THE PROBLEM WITH TAKING LOANS

Whenever there is inflation in my country, you begin to hear about different initiatives that come forth in the ruse of helping the people.

Lately, in my state, I have been hearing about a lot of loans being given and a few people have been convincing me to take one because well, to them the money has little interest with a lot of time to pay back but I have been a bit skeptical about it for some reasons.

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First of all, I have always hated having debts to a point where I don't even borrow airtime to pay back even when I am stranded so a loan generally is a scary phenomenon to me and I often wonder when speaking to these people because most don't even have a reason for wanting to take these loans and they are taking it just because they can.

WOULD I ADVISE ANYONE TO TAKE LOANS?

A friend of mine came to me for advice to ask if he should take a loan to start a business and I immediately shut the idea down because I do not believe in the idea of borrowing money to start a business.

Now this belief doesn't have anything to do with superstitions but I do think that taking a loan to start a business puts a lot of pressure on the business especially since the business might not work out and you would simply just end up in debt.

From observation, I have also realized that most people that take loans find it hard to ever pay back which ends up with them taking more loans to balance out the first one which begins a vicious cycle.

EXPERIENCES WITH LOANS

I have never had to take a loan before but I have seen a few people who were drawn in to take one and end up paying excessive interest or even losing their properties.

IN THE END,

The only time I would ever advise anyone to take a loan is if it is needed in a life or death situation or you have an assurance that you would be able to pay back with no stress.

I think having debts puts so much mental and emotional stress on people and if it can be avoided then the best thing to do is avoid it.