Saving Money vs Getting a Loan and/or Credit Card

[jyy]

I think loans/credit cards can be a good thing. However, though, they can be used carelessly and lead to debt. However, though, on the flip side, it can be difficult to save money these days - especially if someone's income is simply too low. I mean, it would take forever to save money and that can be annoying.

 

[Joshua Farrell]

Not sure entirely on the loan part, as I have yet to get myself a loan. But with most banks, the credit lines have two options to get them. The first is the generic application for it, which may or may not get the amount you want in the line (based on if you have previous credit history, and your income stability), and the second way to get the line of credit, is to save up as much as you can, and use that as the collateral amount, for the credit line (which gives you credit to that amount). I do know that for those who have bad or no credit, saving up for the second option on the credit line, is a bit easier to aim for, as you are pretty much borrowing against the savings that you used for the credit line.

 

[jyy]

I think it's silly to think people can save up money for college, homes, cars. Well, I'm sure some can, but I don't think people should feel guilty for wanting loans. Well, they can be dealt with responsibly.

 

[Lämmchen]

We have always paid off our credit cards because to carry a balance results in a high interest to be paid and that makes the item cost more than you probably expected. By paying off the credit cards every month we have a great credit score and that's important if you ever want to get a loan for house or vehicle.

If you find that you really need an item, try to save up for it instead of relying on carrying a balance each month on a credit card. You should still pay for it with a credit card because a lot of cards give rewards for using them and that makes it worth it even more...but pay it off as soon as you can.

 

[Deleted member 403]

Saving money is the best option in comparison to borrowing money. Budgeting is the key to success. My financial advice is 50% on needs, 30% on wants, and 20% for an emergency savings account. If you earn $1,000 monthly, putting aside 200$ each month for unexpected bills will prevent the need for credit. If you have a loan or credit card, make sure you pay off the balance on time to avoid additional charges.

 

[jyy]

Saving money is the best option in comparison to borrowing money. Budgeting is the key to success. My financial advice is 50% on needs, 30% on wants, and 20% for an emergency savings account. If you earn $1,000 monthly, putting aside 200$ each month for unexpected bills will prevent the need for credit. If you have a loan or credit card, make sure you pay off the balance on time to avoid additional charges.

Yeah, I don't think people try hard enough with saving. Anyway, saving is a sure thing compared to investing - even though the thrill of chance can make investing fun. Well, the guru Robert Kiyosaki said "savers were losers", but that's coming from someone who loves investing.

 

[Empire]

I rather save money than buying items on a loan. Outright is the option so that you own something fully and do not have to worry about paying it back. It's how I like it and how it goes. But comes down to your funds and how much you willing to get the items if you had no other choice.

Amazon offers to buy now and pay later option or payment each month on selected items, that can help however you stuck paying it off for the next five months or so.

For most of my life I never had loans or payment subs, Just brought items outright.

 

[Joshua Farrell]

I have known some companies willing to do a payment option, where they would hold on to the item, until you pay off the price of it in full.

 

[George]

Taking a loon/Credit cards would be the bad idea, Since only rich peoples can do this by using their properties as collateral. Its hard for poor people to take loan they have nothing to show to the banks. Many organization realize they can restore the cash from rich people and there's no postponement of refunding.

 

[vest1992]

Neither of them, it is the mindset that is involved here, o i have x amount of cash/money I am spending that here or there, I need more. When you change your beliefs and heal your blockages you will manage to attract abundance in your life speaking from experience.

 

[Vladv26]

Taking a loan from a bank could be an easier options because then you are forced to pay the money back. I say that because for some people it is hard to save money for a long time without spending it

 

[vest1992]

Taking a loan from a bank could be an easier options because then you are forced to pay the money back. I say that because for some people it is hard to save money for a long time without spending it

Don t forget taking a loan makes you pay back more on the long run, it s not worth it at all.

 

[Vladv26]

Don t forget taking a loan makes you pay back more on the long run, it s not worth it at all.

