Loans & Debts Are Part Of Life
August 21, 2007 – 1:53 amIt seems to me that it is getting easier and easier to get a loan, especially a loan against a credit card. I remember the days when getting a loan was such a big deal and the only way to get quick cash on hand was to get an illegal loan from the loan sharks. This does not mean that loans are bad. It is only when loans are misused that cause a negative impact on the borrower.
I have noticed that the most common loans taken out by my friends are the student loan and car loan. With a student loan then only could we obtain a tertiary education and with a car, we could get to work. That sounds ideal but when we start working life with a low pay and the commitment on the two loans, we hardly have any spare cash.
I know some of us took out unsecured loans just to make ends meet from month to month. Unsecured loans are actually small short term loans that do not require a collateral but it usually also comes with a slightly higher interest rate. So, it is definitely not a good idea to get an unsecured loan just because our pay is insufficient.
Sometimes I feel like we are living in a vicious circle but I have come to accept that loans and debts are a part of modern life!
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