Take loan to pay the existing loans basis
By Trebor Ika
@Treborika (17853)
Mombasa, Kenya
March 1, 2024 3:33am CST
So in my country, the economy is very tough. The inflation has ravaged the economy and it's very difficult for the average men to survive for that matter.
So most people have reverted to the taking of loans both in cash basis and asset based loans too.
lts therefore normal to see people having so many debtors such that most of them operate on the 'take a loan to pay existing loans basis
So according to you what is your strategy for managing your debt?
3 people like this
4 responses
@arunima25 (87854)
• Bangalore, India
1 Mar
That doesn't sound like a wise thing to do. I want a debt free life. I would rather go for frugal living and cost cutting on all possible fronts. Or else try to get more income sources.
The economy at present is a sad state of affairs globally.
3 people like this
@arunima25 (87854)
• Bangalore, India
1 Mar
@Treborika Glad that you agree. How are you planning to cope up with the current situation there in your country?
1 person likes this
@TraveOnWorld (854)
• Georgia
1 Mar
We worked long and hard to be debt free and are staying that way. It is very difficult to end a debt life if you are taking loans to pay loans.
2 people like this
@Treborika (17853)
• Mombasa, Kenya
1 Mar
With that kind of life one is likely to live indebtedness forever
@mildredtabitha (16147)
• Nairobi, Kenya
1 Mar
I agree the economy in Kenya is very bad. In addition to the housing levy and high taxes that the government is collecting, the cost of living is very high.
I don't encourage taking a loan to pay another one because there is losses in terms of interest. It's better to find a source of income to manage paying loans.
1 person likes this
@Treborika (17853)
• Mombasa, Kenya
1 Mar
Of course yes. The paying for loans is very pathetic
1 person likes this