Yeah, i know and i personally never took and don't plan on taking loans from banks. But there are so many people out there that take loans to buy a house or maybe a car, and then they end up paying 10-20 years for that

 

[Deleted Naiwen 101]

Saving up money for me personally.

 

[Claraviolet]

It's better to save money first for getting something. Or if that's not possible at all, then they should look for a loan with low interest rates. Otherwise they would end up paying more and more for the interest alone.

As for as I know, a home loan is a better option rather than a credit card.
In the end, you will have a house of your own and you can also pay the money back slowly. I don't recommend a credit card. It's like borrowing money from a bank too.

 

[mikenova22]

getting loans can be lucrative, for example astudent loan, if you would go a 5 year education adn you take student loan with 0.15% interest, you can easily make that back with the stock market.

but you cant spend any of the money.

 

[Kris_Cooper]

Of course saving money would be wiser than taking money for loan , but life is unpredictable , you never know what can happen when. In case of emergency there should be a backup at least , and if there's no backup then the option of loan is available.

 

[Abigael]

I prefer saving money for my later use but it is not so easy to save given the many expenses and low eaenings. Therefore, I do take loans sometimes. But I only make sure that when taking it, I already have a plan on how to pay it back. I have been in a situation in the past where I could not pay a loan and I don't want to go back there.

 

[Niftyyem]

Saving up to meet or fulfil a need is a way better alternative to taking loans. Loans have to be serviced with interest and it could collapse the project you took it out for if not careful.

 

[Ureka]

This are personal questions, as it depends on alot of situation and scenario, but I will rather take a loan, use it wisely and pay back.
The richest people in the world totay always do it

 

[ahmedo24]

Loans should be the last option if personal savings could work with your target especially if it is business avoid loan to start business but you can take loan to expand.

 

[KennyB]

I have zero loans - No student loan for me - and would like to keep it this way except for the case where I would sign up for a loan to invest in something/open my own business. Both are things that I've been thinking for years now and with some extra cash things would go a lot smoother.

 

[WhiteHouse]

I'll rather prefer getting a loan and using it specifically for a project or business that saving money for it.

Savers are losers

 

[Nurudeen]

Saving up to buy goods is far better than taking up loans because most loans comes with high interest rate which can affect your income in the long run

 

[ahmedo24]

Loan is meant for immediate execution of project and possibly set a workable plan on how to repay the loan because securing the loan.

 

[gammarays]

Saving money is better to me. It maybe difficult at first but gives you the liberty on how to spend it. You have no stress on you on how to repay.
A loan might go bad and leave you stranded.

 

[ahmedo24]

No doubt you have mental stability when you run anything be it business or any other things from your savings unlike loan that you begin to think on how to payback immediately you take it.

 

[Sincerem]

I think loans/credit cards can be a good thing. However, though, they can be used carelessly and lead to debt. However, though, on the flip side, it can be difficult to save money these days - especially if someone's income is simply too low. I mean, it would take forever to save money and that can be annoying.

Lol, if you have low income as your monthly pay, it will be hard to save up any tangible stuff, cos it won't even solve 1/3 of your primary needs. That means you need a loan from government or bank to start of a good business.

 

[Arwhank]

I myself prefer to save but in saving it definitely takes a long time so that the savings can be used to meet future needs, and in my opinion taking a loan from a bank is quite risky because of the interest.

 

[Peterlight]

Slow and steady wins the race..saving money is advisable for me

 

[ahmedo24]

I myself prefer to save but in saving it definitely takes a long time so that the savings can be used to meet future needs, and in my opinion taking a loan from a bank is quite risky because of the interest.

The easiest you can save up fast to invest in a business is to reinvest your savings at Interval don't keep your savings idle.

 

[Kamon c4]

Getting loans is the option for me... when you get a loan you’ll be eager to pay back knowing fully well that there’s interest involved but saving money isn’t easy atall you can end spending it on another thing

 

[Arwhank]

The easiest you can save up fast to invest in a business is to reinvest your savings at Interval don't keep your savings idle.

