Loans and lending tips.
In the old days we may have often heard the proverb ‘never a borrower or a lender be’ and it is easy to see why this could be a good thing in many circumstances. Borrowing money is expensive and if you get too many debts they can pile up and get out of control and it can be very difficult to get out of the situation again. Lending money can also be difficult if the person does not pay back and you get short of money. However, this attitude could also hold us back in some circumstances.
If we never borrowed money, most people would not be able to afford to go to university or to buy a house. This would mean that they would continue to live in rented accommodation and may not be able to get such a highly paid job. Therefore deciding not to get this sort of loan could be restricting. However, there are many types of loans which can get us into trouble. Unpaid credit cards, overdrafts, personal loans and similar can be a problem for some people. If they build up so much that they cannot be re