Well, I have to clarify that personally I have never had any loan or debt in my life so this thread has nothing to do with my experience but intends to find out how people in loan/debt deal with the problem. Let's say you take loans from a bank and sometimes for whatever reason, you can not pay the debt on time, then you borrow money from other channels. Sure this works for a certain period but later bad things may happen, you have to postpone the payment and struggle with finances again. Isn't this a vicious circle ? How would you deal with the problem ? I am all ears.
I definitely agree that this is indeed, a vicious cycle.
In order to determine on why this is considered a cycle, you have to understand why the person is loaning in the first place. Assuming that he has a stable job that provides income, he/she might have prioritized in purchasing other resources than meeting their obligations with themselves or their family. To address this issue and to pay the billables, they would resort to loans and other various loan shark channels.
This becomes a cycle especially when a person cannot afford a credit card to pay for it. With this cycle, the problem of paying the loan continues until the person is able to pay it. From this example, it can be gleaned that the problem stems from the person managing his resources and money. With proper