Mikes smithen
Verified member
Like I always say, there is absolutely no principal or law restricting an individual from borrowing money either from a financial institution or possibly from his or her colleagues or Friends, but before an individual that so he or she must definitely put into proper consideration the possibility and ability for him or her to repay back the borrowed money in due time and in due date as agreed by him or her and with the financial institution or colleague. Obviously majority of individuals refuses to pay off their debt even though they have the money presently with them, individuals feeling reluctant to repair off their debt despite having the money should always remember that money indeed is a very perishable asset. The perishability of money can obviously be notified, when we examine how we spend money Day-after-Day. For example an individual maybe Owing a sum of money to a friend, obviously he or she has the money in his or her possession to pay off the debt, but the feeling of reluctant to pay off the debt, can make him or her to use that same money to satisfy another need or want, he or she may possibly think that getting or gathering the money again to pay off his or her debts will be easy, but that totally isn't guaranteed. Moreover, let us consider the reasons why an individual shouldn't feel reluctant to pay of his or her debts.
DEBT CAN ACCUMULATE QUICKLY: Debt can easily spiral out of control and accumulate quickly, leading to higher interest rates and fees. The longer you wait to pay off your debts, the more you will owe, making it harder to get out of debt in the future.
DAMAGE TO CREDIT SCORE: Unpaid debts can damage your credit score, making it harder to get approved for loans, credit cards, or even a rental application. A poor credit score can also lead to higher interest rates and fees when borrowing money in the future.
FINANCIAL STRESS: Debt can cause significant financial stress, which can impact your mental and physical health. Paying off your debts can help reduce this stress and improve your overall well-being.
ETHICAL RESPONSIBILITY: When you borrow money, you have an ethical responsibility to repay it. Failing to pay off your debts can harm the lender or creditor who lent you the money, and can ultimately harm the broader economy.
DEBT CAN ACCUMULATE QUICKLY: Debt can easily spiral out of control and accumulate quickly, leading to higher interest rates and fees. The longer you wait to pay off your debts, the more you will owe, making it harder to get out of debt in the future.
DAMAGE TO CREDIT SCORE: Unpaid debts can damage your credit score, making it harder to get approved for loans, credit cards, or even a rental application. A poor credit score can also lead to higher interest rates and fees when borrowing money in the future.
FINANCIAL STRESS: Debt can cause significant financial stress, which can impact your mental and physical health. Paying off your debts can help reduce this stress and improve your overall well-being.
ETHICAL RESPONSIBILITY: When you borrow money, you have an ethical responsibility to repay it. Failing to pay off your debts can harm the lender or creditor who lent you the money, and can ultimately harm the broader economy.