Debt How would you like paying off debts? Gradually or wholely?

[Kingsley]

I personally do not like obtaining loan, rather prefer to borrow from friends and family even i can seem to raise the required some I need to solve a particular issue. But in the case where I can't access anything from friemds and family and am forced to take a loan from either a bank or microfinance bank then i would prefer to take a loan with a shorter payback periods. As having a longer payback period will be challenging in paying back, unless in a case where I have realised that my earnings or returns will not be so fast then I will have no choice than to stick with the longer payback period.

 

[moonchild]

Debt is a burden, no one likes a burden and the best way to relieve yourself from it is to get rid of it completely because relieving it bit by bit might worsen it.

This analogy can be applied to loans too. If someone takes a loan and started paying bit by bit, then he might be tempted to take another one to do something else and when he starts paying bit by bit again, he'll take another one again, this circle can continue over and over again.

But if paid once, you'll be free and you'll have to calculate anytime the thoughts of taking a loan creeps in.

PO: I don't really think it's a good idea to take a loan for the purpose of starting a business.