Why do you take debt?

Discussion in 'Debt Collection' started by Binu, Sep 11, 2016.

  1. Binu

    Binu Member

    What is your reason for taking debt? Is if for personal use, for instance paying bills, or it is for starting a business? When you take debt do you thin about whether you can pay it or not, or you just take debt and think about paying later.
     
  2. tpicks

    tpicks Member

    There are varied reasons to go for a debt the few times I took were to augment the money on me to cost of items I needed to buy. I usually wouldn't borrow money from someone until I can foresee my ability to pay back soon.
     
  3. Nocturnal Writer

    Nocturnal Writer Active Member

    In business, credit is essential for additional capital. It is considered as the lifeblood of the business. It is the same case with an ordinary business, especially the small business enterpreneurship. Even housewives, husbands, and anybody need to borrow money for their household needs, for their personal whims and caprices. Getting into debt is an ordinary business transaction by anyone.
     
  4. Alexandoy

    Alexandoy Active Member

    There is a saying in our country that you are rich if you have no debt. And it appears that everyone has an impending debt whether it is a house mortgage or a personal loan. From my experience, getting into a debt should depend on the gravity of the need for money like when there is an emergency. But I find some people getting into debts because of their senseless spending particularly those who go on a tour or vacation with not enough funds in their pocket. And when the bill arrives, they have no more budget to pay for it.
     
  5. remnant

    remnant Member

    I take debts to fulfil short time contingencies of recurrent expenditure. I have assumed a day time job which pays at the end of the month and this means that I have less time for online jobs which bring quicker cash. Otherwise, I would rather take a salary advance than get into debt.
     
  6. remnant

    remnant Member

    I take debts to fulfil short time contingencies of recurrent expenditure. I have assumed a day time job which pays at the end of the month and this means that I have less time for online jobs which bring quicker cash. Otherwise, I would rather take a salary advance than get into debt.
     
  7. remnant

    remnant Member

    I take debts to fulfil short time contingencies of recurrent expenditure. I have assumed a day time job which pays at the end of the month and this means that I have less time for online jobs which bring quicker cash. Otherwise, I would rather take a salary advance than get into debt.
     
  8. remnant

    remnant Member

    I take debts to fulfil short time contingencies of recurrent expenditure. I have assumed a day time job which pays at the end of the month and this means that I have less time for online jobs which bring quicker cash. Otherwise, I would rather take a salary advance than get into debt.
     
  9. moondebi

    moondebi Member

    I doubt whether there is a person without a debt, in some way or other. Bank loans are the most commonest form of debt, and most of the house owners have that. Apart from that, there are car loans, property loans, study loans which are also debts, and someone is indebted to any of these categories to meet the need of the hour.
     
  10. kamai

    kamai Member

    I only have taken depts if I know it will be for a short amount of time and that I know I will be able to pay it. I have taken it in when there are emergencies or a very bad crises. I try not to take them because it's a huge stress for me so I try to spend money according to how much I have left.
     
  11. mastkesar

    mastkesar Member

    Many people have many reasons for taking debt. I think most of the people take it for starting the business. I have personally taken debt many times for many tasks other than starting business but I have not ever reached the position of taking debt just for paying the bills.
     
  12. Zeta

    Zeta Member

    I incurred debts for various reasons. One was when I started my business. It was an opportunity that I may never have again so I bought my brother's public utility vehicle for a very cheap price because he needed money at the time. I also incurred debts when I was out of job for more than six months during which time I had to send my child to school and put food on the table. I never incurred debts to fund a lifestyle I cannot afford.
     
  13. Working Buck

    Working Buck New Member

    I usually take debt whenever it is needed. Most of the time is business reasons. Most people take debt for a birthday party, or they need to buy gifts or a special someone, or to go on a vacation. As for me, If it is not an emergency or needed in my business, |I will not take any debt.