Quote from: bettercrypto on May 30, 2023, 02:23:58 PM

Quote from: Jamala on April 09, 2023, 09:16:14 PM

When you're short on cash, it can be difficult to quit borrowing money.

Everyone has been there. We're short on cash and in a lot of debt, but a cover loan to get out of the red and even improve our readiness is the light at the end of the tunnel.

Blissful days? Sadly, no. It all comes down to the straightforward, yet frequently misunderstood, formula that says borrowing more money equals more debt. It is more difficult to return to black the more debt you accumulate.

The majority of us live beyond our means, which is one of the primary causes of our ever-increasing habit of borrowing money. Simply put, incomings are outpacing outgoings. It's also getting worse.

More than at any time in the past two decades, millions of Americans are spending more than they earn. Spending on credit cards, the most common type of personal debt, is estimated to be rising at a rate faster than at any other time in American history.

Borrowing is a matter of choice, that's why as you say when you are short on budget or expenses it is really difficult to get out of debt even though the interest will be high, others still agree because they have no choice.

So it's not surprising that there are also many lenders or lending owners who are actually getting rich. But even so, if there is a chance to get out of debt, please don't go into debt again because we know the hardships of the debtor, or if you do get into debt, don't run away or run away.

There's a saying, a mistake will never be corrected by committing another mistake.

Just like borrowing money, if the reason why you borrowed money is just to pay another debt of yours then that cycle will never be finished as you will always find yourself in the very same position in time when the debt is already nearing its due and where all interests are needed to be paid. Actually, having a debt is an unwanted option in the first place but sometimes we are in the edge where borrowing is the only option left to solve the problem.