Quote from: Fortify on Today at 04:29:06 PM

Quote from: moneystery on June 30, 2023, 11:51:56 PM

maybe many people are taking loans online or offline for various urgent reasons, but keep in mind that the habit of making loans will only get you entangled with what is called eternal debt and the possibility of getting addicted to making loans online or offline

I live in a city where the rate of people making loans is quite high until yesterday I heard of a neighbor who was fighting with a debt collector because he was unable to pay but the debt collector belittled the borrower who was unable to pay

- 23-yr old techie dies by suicide due to alleged harassment by online loan recovery agents

There have been many articles written about the bad effects of making online or offline loans what happened in my country that have high interest;
- In Indonesia, ‘pay later’ services leave some drowning in debt
- Under presidential order, Indonesia is at war with online loan sharks

in several articles, there are other options that can be done to avoid what are called online or offline loans that have high interest,
- 8 Ways to Help Family Members in Financial Trouble
- How To Get Out of Debt

you can try to do that from now on before it's too late

If you go by what one of the richest men in the world and arguably the best investor in history says, you should avoid taking loans/credit for anything except a low rate long term mortgage - where the value of the asset can actually outweigh the loan over the long term. Besides that, far too many people borrow money when they would be much more responsible if they saved up before buying the thing they want, which will probably depreciate at a much higher rate.

Taking a loan would only be advisable on times or emergency or if you have concrete plan on how would you spend it. First one is given but the second one should be something that will generate profit to hekp you atleast , pay that loan. According to some of my friends who've been into different field of investments, if you have plans then take a loan and create or invest into a profitable investment then let that thing pay your loan for you. The idea is there but unfortunately not all businesses are working smoothly even with investments ofcourse. Depends on how profitable the investment is but the minimum should be generating an amount that would help or something which has atleast low risk of losing.