WATFORD
Valued Contributor
Is it a good idea to take out loans and pay debts? Well, it all depends on the kind of debts you're taking out the loan to repair.
For me, i think that's not the best idea, paying debts isn't easy especially when you don't have income coming to you on daily basis. Also taking out loans to settle debt can only solve the present issues not the main problem because you'll still have to pay back the loan you took which is also another future debts.
Here are some of the reasons I don't support taking out loans to repair debts.
LOAN DURATION: You must consider the duration of the loan you are applied for in order to settle your current debts. Some loan apps do need their money back with 1 week some 1 month, so putting all these into consideration will help you determine if you're taking our loan to settle your debts or not.
INTEREST RATE: I have seen loan apps that borrowed me 7k to pay back 12k in 1 week, just 1 week. So you see the interest you're to pay back, additional 5k.
In conclusion, i prefer hustling hard to repay your debts not taking out loans to settle because you'll still be stuck in debts
For me, i think that's not the best idea, paying debts isn't easy especially when you don't have income coming to you on daily basis. Also taking out loans to settle debt can only solve the present issues not the main problem because you'll still have to pay back the loan you took which is also another future debts.
Here are some of the reasons I don't support taking out loans to repair debts.
LOAN DURATION: You must consider the duration of the loan you are applied for in order to settle your current debts. Some loan apps do need their money back with 1 week some 1 month, so putting all these into consideration will help you determine if you're taking our loan to settle your debts or not.
INTEREST RATE: I have seen loan apps that borrowed me 7k to pay back 12k in 1 week, just 1 week. So you see the interest you're to pay back, additional 5k.
In conclusion, i prefer hustling hard to repay your debts not taking out loans to settle because you'll still be stuck in debts
