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.
This is a common problem to those who are addicted on loan, i have many neighbors here who do this kind of loaning, they make a loan everywhere and there is sometimes that they can't pay the interest of thier loan and they hide in other places, and in the other day the problem is becoming more bigger because the local government units will call them to answer why they don't pay the loans, that is why before we decide we need to think if loaning for no reason is right or wrong.
Specially on talking about loan cycle on where paying up your previous loan with a new loan which is something that would really be putting you into big trouble.Honestly i did really be able to experience
on the same stuff on which i dont really have any choice because i do really need up to pay up something or specially when emergencies.There are really moments in life on which there's no way that
you could be able to avoid some conditions or scenarios where you do have no choice but to take up some loan which i dont see to be bad as always but make sure that you
would really be that responsible on repaying those amounts in time if you dont really like any further problems.