Carpon
Valued Contributor
Loan is very good if the necessary knowledge on how to manage yourself and business while settling the loan is acquired. As a business person at some point you may need a loan in order to help you fuel your business to the next level of its thriving. Loan can either help you forward or drag you backward till you are completely down. The art of collecting loan is one that need careful consideration. In this thread I will not focus on the benefit of loan but the detrimental effects one faces as threats when he or she decides to acquire a loan.
First of all if the loan is not able to be used to produce good profit, the financial profile of the person in question will drop this in turn will affect the business and family life of such a person. Moreso, it weakens your capital as you will have to dive into it to be able to pay off the loan at the required tike.
That in a ripple effect will affect the ability of saving. Since you do not have enough for the moment, it becomes really hard for you to be able to save anything for the future. And you all know the ample benefits attached to savings. Then the person will not be able to save and this will have a negative effects on such a person's financial security.
Furthermore, a loan deprives you of the necessary peace of mind as you will be pondering about the way you will settle such. Psychologically it affects your well being and you may at some point struggle with depression, depression is very bad and it is listed among the leading causes of death in our world today
Whether you see loan as good or bad depends on you and your ability to use it judiciously.
First of all if the loan is not able to be used to produce good profit, the financial profile of the person in question will drop this in turn will affect the business and family life of such a person. Moreso, it weakens your capital as you will have to dive into it to be able to pay off the loan at the required tike.
That in a ripple effect will affect the ability of saving. Since you do not have enough for the moment, it becomes really hard for you to be able to save anything for the future. And you all know the ample benefits attached to savings. Then the person will not be able to save and this will have a negative effects on such a person's financial security.
Furthermore, a loan deprives you of the necessary peace of mind as you will be pondering about the way you will settle such. Psychologically it affects your well being and you may at some point struggle with depression, depression is very bad and it is listed among the leading causes of death in our world today
Whether you see loan as good or bad depends on you and your ability to use it judiciously.
