It happens many a times that listening to elders golden words will never let us down in life. They have ample experince and knowledge from life that may prove guiding lights for a meaningful life. It was one of such advice that, I had from my Dad that eventually kept me away from debt so far. It was mentioned in our Epic Mahabhartha too, where it is mentioned that a person who has no debt enjoy true happiness.
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At today's times when people desires and wishes are more than their paying capability, living upon a loan is common practices. In my opinion there are people who lives heavenly on credit card or bank loans to fulfill their demand. Be it owning a four wheeler, or owning a home or differrnt luxuries. While loans makes people to fulfill their desire, somewhere it adds burden into their life. Cashing on the different demands on the individuals, bank and other financial institution have make provision of loans very easy. Every now and then we get calls or messages from various numbers offering loans are affordable rate of interest. Theses offers were lucrative and people cannot stops themselves from availing such loans. In pursuit of fulfilling their desire they are getting overburden with loan amount.
When a person takes out a loan, the lender provides the borrower with money in exchange for the borrower agreeing to specific terms. These terms include:
Interest: The borrower pays interest on the loan, which is usually a percentage of the loan amount per year.
Repayment date: The borrower agrees to repay the loan by a specific date.
Repayment period: The borrower usually pays back the loan in monthly installments over the loan's repayment period.
*Finance charges: The borrower may also be charged other finance fees.
If a borrower fails to repay a loan, their credit score may be negatively impacted. A low credit score can make it difficult to get loans in the future, as lenders are more likely to reject applications. And above that people being harrased for non repayment of loans or instalment making many to take extreme steps in their life.
While my Dad golden words kept echoing in my ears, their were few instances where I was looking for loans due to certain urgent payment. It happened while I was buying a property and had to make some quick payment. My experince was not at all fruitful.and it gave me some tough lessons. I went to employer for arranging some advance payment, they denied it, I went to my childhood friend for help but he denied it too. I went to managers for some amount, but he was not at all interested. That experince was too painfull. I was asking money in exchanges of "post dated cheques". They could easily get the amount returned in few days. But no one was ready. This shows me the true picture of mankind. Finally, I knocked the door of banks to get tye desired amount. It was not a big amount and to your surprise it was meagre INR 15000/-. Once I get the job done I repay the banking loan the following month with certain pre closure penalty. I do not wanted to keep the burden alive on my shoulder.
That painful experince shows me the real faces of human being. They are not ready to help anyone even in hard times. It was very awkward situation, as whomsoever I contacted they all were my good buddies but none were ready to help. But it was enough to taught me a lesson of not relying on anyone. Since then I kept avoiding asking for loans or make my provisions for requirement. I wish such situation never comes back to my. I am OK with mask based relationship and friendship. Such situation exposes rhe true nature of everyone. I had a good experince but I am happy I never had any loans burden on my head.