Are you a borrower to pay off debt?

Most of the people in the world are drowning in debt. It has become a habit of people to lead their lives on loans because nowadays loans are easily available. Once upon a time getting a bank loan was a rare thing.

Today, the number of banks is uncountable so getting a loan is easy. People borrow a lot to finance their luxury needs because it is easy to get credit. Living for desire rather than living for need has become the way of life today.

 A small story to understand about loans.

 A person whose entire occupation was taking loans. He was working somewhere and was getting a good salary. He was getting a fixed salary every month but he was extravagant and would spend whatever money he got immediately.

 He borrows everything from people he knows and spends it. Creditors harassed him for money. He went to one of his friends and said, 'Creditors can't bear the trouble, so you have to help me. If you give me money, I will pay off their debt.'

That friend also asked, 'How will you pay off the loan from me?' He said, 'I will save little by little from my salary and pay off your debt.'

 'If you had been saving like that, you wouldn't have got a loan, you could have lived well with the money you saved little by little, you wouldn't have been such a big debtor, it is very difficult to pay off the loan you took to live a luxurious life, you are the one who doesn't realize that living with what you have is happiness if you take a loan just to pay off the debt. How will you pay that debt' asked the friend.

Unable to answer this, he stood stunned. He sent you away saying that you should save little by little and pay off the debt. It is wise to find a way to pay off the loan before taking it out.

Borrowing for basic needs is inevitable but in today's modern lifestyles people are in a state of mind to borrow for luxuries. It will make their life more complicated, create an environment where they cannot live comfortably as they want, question the future, and make the present stressful, so the person who realizes that debt is not a luxury but a basic has a proper understanding of money.