Why Taking Loan is Bad If is for Consumption

[JohnnyFrancis]

No one should ever take loan, if the purpose of the loan is for consumption or solving personal problems, because if you have ever taken a loan for consumption or business and the lenders are frequently disturbing you for repayment then you will understand that debt servicing as a result of consumption rather than for a business is bad idea. Whenever your due date for loan repayment is approaching is as if the world is coming crumbling on one's feet. my advice lets endeavour to minimise how we take loans especially if the loan is for business purpose is not a bad idea but if is going to be for consumption please lets avoid it as much as possible.

 

[Kingsley]

I very much agree with you on this, many people make the mistake of accessing loans for purposes othan the initial purpose as to why they accessed the loan in the first instance. Then they later find it very difficult to meet the loannobligations, they forget that loans are not just monies you borrow to payback at a later date but you will have to payback with interest, loans are not a good alternative as to settle the bread and water issues one might be facing irrespective of the economic situation as many people like to blame their failure to payback on the economy.