Being addicted to something implies that we have tried our best to leave a habit but are unable to leave it. It is like a person addicted to smoking. The body urges the person to smoke cigarette from time to time. Similarly if our mind urges us consistently to borrow items or money from others then we are addicted to it.
The addiction to borrow money can be highly dangerous as explained below:-
1. We borrow money to fulfill our needs and expenses.
2. When the time for returning the money comes, then we borrow money from someone else and repay our previous loan.
3. The second loan is greater then the first loan since we need to pay the interest also.
4. Every time we keep on borrowing to meet some previous loans or needs. It is a continous process with the debt amount continuosly increasing.
5. Finally the debt amount becomes so big, that we are forced to default on the amount.
It is loss for the lender, and also a very big loss to our credibility. This is one the most common reasons for bad credit that we face now. Always ask yourself some questions before borrowing money.
Excess of anything is bad. So do borrow money when you need it, but do not make it a habit. It can ruin you and the lender too.
