I once had a fight with my friend because he was unable to pay off his debt to me.

This is not an ordinary problem anymore, in fact I am sure that almost everyone who is in debt has experienced what you are feeling. The fact is that many people are in debt because they are addicted to debt, and what's worse is that they are in debt for needs that are not urgent and consumptive in nature. We have to be aware of debt management and indeed we have to be very clever at managing debt well, borrowing for productive things is fine because debt is not always bad if we are really good at managing debt well. Many people fight or don't know each other because of debt, therefore stay away from debt even if you owe it to relatives or friends.

In my country, many young people are in debt because of gambling, especially nowadays it is very easy to get into debt because there are online loan services, with just an identity card and pay slip they can get a loan. This kind of convenience is what makes many people get into debt.

[bangjoe]

Many successful business people borrow money, when borrowing money, make sure that the money will grow so that it can be returned and give us more results. On the other hand, it would be better to borrow money and not include all of our assets, so that if something goes wrong we can still move on, not being too burdened with debt. Therefore, use the loan money wisely, with careful calculations and plans

Indeed, a lot of business people rely on debt to increase their capital in doing business, additional capital aims to increase productivity and expand the business that is done so that it can reach more sectors, if you can manage debt well of course it will provide a greater opportunity for progress in business, therefore it is necessary to have measurable money management and debt management so that everything runs smoothly as expected.

But for a much better business I think not having debt is a healthy business, even if we experience losses we will not have an extraordinary burden to pay debts, there are so many incidents of business people when they experience a loss then have to keep paying debt installments every month which forces business people to sell assets owned in their business which ends in bankruptcy, we know that the business journey is not always smooth, especially if you are in debt just for lifestyle, it will only torture yourself.

[amihada]

No one is immune from debt. Currently, many people are in debt, some are in debt to look luxurious and rich, these people are stupid and there are also those who are in debt to make a living, considering that currently jobs are hard to find, so many people are in debt to support their families. and sometimes it's not on time to pay it. Currently, many people who are having financial difficulties have saved money and controlled their expenses, but they also have debts and it's even worse to cover up debts by going into debt elsewhere.

[Abbatty]

Borrowing or taking loans is not bad but being a debtor is where the problem lies. What I'm trying to say is that, it's normal to be in need and borrow when you lack, but owing for too long or not being able to clear your debts at the appropriate time, is the problem and can be very embarrassing. Now that's where Debt management comes in, Debt management to my understanding is a process where by one plans strategic means of attending to their debts thereby avoiding numerous debts and be debt free.

 Dept Management is something every human is supposed to be aware of so as to help tackle the problems of being a debtor. Left for me, one who is in debt is like a slave and is bound to face being embarrassed if not they don't apply debt management. That's why before one should take loans, there are many things that's need to be considered. However here are the necessary steps people should take to become debt free;
 Learn to cut cost: one needs to avoid too much spendings, normalize spendings only on necessary things, either for food bills, craving or wants, your expenses should be focused on your needs and not wants.

 Make Budgets: making a bucket list of budgets would aid you to monitor your income and also help you to make right decisions on important expenses.

Avoid spending beyond your budget: this is also another way of debt management because when you spend only what you can afford, it would help you from being a debtor cause you'll be more focused on things you need.

Do not borrow funds to clear debts: doing that automatically makes you acquire more debts and it keeps accumulating because you won't seize to acquire outstanding debts, it would continue to go in cycles until you work hard to earn and become totally free.

Clear debts on time : no one is above being in debt, however one shouldn't settle with being known for a debtor, it brings embarrassment and could cause emotional trauma, therefore one needs to keep tracks of their dept and work on paying them off, beginning high interest debts down to minor ones, needs to be strategic with clearing their debts.

Right choice of investments: investmenting on the right business is just like saving for the future, cause you'll always have a financial support to fall back to, and also avoid taking loans, therefore the right choice of business would guarantee you have a safe heaven rely on instead of taking loans.

Make wise spendings: Consider your financial strength before purchasing items, purchase only items that are of needs not the ones that don't match your financial strength.

 Another way of debt management I could think of is to learn to make proper financial decisions, one should educate themselves financially about  investments and how to plan financially to be debt free.

 Here are some debt management charts to help you understand further.

https://images.app.goo.gl/SrXEfxH6TghMQ5JN6



https://www.google.com/imgres?imgurl=https%3A%2F%2Ffastercapital.com%2Fi%2FMastering-Debt-Management-Strategies-to-Conquer-Interest-Shortfall--Understanding-the-Importance-of-Debt-Management.webp&tbnid=F0OKGlIo-js0SM&vet=1&imgrefurl=https%3A%2F%2Ffastercapital.com%2Fstartup-topic%2FImportance-of-Debt-Management.html&docid=P-4lD9dQy_YHRM&w=1350&h=759&itg=1&source=sh%2Fx%2Fim%2Fm1%2F2&kgs=29fb4c3855f0be51&shem=abme%2Ctrie

                                    In Conclusion
 The concept of debt management isn’t talked about often, this is why most people dwell so deeply in debt and they can’t afford to pay it off. In worst cases where the debtor can’t pay back, they tend to take their life, giving up so easily just in the name of frustration. Sometimes taking debt can be a way out for one, that's if you have an innovative mind and know how to utilize the resources given to you. Some people just don’t know how to manage funds, borrowing money to clear debt or to fund your lifestyle isn’t just the best idea infact, it’s just the beginning of your borrowing cycle. If you don’t have any reasonable plan then there isn’t any need to go for a loan.

Can one actually run from debt, I don’t think so. There is something about finance, like when you actually earn within $50-$100 your problems will actually lies within that range, but as soon as your income increases you problems actually increases too. All I’m trying to say is that no matter how rich you may be or no matter how big your income might be, you will always have financial issues, we see well financed companies, individuals, even businesses take loans so I don’t think man can actually run away from debt but you should be able to manage your debt just as the OP said. Debt is a must in every man’s life but management of debt is what you stand out.

So it a good thing you brought about a thread like this, because I know most people on this forum are debtors, so wil say we try to add this debt management in our life and I can say we will definitely see difference in our life’s. As for me I’m applying this very thread in my life and see where it leads me.

[Roseline492]

anyone who makes borrowing a habit it can be an assassin, I don't really know exactly what is the element and what is behind some people being a debtor, if you used to borrow money consistently there is every tendency that you will be a money conscious person and you can do or doable in order to get money so that is not good for a man you need to be is strategizer also a man of personality and innovatives to make your own money so that you will not continue to be borrowing money from someone to live your life

In as much as getting loan or borrowing money may not seem good sometimes but with a proper use it can help someone become successful because if we talk about loan or rather borrowing we should be able evaluate it in different perspective because people have different intentions of borrowing, so let's not dispute the fact that borrowing has not help anyone because on the contrary there are so people who were able to achieve there goals or established themselves through the money they borrowed, so I think what should be considered is the money management and not discouraging borrowing.

Though I wouldn't blame anyone who said borrowing is not good because he could be saying based on the experience they had but however I would only discouraged borrowing if the person doesn't have a good motive on the money because there are people who borrowed money to gamble when they know that they don't have any other source to pay back the money if on the process he loses the money, however sometimes I blame most of those people giving out the loan without puting some certain conditions because that's the only way most people that doesn't have a good intention of the money will think twice before borrowing.