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There are students in debt and almost everyone have some kind of loans to payback in this economy. The worse part of loans is that when interest adds up and you've to payback that extra value.
The good thing is I never took a loan that comes with interest as it is something strictly told to avoid it in our religion and stay away from it.
It's not easy to be loan-free in this economy when everything is expensive, salaries are low and bills are coming every single month.
The time when I was in debt taking loans
and stressing about it the entire time, it wasn't easy but the feeling you get after paying that off is much more better and relief it brings is something worth it.
I had to take loan from a friend when I was in college to send the fee for exams, it was the last date and after deadline I could've been charged fine and had to pay double amount.
Somehow he had the money and I got that from him later paid him off.
Everytime I had to take loan from someone was always in some unexpected way when I don't have any money left.
Image by Raten-Kauf from Pixabay
And soon I started taking more loans to pay for things coming out of budget and I was like I'll wait for crypto too go up first and than I'll payback the loan easily.
The fact that everytime I think like that market used to go even lower and I was like that's fine I'll make it all back.
So, just before the FTX collapse I was in good enough debt to pay which wasn't easy to pay because of bear market made it worse to sell any asset.
And when the FTX collapsed I did panicked and sold to pay off that loan back to people and was free from loan.
But that was first and last time I didn't felt that relief after paying that loan.
Liquidating assets just to pay the loans isn't something easy to do when everyone is underwater and going through worst time.
I had this fear what if this is the beginning of something even worse than that collapse meltdown.
But just after a month or so it turned out a bottom and now it's almost second year now and I never thought to take any loan from anyone.
wrapping up...
In the end I think taking loan's is like setting a trap for your own self that you only realize how bad it turned into once there's a bad phase of life.
It is better to not take loans except the only time when there's no option left other than the loan.
Well, I'd love to know what you think about it and have you ever got a loan that turned out something bad? Do share about it in the comments.
fin.
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