Ever had to take out a loan to help pay for something?

Chibson

Ledgendary Member
Verified Poster
I would try my best to avoid taking loans in order to pay for something or buy something. This is because in this situation, I would need to pay interest and this is something that would increase my bad debts.
No matter your situation I will never do I say to take a loan. This is because it has a lot of negative effects on the long-run especially when you do not have a steady source of income periods.
 

Syldan

Madly Diligent
Verified Poster
Actually we do takes out loan for different purposes sometimes is not for our personal problems but I othet to help family and friends. I have once did that to help a friend.
 

Bigron

Seasoned Veteran
Verified Poster
I don't mean a mortgage or a loan for a car, but rather a personal loan that you took out to pay for rent, food, etc. I made the mistake of doing this a few times when I was in my early 20's, both my wife and I had spending issues and we were spending more than we were making. This cause us to get behind on rent and our bills, to which we started taking out a few loans to help pay for things. I really wish our parents taught us better on how we should be saving up and not getting loans out. We know better know that we are in our early 30's, but it's something young adults really need to learn and understand better.
I am satisfied with my ability to pull myself out of a situation where I had to take out several loans to be able to meet an urgent necessity because it is exceedingly difficult to pay loans nowadays, especially with the current economic outlook
 

Good-Person

Ledgendary Member
Verified Poster
Yes definitelly,they do that because of various reasons,they would want to ensure that they would not need to spend much on training new staff intake,that is cost saving measures,and it will save the time.

There are many countries in the world that tend to borrow money from various kinds of different organisations and then they have to borrow more money in order to pay the previous lender.
 

tyrim88

Ledgendary Member
Verified Poster
There are many countries in the world that tend to borrow money from various kinds of different organisations and then they have to borrow more money in order to pay the previous lender.
Then that would be like a foolish thing to do,because the money you borrowed should be enough to build infrastructure that will be able to generate revenue for the country.
 

Good-Person

Ledgendary Member
Verified Poster
Then that would be like a foolish thing to do,because the money you borrowed should be enough to build infrastructure that will be able to generate revenue for the country.

Borrowing money only increases depth. If you borrow money in order to pay off the loan, then you may need to pay more interest rate and this could be harmful for the economy.
 

tyrim88

Ledgendary Member
Verified Poster
Borrowing money only increases depth. If you borrow money in order to pay off the loan, then you may need to pay more interest rate and this could be harmful for the economy.
This is what they call unintelligent financial decision,you cannot borrow to pay off debt,you are only running in a circle,the best thing to do before any loan,is to know where to put the money,things that can generate revenue.
 

Popular

Resident Member
Verified Poster
I've not borrowed before to settle bills. Normally, I do not like to take a loan no matter what the situation is, I will rather let the thing slide or do extra jobs to settle the bill.
But it's best to avoid overspending and saving up.
 

Good-Person

Ledgendary Member
Verified Poster
No matter your situation I will never do I say to take a loan. This is because it has a lot of negative effects on the long-run especially when you do not have a steady source of income periods.

I think that no one would even give loans to people who do not have a source of income. When you apply for a loan, the bank always investigates your source of income.
 

Imran_Noori

Resident Member
Verified Poster
I don't mean a mortgage or a loan for a car, but rather a personal loan that you took out to pay for rent, food, etc. I made the mistake of doing this a few times when I was in my early 20's, both my wife and I had spending issues and we were spending more than we were making. This cause us to get behind on rent and our bills, to which we started taking out a few loans to help pay for things. I really wish our parents taught us better on how we should be saving up and not getting loans out. We know better know that we are in our early 30's, but it's something young adults really need to learn and understand better.
Thanks for sharing your experience, adults should know that spending more than you earn will face you with trouble and beside that taking loan from a bank is a bigger trouble.
 

Good-Person

Ledgendary Member
Verified Poster
Thanks for sharing your experience, adults should know that spending more than you earn will face you with trouble and beside that taking loan from a bank is a bigger trouble.