It seems I really agree with the opinion you have given, maybe some time in the future I will try it soon.

 

[Sariana23]

I believe that applying for loans, you should try to avoid it at all times, since the profits can disappear with the debt and interest.

 

[MizzLala]

My husband and I had a loan when we lived in the UK. Now, each time we came close to settling it, the bank would offer us an extension and each time, we'd take it. But at one point we decided enough was enough, settled the balance and swore never ever to take out another loan.

While we were servicing the loan, we felt we were stuck and couldn't do much with our money. From that point on, we decided that outside of a mortgage, we'd never take out another loan. It's fantastic to be debt-free. Now whenever we need something, we save towards it and it's truly liberating.

 

[chicnthin]

For me, I like to save, but the thing is, there isn't really much money to save. Not a fan of credit card, because I don't think I could trust myself with it. While getting a loan is not avoidable. There would come a time that you need to borrow to finance your daily lives but be sure to pay it back to prevent yourself with great debt.

 

[Kamon c4]

I’d prefer taking a loan and definately not credit card. It’s not easy to save money these days. A lot of situations may arise which will require you spend and when there’s no where no turn to, you’ll spend your saving but when you take loan you’ll be obliged to pay back

 

[mattyrukee]

Getting a loan for what? That's really a question to be considered.

Saving money would be the best pick of all you have given. Loaning money has it own downside especially when your loaned money isn't fetching you more money

 

[Bookwormlux]

I don't find savings difficult due to the fact that I have got little things to handle financially, so most of my earnings go to savings. Taking loan now is never an option because I don't have much demands.

 

[Janita]

I don't think so that taking loan and using card is a good thing ,seriously only rich people can do the loan type work we are unable yo do such kind of work as we are only saving money rather than taking loan and creditcard

 

[Efficient5713]

I have not for once taken loan, I can only recommend loan to someone when there's an ill someone in the hospital and there is little or no money to pay the bill or when a student want to resume school when he or she just got admitted and there's money for registration.
But for business, seriously I won't advise anyone to go for loan.

 

[Ltherman]

Its sort of strange for us in this part of the world as the economy is cash based thereby making no provision for credit cards. Though it has its benefit i wouldn't want to personally wallow in debts that will take more than enough time to pay off.
It boils down to cutting your coat according to your cloth.

 

[Snobar Bilal]

Saving money for difficult timr is good habit and i personally never took loan from any other persons and organisations because i save money for any natural incidents that mostly happens now a days ..So i think if our desires are limited then we can save money even our salary are too low.

 

[Sammyesx]

It depends, getting a loan should be on the purpose of going into a business or using the money for something that will generate income, It will be unwise to just get a loan without a proper plan on how to make more money to pay back.

 

[shakky2]

saving money is a good thing but it's not quite easy to save money .taking loan is a risky activities but as long as you have something lucrative to invest in,it will yield positively

 

[Adam13]

Either has its advantage and disadvantage. Going for a loan is much more easier but one will have to worry about paying back, in a positive light this can also make you work twice as hard to pay back your debt. Saving takes a much longer time for you to acquire the capital needed to start the business but that also gives you the advantage of studying the business you're trying to venture in to see if it is really for you.

 

[Nicklas22]

I think saving my own money will be the best for me because I will not be worried on how to pay any loan and I will live my life peacefully, but going for a loan makes the amount of money you're looking for available in a short times but not investing such money well will lead to dept, life will be very hard for such persons

 

[Peppul]

Saving money is the best option out of all three options you listed out there, Loans can be tricky, the funniest thing about loan is that if you not careful it already have a fix budget for it you might end up spending the loan money anyhow, the same goes for credit card, you keep procrastinating that you will pay back but when it's time to you find it extremely difficult, which at the end of the day you will still have to save to counter the two options. That's why I said saving is the best option.

