It all depends on the circumstances. Taking out a loan can also be a good way to invest in a business opportunity or an investment that would offer long term benefits. There are several risks to consider when taking out a loan from the bank. If you are unable to make your timely payments, you would then default on your loan and that would obviously come with some additional problems.
A loan is only useful when taken out for a good cause. In this case, a good cause is something that would bring in huge profits later on.
well, there are many reasons and purposes for someone to decide to take a loan. some are caused by compulsion and some are caused by seeing opportunities to get bigger profits by using bigger capital. so taking out a loan was an option at that time. But yeah everyone should know the risks that will be taken. and must be able to measure our own financial condition. whether we will be able to pay installments every month or not. because it is true that if we fail to pay installments then other problems will arise. and it will worsen the economic condition of the borrower.