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.
Well this is very common and I have a much more worst scenario to tell you that happened here in my place, wherein my neighbor have had their previous debt and to repay they have to get a loan on other lending company to pay the previous debt and then find again another lending company to pay for that previous debt from the lending company and that keeps on circling over and over again up until now. That is how it works here like never ending loan just to repay the previous debt they have and unfortunately majority of these people do that here. The only problem here is that they don't have the ability to repay their debt because they don't have stable job but I am also wondering why these lending companies still approve their application as they all undergo credit investigation before lending any money.
I also have debt but I am sure I am able to repay it soon without using a never ending loan just like my neighborhood.