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Loan Experience
By peace | September 11, 2007
I am a person who never like to take loans, especially personal loans. The only loans which I had so far are Auto loans and overdraft. These are loans which I had during my younger days where I just graduated and was still a greenhorn. I did not apply the overdraft for my own use. I apply it on behalf of a friend and he got to use the money, not me.
Having loans are no peace of mind at all. Every months, I had to demand for minimum sum payment from my friend. Every month, I need to tell him about the loan payment. He was never punctual in paying up. For many years, the loan amount of $5000 was never settled. Every month, interests and more interests were being paid, as well as overdue amount. I find that it is really a waste of money. I will not want to use this kind of money at all.
Currently, the loans I have are my Mortgage Loans and insurance loans. Having these two loans are enough for me. I do not wish to have more loans. I only believe in working hard for money. Spending money wisely and saving money. Some people always look for ways to earn fast money and easy money. Of course it is wiser for making money work for you than you work hard for money. However, I think there must be a balance in anything. If you do not work for money, how are you going to have money to let money work for you? Using loans money is not a wise choice. There are many people who always seek Refinance and debt consolidation or balance transfer. Regardless of which methods of financing you choose, it all means you need to pay back whatever you owes. If you are borrowing for business, I would have encouraged anyone to apply for loans. However, if applying loans for personal investment or other personal use such as for buying expensive branded watches or clothes, then borrowing is not advisable.
