Quote from: carlfebz2 on Today at 08:19:22 PM

Quote from: mirakal on Today at 05:50:17 PM

The reality is, people do not actually rely from saving anymore, but by taking a loan as they get instant approval most especially if they present good and stable sources of income. With that, the essence of saving most especially for the younger ones have started to vanish until out of 10 workers, only 1 is able to do so.

That’s how fast and influential the changes are. If there are no instant loan offers, they will be encouraged to work hard and save more. But this is the reality now, people are dependent already on what is instant than taking a long process like saving for their future.

Well this is actually true and precise on which people would really be that taking up this method rather than on saving it up but this would really be actually that depending on a certain individual because not all would really be liking on getting up some loan as they dont really like on engaging through it but rather they would really be liking on having no debts which it isnt really that bad either.
But i do definitely agree into the idea that people would really be just simply skipping out on making some savings and would really be just simply taking up those options rather than on
trying out to accumulate fiat as savings which it would really be that a long term process on which i do agree into this point plus you wont really be able to easily do it
considering on different factors that do really affect out on how you would really be able to do such thing.

Saving and applying for loan are both having its own pros and cons.
With saving, everyone is allowed to save. However, the amount of money will be limited to the amount you saved for a period of time before you needed it. With savings, it is accessible whenever you will want to unlike with Loans which will quite take a while with approval and releasing of money. Loan or borrowed money will also have its interest rate which is a downside to some people but that is of course for urgency and convenience with huge amounts of money to be borrowed. I guess it depends on where you plan to use it. If it is for future investments and businesses then a Loan could give you a decent amount to support that instance. If it is for personal "wants" then saving will be a good alternative. And with urgency both could be applicable depending on which would be more accessible on your end.

Unfortunately, loans are limited to the mount you can provide with your salary. Interest rate will also be quite of a burden given thaat some loans are having high rate of interest. But I would agree this would be a better option especially for investment purposes. And if it happened to be a profitable one such as with apartments, investment itself will pay the interest for you and that will be a cycle afterwards. This is what businessmen do in my country but ofcourse will not always be in accordance with our desires; if that thing where your loaned money will be used, won't generate enough money to cover your monthly payment, then that is where problem could take place.