First off, why would you borrow money to get something that’s going to lose its value in over a period of time? Like isn’t that kinda stupid? There are some reasons for why you shouldn’t do this.
One of the reasons is the most obvious example which is buying a new car. While owning a car is a necessity, owning a BMW or Tesla isn’t, especially if it means financing the payment and now adding interest on top of that. When I sell that car I will never be able to get back what I paid for it. Why do people do this? I do not understand. Then there’s an additional stress of paying these expensive items constantly. Financial situations could change or the burden could become just too heavy for me to hold. I want to live life and not worry about paying other peoples loans. I suppose everybody’s perspective is different though. It would be really stupid to overcome my confidence and happiness over some highly fancy stuff.
The other reason is that I also realize a lot of people using credit cards for all their purchases. Let’s consider a dinner bought on credit, if you are not paying your full balance at the end of each month then you will be charged interest. Now that dinner has just cost you more and it is no longer of any value to you. I don’t think any of you want that. If I borrow money, however, I’d want it to be for something like starting my own business. Then it would be a good start to profiting income from. I want that money that I borrowed to make it of some use. The time and money that I put into this business therefore I’d like to produce income of my own with the help of borrowing.
There’s a biblical saying that also completes this thought on lending money, “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.“
I hope you enjoyed reading this and I hope it helps you with you financial problems!