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Effects of loans on savings
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[QUOTE="Axis, post: 268280, member: 66672"] Loans most times have a negative impact when a person is trying to save. For example if you get a loan from a bank to start up a business the first profit or income you will make in the business will be channeled in paying the loan and most times this loan can be a huge amount also so therefore dead person will be all in to pay the amount just your ability to save can be hindered and also slacking behind. Getting a loan is just like collecting debit for someone you have a deadline in which you should complete the payment of the loan and so therefore if the deadline riches and you haven't paid back the loan it can become a challenge for you in your business and you can use your savings to pay back the loan which is not really a joyful action because that wasn't your purpose when saving the money. So that's why it is important for one to save money for emergency periods And also for other activities like investing [/QUOTE]
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