Loans are sweet at first but it becomes stressful all of a sudden when you have to pay. I think some circumstances that make us go for a loan can be avoided. You could go for a loan to buy a more expensive car or house while you could have saved for sometime and still achieve your dream. If you can live without a loan then discipline yourself and live life at your own pace. This is open to discussion.
I have studied commerce and completed it. I remember in one of our discussions in the class is about credit. By principle credit is the lifeblood of a business. If you are investing for a business venture, securing a loan or a credit for your business is well recommended. It is, therefore, a requirement for a new business set up to make a loan. But for those business which has already been stable, credit is an option for them. Nevertheless, they still secure loan to augment their existing business.
It is quite possible to survive without a loan. However, in some situations, a loan can be a better proposition. For instance, in deciding whether you should buy a house and lot on credit or save until you're ready to pay for it in cash, you'll have to consider the rate at which home prices are rising vs. the interest on your loan. In addition, if you're renting, the amount would have gone to the payment of your home mortgage instead of being an outright expenditure. In business, a great opportunity will not wait till you have saved enough so cash-strapped companies will generally take a risk and take out a loan. There are good credits and there are bad ones. I personally borrowed money to fund a small business. It is a risk but it is something that I've calculated and something I can pay if things don't turn out well in spite of my personal attention and efforts.
I think it's totally possible to survive without a long, but sometimes they are simply more convenient. For example, I could have not bought my house without a loan, but I would have survived without it. So it's all a matter of perspective and possibilities we have in life.
Absolutely, it is possible to survive without taking loan what is necessary in this regard is to try develop a culture of saving prior to any exigency. I am not in the habit of going for loan, so many people live without having to go for loan it all comes down to planning and wise use of your regular income.
Yes, it is possible to live without a loan but you have to suffer the effects. And if you have a family, that would be a great sacrifice. Actually, the loan is invented for the convenience of the people and as long as you use it properly then you can have an advantage. When taking out a loan to improve your life, compute for the interest of the loan and the other charges because diving into it. If you think you can do away with the loan then so be it…. scrimp and be frugal.
I've taken loans just two times in my life. One of them I am still paying it, as it's for my house. The other was to buy a car and I paid for it in a couple of years. So these are big things that require loans, but for the day-to-day expenses I prefer to spend only what I have.
I know it can be possible but for most of us it's difficult to save. If we start saving money we will get the urge to be spending when needed, it's kind of like getting a loan from ourselves basically. I think it is more of a possible tasks for those who make a good amount of money to support their family and themselves and still have a little extra to put away.
I think survival is not a concern here because by taking a loan you are just increasing your burden. But in the present day scenario in some cases loan is a blessing. Like if you wanted to have a house of your own and don’t have enough money for it, then loan is a good thing. We have some housing loans which can be repaid over a long period of time. If you decide not to take loan your survival would become difficult without a home. If you already have a secure job, repaying the loan over a period of time would not be an issue for you.
I see this is a good reason to take loan for a house primarily and then maybe for a car. But before going for a loan it is pertinent to have a concrete means by which you gradually pay back the loan. The high interest bank charges for loan in some countries is discouraging.
It's probably easier to survive without one in my opinion. I have taken a good amount so far and they are so annoying. It does not feel good to wake up the morning knowing you have an installment to pay. I really wish I could survive without taking loans.
If you have a good income source, you don't need a loan. If you continuously save money you can buy a house and with your saving. It is possible to survive without loan if you don't desire more and satisfied with what you have. Unless you are doing a business, you don't need loan.
Yep, I asked around a lot before actually making the loan. The interest rates are really high and I asked both to banks and credit companies and even negotiated with them for better conditions, which in fact they accepted to do because let's face it, they prefer to make a little less with me than to see me going to their competition.