 

[Aniwhyte]

I would rather borrow money from friends than collect loan from the bank or any organisation, on the other hand if I'm left to choose between getting a loan or saving money then I would go with the option of saving money, no matter how long it might take I would ha patient, as I don't want to have anything to do with collecting loans.

 

[Pirate]

Though in recent times it's not quite easy to save money, it takes a lot of hard work and input of time to gather enough money to start a business but is still more advisable than taking out a loan because there are many things that could go wrong why starting a business and paying back the loan we will be so difficult if things was not work out as planned.
I can't really blame people because most times some people find themselves in unexpected situations and nothing can be done about it except taking out a loan.

 

[Adeyoola7]

If you save first and don't focus on paying down your debt, you'll pay more money over time in credit card interest charges. Since credit card interest rates are often higher than savings interest rates, you end up spending more money on debt interest than you'd earn on your savings investment.

 

[Chumzy]

Saving to set up a business or an enterprise is good, but then you should think about the job you do and how much it pays. Saving to set up something big can be a really difficult task for any one Perosn, except you have help from family. In other words, if you get a loan that is favorable, one you can work with to achieve your goal, then you can easily pay back without stress.

 

[Ridorz]

I do not support of getting loan from bank to be running a business, it is better to be saving a money for a purpose things. If you have goals for saving money, I mean reason of saving money you will definitely able to accumulate the amount you budget to get.

 

[Abibatabosede]

This topic requires a two ways treatment. You may find it difficult to save because your salary is small but you must still save because it is the best way to attend to unexpected needs. On the other hand, some people can not do anything except they have to pay back the money they borrow to take care of that responsibility.

 

[Erik4150]

Yes you are correct. In as much as many people might hate the idea, the truth is sometimes financial responsibility can be too much to the extent that you have no option but take a loan.
But saving money is still crucial if you want to avoid taking loans.

 

[Samuel77]

According to my own point of view, it is better to get a loan, to start up your business since you are unable to safe enough money to start up a business, but some people will prefer get a credit card, but loan is better because you can get any amount you want from loan, but on credit card, it has limits

 

[kayode10]

Well if you are going to obtain a loan, make sure you do so in order arquire an assest that will pay back the loan and still continue to give you passive income in the nearest future. You can choose to go saving way if it happens that you cannot secure a sizable loan. As for the credit card, the unwise move is the use the credit card to acquire liability for self as this will affect you quality score if you are unable to pay back on time.

 

[Chris]

It depends on how you're saving your money, is it a place where no interest is forthcoming, if there's any interest for your savings then it's a good thing, but to start up a business, savings will go a long way to bring in your capital but would it be enough to set you up, taking a loan has a negative side too but can get you working on your business because you know there's a debt somewhere that needs to be paid which will prompt you to grind hard.

 

[Oluwatobitomisin]

Saving Money to buy something than to get it on Loan/Credit Card is much better because after you might have Saved and gotten that particular thing, you will use it's with rest of mind than bothering yourself on how to pay for the Loan/Credit Card

 

[eenya00]

I would not advise anyone to go and get a loan from a bank or an agency that disburse loans, except you are about to take your business to the next level and your business already has an already customer base that patronize you on a daily basis before you should go and seek for a loan

 

[Henrywrites]

I will pick saving money to any form of credit or loan options. There is a level of discipline that one can develop when they save money which can't be seen anywhere else. This is the reason saving money and investing later is the best option to take. There are loans that have up to 30% interest rate to be paid and it's not one that I will advise anyone to pick up.

 

[Kelly5]

I think loans/credit cards can be a good thing. However, though, they can be used carelessly and lead to debt. However, though, on the flip side, it can be difficult to save money these days - especially if someone's income is simply too low. I mean, it would take forever to save money and that can be annoying.

Saving money will always be the best option any day any time. Loan and credits gives this slavering feeling where you keep gathering for the creditors. Business might or might turn out favorably, then you're in greater soup than you can ever imagine.

