Debt and beyond..

I try to understand what kind of loan you are talking about. Is it the kind we have here? You can buy a tv, washing machine, cellphone or car and pay it off every month for 2 years or longer (ofcourse with high interest)? I think this system exists everywhere. And yes you can say they make you buy stuff first but I don't believe in that. You are the one who wants to have all this stuff, you are the one who decides to buy it and is signing for it. Nobody forces you to buy it. So in the end it's you being greedy not them.

I am glad that you are getting out of debt. I have never had to deal with a loan shark before, but my friend used to use those pay doay loans and they are expensive. Many people are in debt because of the bad economy and are trying hard to get themselves out of the hole. I know I have some debts that I need to clear up and am trying to set up a payment plan. I am trying to clean up my credit report so I can start saving up again to buy a fixer up house and build.

It is all over the world., money makes money .... when you have money you try to make more and more. Money lenders in India giving loan at high interest rates and needy people are taking it and making their business florish more. It is our way of life that we dont want to sacrifice and dont want to work hard too. In India if one family member works 2 sits at home, dont want to do job saying it is not their expectation job. anyway in western countries people depends on credit cards and pay for years.

It's really not advisable to borrow from loan sharks. They really charge too high an interest on the money you borrowed. I'm aware that it's easier to borrow from them since they don't require you to produce a lot of documents, unlike with lending institutions like banks, but those documents at least get you more manageable interests on your loan. Besides, it's also good to have a nice credit record with banks so that in case of emergencies that you need to borrow again money, your loan would easily be approved.

I've never experienced taking loans from loan sharks because I know they charge a lot. I take loans from other sources which charge a lower interest rate. In fact, I have a personal loan from a bank, a housing loan, an insurance loan, a cooperative loan, a personal loan from a friend. Geez, I do have lots of debts. The good thing is I do have plans of getting out of debt. In fact, last holidays I joined a bazaar the purpose of which is to get a chunk off my debt. My husband on the other hand had additional income from managing the business of his boss. So the additional money would all go to debt repayment. Maybe you can have a portion of your income allotted to your debts. Soon enough, you'll realize you're already debt free.

That's a good plan deodavid. You should get out of your debt especially in loan sharks. Don't make it a practice borrowing money, because if you do it's hard to get out. . Indian people are nice, but when it comes to business, they mean really business. LOL.

Loan sharks charge high rates here, too. There are these payday loan places, and they seem to be able to charge incredibly high rates. You just have to do it step by step and bit by bit. So long as you keep your eye on the goal you'll be able to get out from under this eventually.

It is good that you have a goal of getting out of debt. Do your best and I hope you achieve that goal soon.