Save or Borrow Money? / myLot

Hong Kong

June 15, 2022 5:11am CST

I regularly receive calls from banks/financial institutions offering to lend me money with very good terms and conditions. I've also seen a lot of advertisements by financial institutions encouraging people, especially young people to borrow money to take a good vacation, have a grand wedding party, or buy something they cannot afford. I feel quite uneasy about such kind of ads. They have a negative impact on the mindset of youngsters. Saving money is a good habit. When I was a kid, banks encouraged people to save. I got a mini safe box as a gift from the bank when I deposited HKD100 into the newly opened account. Have you received calls from your banks offering to lend you money, or seen ads encouraging people to borrow for getting unnecessary items?

16 people like this

11 responses

Zhang jing xuan

@zhangxueying (2945)

• China

15 Jun 22

I don't think it's good to borrow money just for shopping, travel or wedding. However, if the purpose of borrowing money is to go to college, or to improve their personal skills, I support it within the range that I can afford in the next few years.

4 people like this

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Zhang jing xuan

@zhangxueying (2945)

• China

15 Jun 22

@Beestring Yes, it solves the problem that a person misses the opportunity to study because he can't afford the tuition. Try not to regret

2 people like this

M Cheung

@Beestring (13382)

• Hong Kong

15 Jun 22

Agree. Yes, I also borrowed money from the government for going to college.

1 person likes this

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Judy Evans

@JudyEv (326127)

• Rockingham, Australia

17 Jun 22

Banks are very irresponsible nowadays and try to lure people into all sorts of schemes. None of them seem to be about saving money.

3 people like this

M Cheung

@Beestring (13382)

• Hong Kong

17 Jun 22

Yes, you're right.

2 people like this

simplyme

@m_audrey6788 (58482)

• Germany

15 Jun 22

In our situation right now. It is much better to save money than borrow. I must only spend money base on the budget that I can afford.

2 people like this

M Cheung

@Beestring (13382)

• Hong Kong

15 Jun 22

Being thrifty with money is important these days.

2 people like this

simplyme

@m_audrey6788 (58482)

• Germany

15 Jun 22

@Beestring Yes

1 person likes this

Anna

@LadyDuck (459210)

• Switzerland

15 Jun 22

Do not borrow money if you do not need money. This practice encourage people to buy what they do not need and to be in debt during all their life.

3 people like this

M Cheung

@Beestring (13382)

• Hong Kong

15 Jun 22

Exactly.

2 people like this

M.-L.

@MALUSE (69409)

• Germany

15 Jun 22

If you don't have a strong character and discipline, such offers can ruin you. Unfortunately, there are many - not only young - people who don't see this.

3 people like this

M Cheung

@Beestring (13382)

• Hong Kong

15 Jun 22

Yes, they offer all the convenience. You don't have to show up in person. Everything is done online, and they claim you can get the money within one day. I haven't tried it, not sure if it's true.

2 people like this

sarika bhatia

@sarik1 (6799)

•

18 Jun 22

Yes many times calling .but i have to do ignore . do not trust and not believe .

2 people like this

M Cheung

@Beestring (13382)

• Hong Kong

18 Jun 22

Yes, lending companies are not that trustworthy.

1 person likes this

Yanzalong

@yanzalong (18982)

• Indonesia

24 Jun 22

Lots of people are in heavy debt. They are forced to borrow to support their daily life, to pay for their children school fee and many more personal needs.

1 person likes this

M Cheung

@Beestring (13382)

• Hong Kong

24 Jun 22

This is sad.

Sanjeev

@sjvg1976 (41131)

• Delhi, India

15 Jun 22

Yes, I get such calls from banks but I never entertain such calls. I wonder how people borrow money from the bank as one has to pay lots of interest on it.