There are many people who are spending more money than they earn and this may lead to bad debt and bankruptcy as well. In order to avoid it, many people try to decrease their expenses such as accommodation expense.
 

HansZimper

New member
I sympathize with you, dude, it's a pity to watch people trying to get out of debt and unfortunately not everyone succeeds. Moreover, many people who are in a debt pit are sinking deeper and deeper there because they are trying to close previous loans with new ones. It is absolutely not worth doing this, because many debtors after they can't pay off the loan turn to various consultants such as Mortgage Advisor Newcastle to solve their problems with debts. I also have already managed to dissuade some of my friends from taking out a loan from a bank to buy a home. Credit is a very complicated thing and you can't use it just like that without thinking. Be careful in the future, I wish you good luck!
 
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Good-Person

Ledgendary Member
Verified Poster
I sympathize with you, dude, it's a pity to watch people trying to get out of debt and unfortunately not everyone succeeds. Moreover, many people who are in a debt pit are sinking deeper and deeper there because they are trying to close previous loans with new ones

The only best way to avoid tax is to avoid seeking money or loan from financial institutions and this is a very important thing for people who want to start any kind of business.
 

Syldan

Madly Diligent
Verified Poster
I was frustrated sometimes back to an extent that I had to take out loans to settle the Bill's before paying back. it was not that an easy decision but I just had to do it.
 

Ektalakra

Up-and-Coming Sensation
Verified Poster
I don't mean a mortgage or a loan for a car, but rather a personal loan that you took out to pay for rent, food, etc. I made the mistake of doing this a few times when I was in my early 20's, both my wife and I had spending issues and we were spending more than we were making. This cause us to get behind on rent and our bills, to which we started taking out a few loans to help pay for things. I really wish our parents taught us better on how we should be saving up and not getting loans out. We know better know that we are in our early 30's, but it's something young adults really need to learn and understand better.
I took loan to buy an invertor. That time I was working as a medical transcriptionist from home and I need stable electricity and wifi connection. I didn't have enough money to for that so I took loan the interest was high since I took loan from a private institute. Growing up I realized the importance of money and saving. It so hard to survive in this world without proper income and have to cry or stress out even to get small things.
 

Lynaia

Resident Member
Verified Poster
The best loan should actually be from people you are close with or your family members. The worst play you can get a loan should be from bank. It should be there last place on your mind
 

Good-Person

Ledgendary Member
Verified Poster
The best loan should actually be from people you are close with or your family members. The worst play you can get a loan should be from bank. It should be there last place on your mind

Well, even when it comes to your family members, you must pay the loan back at the right time. It is not ethical to make your family members wait for a long time when it comes to paying the loan back.
 

ganibade

Paragon Member
Verified Poster
I don't mean a mortgage or a loan for a car, but rather a personal loan that you took out to pay for rent, food, etc. I made the mistake of doing this a few times when I was in my early 20's, both my wife and I had spending issues and we were spending more than we were making. This cause us to get behind on rent and our bills, to which we started taking out a few loans to help pay for things. I really wish our parents taught us better on how we should be saving up and not getting loans out. We know better know that we are in our early 30's, but it's something young adults really need to learn and understand better.
To seek a financial assistance it's not strange to everybody nowadays.
To do good things nowadays it's not easy this days, we need to go for loan or financial assistance to become a business owner or to get a properties.
I don't mean a mortgage or a loan for a car, but rather a personal loan that you took out to pay for rent, food, etc. I made the mistake of doing this a few times when I was in my early 20's, both my wife and I had spending issues and we were spending more than we were making. This cause us to get behind on rent and our bills, to which we started taking out a few loans to help pay for things. I really wish our parents taught us better on how we should be saving up and not getting loans out. We know better know that we are in our early 30's, but it's something young adults really need to learn and understand better.
To seek a financial assistance it's not strange to everybody nowadays.
To do good things nowadays it's not easy this days, we need to go for loan or financial assistance to become a business owner or to get a properties.
 
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