DPoll 37: Who should pay the debts?
Debts.
I consider them a burden and I am happy I can say I have no debts or loans since years.
I save for what I need to buy and if I do not have the money I do not buy.
It is better this way.
A friend has a debt collector knocking on her door weekly.
It gives a lot of stress and the unpaid bills only increase.
It is hard to tell if she can manage money sure is her husband and children can not.
In the Netherlands you are registered at the BKR if you take a loan.
No matter if you pay off a cellphone to a provider, the bank gives you a loan for your house, a credit or an online shop gives you a credit you are registered. Each bank or company can check you out.
With too many loans or a low income no one will give you a (next) loan and you can not get a credit card.
"From the moment on you are born you have debts", I recently read.
Apparantly being born in the Netherlands is not for free. Your debts increase since education is not for free and if you like to study you need rich parents or take a loan and pay it off (and probably you have to work too).
Debts, no matter if these are yours or someone else's are a huge problem for the society.
Billing, suing, etc is not free.
We all pay for it.
Some people say it is better to cancel all debts. It will cost the society less.
Others state the biggest group of debtors will not learn from it if we do so.
Fact is banks and companies make it easy to take a loan, especially for young adults. The number of debtors in this age increases fast. Parents can be held responsible although they have no right if it comes to canceling the loan their adult child signed for and they have no knowledge about.
Should the society pay for all the debts or are banks and organizations responsible?
How about the parents? Isn't saving and managing your money a part of raising your child?
There are organizations who help you manage your finances and take care of your debts if you can not handle it yourself. Many organizations are willing to close a deal because they know with a small income there is less chance to get the whole amount but you have to show your good will.
- The debtor/one who made them
- Parents/family if the debtor can not pay
- The society
- The bank/organization who tricked you
- Other, ... (please, share what)
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@pereu4ivatel Thank you for your vote.
A good reason for not having children. 💕
goede reden om geen banken te hebben en een geweldige remedie voor corruptie)
@pereu4ivatel Indeed although a banking system will always exist. I see the same here. They charge you all... What you earn is not free of tax it all depends on the country where you live. 🙄
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Vote for others, but generally all of them are related. Banking industries are called industries because the need for bank are "manufactured". This alone, is an entire new topic since I trade currencies.
Lemme put this in a finance newbie manner. If you need money for something you need, like going for an emergency surgery that cost a bomb, yes apparently you have no choice but to take a loan and slowly repay it back. This become one tough situation, either loan or die.
And, when you know you can't afford a nice holiday, and you know that holiday will burn through half of your next year food budget, but still take a loan for the trip and decided to starve for the next 6 months just because of that holiday, this is called stupidity.
While you have a business deal gone sour and causes a tight financial situation, you're forced to take a loan. You're so sure if this deal worked out, you'll be able to pay up and be prosper in the future. That however, is the most dangerous situation, clearly when you have a deal sour and are forced to take loan, meaning you have not reserve enough. Risk appetite greater than your ego can catch. I'm not saying do not take the loan, but make sure you survey your own risk appetite and make sure the next deal do not get yourself back into the same situation. A company that can last long, is the company has enough reserve to grow even a deal gone sour, it will not be a big deal. Make a conservative border line on the repayment, no grow is better than bankrupt.
And finally, loan can be an investment. Some of the companies individual takes calculated risks by taking loan. I use myself in steem for an example. I delegate my steem power for app development. In return, the app development gave me certain amount of interest. At the same time, I took a lease from others who are not active but seeking a short cut to get some sort of return, I pay a small amount to use their delegation. Imagine, I collect 15% from my borrower, and I pay 13% to my lease. In the end, I still can use that 6000sp to upvote you and everyone that I wish to upvote 🙂
So, you know how it goes. It's a trade, even if it's involved taking a loan. I have 7k in the bank account for that massage chair, I know it's an "I want" item, but I choose to use my credit card loan that costs a fraction of interests, and I invested that 7k into a government bond that return me 4% a year, after 3 years, I have my 7k with 840 interests, and a massage chair(but of course it's broken and I don't want it anymore), and I did paid off the chair by 7k with 814.80 interests.
Had I throw that 7k for the massage chair on the spot, no doubt I'm debts free, but I'm back to zero. I don't get to invest, I don't have other choice. I will have to work my ass off again to get that 7k back into my bank account somehow.
I do get your point where living debts free give you peace if mind, but when you have a choice, will you rather have "equity"? Or "liquidity"?
Sorry if I'm out of scope, but it's an idea where I think the younger generation should adapt to. It's not the paper money, its the value that can be traded counts.
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I am similar to you. I have not had any debts and loads so far.
I save for what I need to buy, and if I do not have the money, then I do not buy.
I have not requested a loan so far, and I am not planning to request a loan in the future either. But if someone requests a loan (or make a debt in any other way), then he/she should pay the debts. No one is tricking no one. You just need to read the terms and conditions, agreements carefully. If someone cannot manage money, then that is his/her responsibility, and not other people's responsibility.
My brother cannot manage money. He is irresponsible with money. He made a lot of debts in 2018. He will not make more debts, because the court limited his disposing capacity. He will pay his debts. If not, then he will probably go to jail to pay his debts in that way.
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In which way someone who goes into prison pays off debts? Staying in prison costs the society money.
They say in the Netherlands one day in prison costs more as one exclusive hotel room in the Hilton.
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@communitycharge Thank you for your vote. ❤️
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@fredkese Thanks for voting. I really hope it will not change into the debtor's family. It will be a burden to have family. ❤️
Most often the families aren't even aware, so they shouldn't be made to pay
@fredkese I agree with that. If parents or family do not have a voice if it comes to a loan you cannot make them pay for it. ❤️
Sure thing