Is borrowing money a disease?

@suchi60 (912)
India
August 8, 2009 10:36pm CST
A large percentage of our population borrow money in some form or the other, out of compellsion. While it does add to the tight budgetary constraints which already exist, does this really hamper progress or the image of an individual?
1 person likes this
14 responses
@ifa225 (11097)
• Indonesia
23 May 10
the consumption of things that is a disease. people used to buy a new things while actually he had one. just like cellphone. it seems that most person loves to change it every month. even they have no money to buy it, they borrow from others or banks.
24 Aug 12
spending within your income is practically a sound and ethical financial strategy. Unexpected events must be financed through your emergency funds account, if the need sucks it dry then one can borrow having these 3 in mind; 1)must completely meet the obligation the earlier the better, 2)amend the mistakes and gaps which led to borrowing-boost your own portfolio, 3)find ways to avoid cyclical borrowing and return to your financial stability Borrowing appetite, poor budgets and forecasting, borrowing to pay off debts and borrowing more than you earn that's a disease.
@jujuby (62)
• India
10 Aug 09
If we are borrowing to spend lavishly then certainly its a disease which should be treated at the earliest.Money is to spend for causes,Borrowing money can be avoided to some extent ,rather friends we can have only bitterness in relation ships by borrowing.I have experienced this personally ,many a times even though i do not wish be one of that sort.
@suchi60 (912)
• India
10 Aug 09
A bitter pill to swallow, but in most cases, we tend to end up borrowing to meet other commitments, and when that is over, we forget that we have a new commitment to fulfil. While its easy to say this, its pretty hard to avoid borrowing.
• India
9 Aug 09
borrowing money from bank is quite useful as it provides better facilities to a person.but borrowing a large amount from the bank will make you to pay large installments in a month. if you are living in middle class or low class family then it is more trouble for you
@suchi60 (912)
• India
10 Aug 09
But in some cases you just have to reach out to money which comes from a helping hand. If you plan to buy a house, you will obviously go for a bank loan, which on approval has to be repaid in EMI's over a period of time. The EMI is set against your repayment capacity. Banks offer a flexible repayment package and don't harrass peole like private financiars do.
@underdogtoo (9591)
• Philippines
9 Aug 09
It is not a good habit to borrow things. I would prefer to buy something for my own use rather than borrow it from someone.The same goes with money.If I like something and I want to buy it then I just go and earn money.
@suchi60 (912)
• India
10 Aug 09
A very sensible thing to do no doubt, underdogtoo, but assume you're in a tight position where you need money for medical expenses immediately and you don't have the money to pay for the medicines, would you stop yourself from buying the medicines by taking a loan, or think of buying it after earning it? Situations can be different, and that's when honest people fall to borrowing money.
• United States
9 Aug 09
I think it does hamper progress because if the compulsion is already a matter, then borrowing will only make things worse. What that individual needs to do is take a look at his or her financial status and determine if the situation is too much too handle. You can't get out of debt by borrowing, that's for sure. Once the individual realizes this, he or she may begin to see the mistakes that have been made.
@suchi60 (912)
• India
10 Aug 09
You're right kendriajohnson, by borrowing one will only increase their liability instead of reducing their debts.
• India
9 Aug 09
Borrowing money is not disease but if a person borrows money without any reason for gambling or spending unnecessary then it can said to be disease. Borrowing money do increase the chances of tight budget u cannot manage your funds properly. I does lead to a bad habit. So try avoid borrowing money.
@suchi60 (912)
• India
10 Aug 09
I guess you're right when you say that it is ok as long as it is done for a genuine reason and not for frivolities such as gambling. It does put a lid on both, the borrower (if he/she is honest and wants to return the mony at the earliest possible opportunity) and for the lender, as he has to manage his/her expenses with whatever they have after giving a loan. It can become a disease if its done without a noble reason.
@DoctorDidi (7029)
• India
6 Sep 12
Yes, I believe that borrowing money is a disease to those who have this bad habit of borrowing money frequently with or without reasons.
@fantabulus (4004)
• India
25 Aug 12
Yes you are right borrowing money means disease because if interest is increase and the person unable to give return back then the person may fall in ill. Borrowing money is not good thing.
@Cold75 (17)
• Portugal
23 May 10
It's a huge disease that is having lots of impact in my country.
@atv818 (1987)
• United Arab Emirates
22 May 10
Only if money being borrowed will be used for non-important things. If this is the case, then it is a disease of useless spending. Therefore, it should be treated immediately to prevent it from putting the person further into debt.
@airakumar (1555)
• India
20 May 10
Hi suchi, let you know first that borrowing money is not a disease but it is a need. When there is a extreme need then one borrow money from others, relatives, friends or bank. When you buy a house you take a loan and it is also a form of borrowing money but you return it with interest then how can you say it is a disease. When you return money with interest then there is no need to say you are weak, infact you are strong and free to say that you had a house.. Whether you're starting a small business, remodeling your home or just paying some bills, from time to time you'll need to borrow money. Will you think it is a disease??? I don't think so..
• Philippines
29 Apr 10
It is part of our life, even the richest man in the world has his own debts ..
@KrauseHome (36632)
• United States
18 Oct 09
Well, it really depends on what the person is borrowing the money for, and their intent to do with that money as well, and are they planning on paying it back? Borrowing $$ is just like using your Credit Card except for it is real Cash you can use to pay off bills and buy food etc. with as well. Overall if you are borrowing $$ especially from a friend a good way to loose them as a friend is never offer to pay it back as well. So in reality borrowing money is something you should not get in the habit of unless you can afford to pay it back soon as well.
• United States
17 Oct 09
borrowing money isn't a disease its what you do wtih the money that is. Most americans can't get a loan to cover all the bills they need to pay off so what they do they get the loan for a certain amount then they go and get the big ticket item they really want instead of going ahead and paying off one or two bills. They just take the higher road and get what they want and put them selves further and further into debt.