That's my argument with girlfriend yesterday. I don't do project that I can't afford finacially. I am a realist. While some people believe in what they have not seen, I believe in what I have seen or about to see. If the project is beyond me finacially, I don't do it. But if it is compulsory, I borrow from my family members only. I hate embarrassment from outsiders, I can still condone my family embarrassing me.
I like your tactic! It's better to be safe than to be sorry. Which means you always borrow the amount you have at hand. But what if you need more than $200 for your project. Let's say you need $400 and you are having $200 at hand. Will you still go ahead with the project, by borrowing that $400 against your said $ 200...????
You are right. I take loan as well. But this is the method I always use. If I need $200 and I have $200. I will take a loan of $200 for the project. If the projects works out well. I will pay from the profit and if it fails, I will pay with my own money. I don't like using debt to pay loans as others do incase the plan fails.
I see your point! Loan is not just something to joke with but people may be in some dire situations, that they have no other option than to sort after a loan. And we can't really blame them for that. Anybody can take a loan, so far they have a means to back that loan within the agreement time frame. To each is own!
I see your reasons! I know there are so many reasons why anyone can take a loan. But I know one of the most valuable ways people take a loan is sometimes for establishing a business because they know after creating the business, it will open ways for them to be able to pay the loan back. But if you take a loan for a problem, after solving the problem, you will be in another problem of paying back the loan you borrowed. That's vicious circle!
