It is very hard to live a life without having a loan. The loan does not only mean money loans, but it can also refer to favors that can never be repaid. My friend and I used to have a good mentor during our college days. He was very good at guiding us, and he has helped my friend a lot during his financial downturn. But today, after almost 15 years, our mentor is having a bad financial time, and we are trying to help him out.
If we do a deep dive on this and understand, loans happen because of bad financial management. I wouldn't say that taking a loan is completely wrong, but there are a few people who take multiple loans from multiple people, and when one person is asking for the money, they get the loan from another person and repay them. This way, they are never out of the loan cycle. Our mentor is now in such a situation. This not only questions his financial capabilities but also damages his relationships with others. This is a very bad thing, and this sometimes makes me feel that we shouldn't fall into that trap.
Greed can be a reason
Sometimes people are greedy. There are several avenues to get a loan at a decent interest rate. But people try to get the money borrowed from other individuals so that they don't have to pay any interest to friends. It can sometimes take a lot of time to repay the money. Some people might have loans from both banks as well as friends, but these people are very dangerous and might have a very bad financial discipline. Greed can consume people, where they would like to live a luxurious life by troubling others.
It would always be good to just take an attempt to get a loan only if we have the capabilities to repay the loan and pay the interest at the right time. If we don't have that discipline, it is a big trouble, and we might even have to put our friends and family members in a tough situation. Not everyone or ever friend will be willing to help, and sometimes we might come to the most difficult situation in our life and might even have problems covering the basic needs of our life.
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