 

[giddy]

However, if you're paying off high-interest debt, you can put most of that savings toward yourcredit card bill. It's smart to keep at least one month's living expenses, or $1,000 -- whichever is higher -- in your emergency savings account if you're paying off credit card debt.

 

[singlej007]

Lone and credit card is good if only is used with discipline and with all seriousness to avoid getting into debt. Meanwhile, in the other hand, if you really mean to save money, you need to device a plan to do that, when you have just one stream of income, you need to make it two or 3 no matter how small $ are coming from the two or three, save the income of one while you survive on the other.

 

[Ralphjoe]

Savings still is better than taking a loan from the bank in the form of credit cards or loans. You just have to be financially disciplined to be able to save. To be able to save, just remove atleast 30% of your earnings into an account that you cannot access.

 

[Zubair]

I think loans/credit cards can be a good thing. However, though, they can be used carelessly and lead to debt. However, though, on the flip side, it can be difficult to save money these days - especially if someone's income is simply too low. I mean, it would take forever to save money and that can be annoying.

I would prefer to save money rather than taking loan. Because if we have low income, we should try to compromise on our desires rather than taking loan. But it is very necessary to buy anything, then save money and wait for the exact moment. Loan keeps you stressed Everytime. But saving gives you satisfaction of having something.

 

[.V.]

A loan does nothing to keep your mind at ease. After getting the loan, thoughts like 'I hope this business doesn't fail', 'Will I be able to pay back this loan', 'I might lose this house' plagues your mind. But if your capital comes from your savings, your mind will be at ease knowing that if it fails you won't go down with.

 

[Alexandoy]

I have several credit cards. When I got my first credit card I was always edgy whenever I would use it because I am aware of the debt trap - several people I know have mounting debts in the credit card that they needed a lawyer to resolve the issue by paying so much interest and penalty. Fortunately for me I got a good use for the credit card because I only use it for necessities like gas for the car and groceries. When the billing comes I am always prepared with the money to pay in full.

 

[mayreeh38]

Credit cards are enticing if I may say. Loan taken becomes a burden when the fund is not to repay back. If you already have a business running, you can get a loan, and use the business profits to back later and still have your own personal profit.

 

[Niolaxx]

Saving money is better than taking loan,because loans makes you a slave to the lender,all your profit in the business goes to paying the lender but when you save to the right amount for your business,your profit goes to you alone

 

[Shayo]

The moment you decide to take a loan, start planning how to pay back, it will save you from going into debt. You don't need to have a huge income before you save, save according to your capacity, it is the consistent little efforts that turn to big results. But if you keep waiting till you start earning big before you save, you won't have any savings.

 

[Milz]

I think it depends on what you want to do with the money. Are you trying to save money for a business or are you going for a loan to begin a business? About the credit card, does your country supports the credit card system?

 

[Ezzyoj]

These will always depend on the scenario. If you see a good opportunity to invest and get good returns in a short period of time, maybe unfortunately, you don't have the cash one can actually take loans to enjoy such opportunity. Saving should be constant, no matter what

 

[Neeta313]

It's best you save. Taking loans is not a good idea. You will definitely have to drop something as collateral, while they are deducting the money, what if you get fired or lose your job, what happens next, you lose it all. It's better to save no matter how small, you will eventually achieve it.

 

[Princeeffiong]

Taking loan, taking credit card is bad but it depends on what you intend to do with the money. The thing I wi suggest is to have long term savings plan if the project is not a bogus one. Taking loan at times may be a suicidal attempt when the project has not been completed and it's time to pay back.

 

[katkat]

Both can be beneficial to our lives as long as we know how to handle them wisely. Saving is okay but if you want or need something right away then you might not have the needed amount to use for it. Aside from the fact that when I save I really want it to be savings and not be used for something unless for emegency cases. Having a credit card or a loan helps us to get something in an easier terms that is applicable to our means or income.