Quote from: uswa56 on Today at 04:28:59 PM

Quote from: Marcellin9 on February 01, 2023, 07:27:35 AM

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 did it once and I regretted it, so the first loan I did became a valuable lesson in life not to do it again in the future.
The reasons people make when borrowing are certainly different, but most of them are due to an urgent need, so with the belief that they will be able to pay it off in the future, they choose to take out a loan, but in fact what we think doesn't always go according to what we plan.
I took a low interest loan with a short time, long story short because my loan resulted in a lot of my valuables having to be sold because at the time when I was due I had money but had other urgent needs so my finances were very messy.
it made experience for me not to make interest-bearing and maturity loans again.

We can't predict what future will bring us, even you think you have a secure job and you can pay your loans if there's something happen and the good example is the pandemic.

You will lose your job and even there's a extension with your loans you still need to pay it and without any
income it will keep increasing because of the interest.