Take loan to pay the existing loans basis

@Treborika (17896)
Mombasa, Kenya
March 1, 2024 3:33am CST
So in my country, the economy is very tough. The inflation has ravaged the economy and it's very difficult for the average men to survive for that matter. So most people have reverted to the taking of loans both in cash basis and asset based loans too. lts therefore normal to see people having so many debtors such that most of them operate on the 'take a loan to pay existing loans basis So according to you what is your strategy for managing your debt?
3 people like this
3 responses
Arunima Singh
@arunima25 (90130)
• Bangalore, India
1 Mar 24
That doesn't sound like a wise thing to do. I want a debt free life. I would rather go for frugal living and cost cutting on all possible fronts. Or else try to get more income sources. The economy at present is a sad state of affairs globally.
2 people like this
Trebor Ika
@Treborika (17896)
• Mombasa, Kenya
1 Mar 24
That's very right my friend
1 person likes this
Arunima Singh
@arunima25 (90130)
• Bangalore, India
1 Mar 24
@Treborika Glad that you agree. How are you planning to cope up with the current situation there in your country?
1 person likes this
Trebor Ika
@Treborika (17896)
• Mombasa, Kenya
2 Mar 24
@arunima25 I am looking for a job
1 person likes this
Judy Evans
@JudyEv (352783)
• Rockingham, Australia
2 Mar 24
It's best to have as few debts as possible and not to take on new ones unless there is no other option. I realise that this is very difficult for some people.
1 person likes this
Trebor Ika
@Treborika (17896)
• Mombasa, Kenya
2 Mar 24
It's very impossible so to speak
1 person likes this
Berend E
@TraveOnWorld (854)
• Georgia
1 Mar 24
We worked long and hard to be debt free and are staying that way. It is very difficult to end a debt life if you are taking loans to pay loans.
1 person likes this
Trebor Ika
@Treborika (17896)
• Mombasa, Kenya
1 Mar 24
With that kind of life one is likely to live indebtedness forever