Why you must avoid the habit of borrowing

[Carpon]

Borrowing is not entirely wrong or injurious to financing, but building a habit around it is very detrimental and will have numerous negative effects on an individual. Maintaining a stable finances as we all know is very key towards attaining financial strength. Here are some reasons why you should avoid borrowing as it affects financial stability.

• Borrowing is an act that indebts you. Some kind of bank loans can give others access to your funds and this deprives you of the right to take full charge over your finance. Borrowing enslaves you and put you in a state of servant hood financially.

• Borrowing does not give room for growth. Once you have funds that can be used to improve on your finances, next minute it will be needed to settle debts. This is a great impediment to one's financial growth and also retards the process of attaining financial buoyancy.

What do you think about this?

 

[LoukiaCharilaou]

I absolutely agree with you. Borrowing should be avoided because it has many negative effects. Personally, I work hard every day in order to have money for my daily needs and expenses. I also save some money every month from my salary so as to avoid borrowing because borrowing causes me stress.

 

[King bell]

The main reason why you should avoid the habit of borrowing is because there are many disadvantages. First, it can lead to you not being able to repay the debt back on time, which can lead to high-interest rates and a destroyed credit score. Also, if you're borrowing money that someone else is spending, this could cause major resentment in that relationship. You should also avoid the habit of borrowing because of the different types of loans available. For example, credit cards can be a huge problem, because you can get into debt and have to pay high-interest rates on your purchases. Also, if you lose your job and have no way to repay the loans back immediately, this could cause a lot of turmoil.

Another reason why you should avoid borrowing money is that it could age you before your time. If you're constantly worrying about paying back debt with high-interest rates or constant credit card payments, this can definitely age you before your time as well as make it difficult to save up for things that are important like retirement. You also want to avoid borrowing money because it can cause major dental problems if you're not careful.

 

[saoussen5765]

When it becomes to pay back debt people may find a lot of excuses to not pay back the loan and this is ridiculous and something let you in hard money situations.

 

[cashisking149]

It entirely depends how you're defining habit and also what you are borrowing for. Borrowing money in order to acquire assets is financially prudent. Borrowing for liabilities, whether habitual or not isn't.

 

[Heartstrings]

Truly borrowing is stressful and ones you are used to it, it's seems difficult to avoid it because you are sure going to enjoy it at a time but remember,it's kind of hard to pay back most times, especially when you have some personal bills or expenses to pay with the money you make or your monthly salary, but you can't,why because you have a debt to pay back. Truly there is nothing wrong in borrowing but it kind of put you in a tight corner,there may be a sudden emergency in which you have to attend to financially,this alone will make you not to meet up with the said debt agreement payback.

Borrowing has some negative and positive side,it can cause you an embarrassment at any time.
If borrowing money is for business you are sure of the quick profits,or an emergency health issue,then it has no issue but I can never advice one to borrow for educational means.