What is your strategy for the repayment of loans?

[Ratine]

Do you have any working strategy on the repayment for your loans?

 

[Starmix]

I have no standing loan it's very stressful when there's loan. I only experienced it once and never repeated it.

 

[nomad]

I will try to pay back from my income, if that is not possible, I will sell my assets to repay the loan

 

[Springtime]

I have never borrowed money except taking out a mortgage loan when I bought my apartment. The mortgage loan is now fully paid back. When I was still repaying the loan, I used the auto-transfer feature of my bank account to make sure that I did not miss any payment.

 

[Stardom22]

For me when indebted, l ought to be not free and feeling very confined. I would then repay my loans as l earn.

 

[Shavkat]

In my view, we need to pay the outstanding loans on scheduled payments. If we do this, there is no problem.

 

[Passiveearner]

In my view, we need to pay the outstanding loans on scheduled payments. If we do this, there is no problem.

Not borrowing an incredibly huge sum of money could make it easier to pay the loan back. Many people get addicted to taking loans and this eventually increases bad debt.

 

[Shavkat]

Not borrowing an incredibly huge sum of money could make it easier to pay the loan back. Many people get addicted to taking loans and this eventually increases bad debt.

Indeed. The good thing is that I never borrowed a huge amount of money. This is the reason why I did not avail any credit cards.

 

[Smalto]

Do you have any working strategy on the repayment for your loans?

First of all, my concept of taking loan is, I must have somewhere to invest it into, I don't take loans in order to spend them, rather I take to re invest in some business then I can now use the proceeds of the business to pay off the loans.

 

[Shavkat]

First of all, my concept of taking loan is, I must have somewhere to invest it into, I don't take loans in order to spend them, rather I take to re invest in some business then I can now use the proceeds of the business to pay off the loans.

You have a point. We need to loan to invest on something. At least, we have the goals of investing and wait for the return of investment.

 

[eldavis]

I don't normally take loans, so I do not have any strategy. Then again the best strategy would be to pay back your loan as early as possible.

 

[Hate2Wait]

I haven't taken any loan but if you are then you should pay as per the terms and no need to prepone your payment because in most cases it does not help