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Main Reason Why People end up in debt
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[QUOTE="Good-Guy, post: 214482, member: 29109"] There are many reasons for why several folks end up in debt. One of the main reasons why this happens is when they take a huge amount of loans that they cannot pay back. Secondly, whenever this happens, they tend to cross the deadline of repayment of loans and they end up getting more into bad debt due to an increase in the rate of interest. Many financial institutions would raise interest after each deadline and the person or the business organization eventually ends up becoming a defaulter. In very extreme cases, the person or the organization ends up getting bankrupt. During the pandemic, this is what happened. Before the pandemic started, many business corporations and businessmen took huge amount of loans and they were not aware of what was coming. They took loans and they failed to pay the money back due to closure of businesses. In order to prevent such situation, many banks and institutions withhold mortgages. However, as far as I know, they cannot withhold interest rates and eventually the businesses have to pay the interest money back. Whenever the business loses mortgage, it loses a big asset. Thus, this leads to financial losses. This is why you should never borrow huge amount of money which you could not pay back in the future. [/QUOTE]
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