Borrowing money to pay previous loan amount
By SHEILA
@jiangjuno (98)
May 30, 2021 2:02am CST
Good day fellow Mylotters, there are times, I am thinking if borrowing money is the right solution to pay for a debt. Wherein, covering the current loan with by borrowing another loan. Isn't it just passing or transferring your current loan to the next person where you borrowed such amount. What if the current salary or income does not really suffice for the expenses that being incur, oh dear, its really difficult to figure it sometimes.
3 people like this
3 responses
@owlwings (43910)
• Cambridge, England
30 May 21
There are occasions when it is a good idea to take out a loan in order to pay off an existing loan. These are:
1) In order to consolidate several existing loans into one regular payment
2) To get a more beneficial interest rate and lower regular payments.
You should always make a budget with a view to paying off your loans over whatever time period is workable and, if you have trouble paying off your loans, do not hesitate to speak to the loan company. There is nothing worse than leaving it until you are heavily behind on your payments. Most reputable companies are only too glad to help with some kind of arrangement provided that you keep them updated with your circumstances.
3 people like this
@jiangjuno (98)
•
30 May 21
Indeed proper communication is important as this can make or break someone's trust.
1 person likes this
@sjvg1976 (41290)
• Delhi, India
30 May 21
@jiangjuno absolutely . Also you should have considered your source of income and then should have decided the amount of loan. Actually we take much amount of loan and repent afterwards when we are not able to pay them.
1 person likes this
@jiangjuno (98)
•
30 May 21
@sjvg1976 Actually, some lending office offers a huge amount, that they will really push you to loan the big amount even you don't want to grab it And when the payment time comes, they will gonna start to call and remind you to pay it immediately. They become finicky.
