Can't we live without debt burden?

@yanzalong (5812)
Indonesia
May 19, 2016 10:44pm CST
Just about everyone is likely to ask for loan simply because they earn is not enough to cover their cost of living or they may want to buy something like cars, houses or others that require a huge amount of money. But most of them borrow money mainly because their income is far much lower. Banks are institutions people rely on to get funded. Nowadays, loan requirements are made a lot easier, especially to those having fixed regular income like civil servants, members of army forces or police, pensioners. For these people, banks only require their employment decision letters that state their appointments as employees or pensioners. Loan terms are even extended from 5 to 10 years. So, with extended terms of the loan, debtors can have as much money as they plan to have. What if they fail to pay off their debt due to accident or illness they experience? The answer is all debts are insured. Banks do not want to lose their money. Can we live without having to borrow any money?
2 responses
@zarlamain (23642)
• United States
20 May 16
If we could live without borrowing money and being in debt, then that would be quite the ideal world. Reality is that in one way or another, we need to borrow money from financial structures and or from people around us.
1 person likes this
@yanzalong (5812)
• Indonesia
20 May 16
One of the things I have about borrowing is that I will pay not only the basic loan but the huge interest as well. If you calculate monthly installment times the terms of the loan, you will find out that you pay double, right?
1 person likes this
@zarlamain (23642)
• United States
20 May 16
@yanzalong In some cases yes, depending on where you are getting your loans from. Interests are very hard to deal with.
20 May 16
I can understand what you are trying to say here. I also have a loan on my head and I can't wait for the day that burden will get over. I regret taking that loan everyday. It's really better if we don't have any loan. That thought of paying the installment will never let you live freely and spend freely.
1 person likes this
@yanzalong (5812)
• Indonesia
20 May 16
If there is an organization that plans to wipe off people's debt, how would you react to that? Thank you.
20 May 16
@yanzalong you mean an organization which will pay the debt on our behalf? That would be great of course.