Going Debt Free

@naka75 (797)
Singapore
April 30, 2010 4:31am CST
Do you have loans to service currently? Is it a study loan, housing loan, car loan or personal loan? Does having a loan affected you financially and mentally? What steps are you taking to go towards debt free? What is your view on spending 'future money'? Is it an unhealthy sign of the society?
1 person likes this
5 responses
@kun2349 (23475)
• Singapore
5 May 10
It's never wise to be spending future money.. BEcause once we do that, there will be no turning back!! UNless one is really earning alot, and yet their expenses is really that small.. hehe ^_^ IF not, spending just a fraction or maybe half of wat we are receiving at the end of month, will be enough.. I do have debts to pay, such as bills etc.. Though small as it is, but it's killing me as it piles up monthly, when i dun have the time to pay them.. lol =D
@naka75 (797)
• Singapore
16 May 10
Like you said, we must not ever spend future money, enjoy first and come to suffer later. It gives us the mentality that since it is not "our" money, we can freely spend it and worry about it later. But ultimately it is OUR very own money! The financial institutions are truly smart in playing a psychological game in the promotion of new businesses, new loans signups. Moreover if we're struggling to pay our bills, having loans will add further to the woes. In the end what is the purpose of living, is it just to make money for others' pockets to keep?
1 person likes this
@hanuma34 (821)
• India
30 Apr 10
I have some housing loans jointly with my daughter. They were taken with full plan of servicing, so that there is no tension during their tenure. If there is no such convenience, one should not go for loans. One good aspect of loans is one can borrow from future funds. If you are in need of a house, it is not wise to shell out all your savings, when there is this loan facility from the banks. Repaying the loans in instalments in future also has the advantage of paying back in weaker currency in general. While borrowing from public institutions like banks is recommended, one should avoid going to the money lenders, who are by and large unscrupulous. One should also assess the real need for a thing before going for borrowing to acquire it.
@naka75 (797)
• Singapore
16 May 10
If we need to borrow loans, we must first have in mind a plan to service the loans. Practically it is better to have a loan when in need to further our education or purchase a new apartment for the future, but at the same time, we must work doubly hard to ensure that the loans will not become a burden for us, that is besides our day to day expenditure and savings, we still need to pay for loans. This is unlike those people who borrow loans to have all of a sudden a large sum of money to spend on their free will. In that case, they will end up in hot water in no time.
30 Apr 10
The ony loan I have is my mortgage and I begrudge the bank for even having that! I don't take out loans or have credit cards because I live by one simple rule: If we can't afford it then we have to save for it.
@naka75 (797)
• Singapore
16 May 10
Yes it is unwise to rely on credit cards to foot our bills because it could get us into a bad habit of spending something that we cannot afford and we do not have ability to purchase. It will aggravate our spending mentality instead of promoting saving habits.
@JenInTN (27565)
• United States
3 May 10
I have a loan on my home but that's pretty much it for me. I am going to do a school loan or two but that is just to build my credit. Unfortunatley not having credit can be almost as bad as having bad credit. I do think debt is an unhealthy situation that is almost forced on society. I have always heard that if you don't have credit then you'll never have anything. Society has proved that mostly correct. I think the current position of the economy may actually change a little of that though.
• Philippines
30 Apr 10
i have a personal loan and a having difficulty on my financial and mental aspect because you will always think for the payment of your loan and causing the lack of budget for the month. for my own perspective it is not unhealthy sign to the society