Be careful with loans / Hay que tener cuidado con los prestamos [Spanish / English] .
Unfortunately, I have a personal experience with a loan that went bad. A few years ago, when I was very young and inexperienced in finances I found myself in a difficult economic situation and decided to apply for a loan to be able to meet my debts and expenses. At that time, I thought it was the best solution to get ahead, even though I was living with my mother I had to pay my college tuition and contribute to pay for food expenses.
Image by Mohamed Hassan at Pixabay.
However, things did not turn out as I expected. The loan I applied for had very high interest rates and soon I was trapped in an endless cycle of debt. Every time I tried to pay an installment, I found it harder to make ends meet and the situation got worse and worse. I felt overwhelmed and desperate, seeing no way out of my financial situation.
Image by Clker-Free-Vector-Images at Pixabay.
What led me to that moment was my lack of financial education and my desperation to overcome my financial problems right away. I didn't take the time to research and compare the different loan options available, nor did I analyze in detail the conditions and terms of the loan I was applying for. I got carried away by the urgency of the situation and rushed into a decision that would affect me for a long time to come.
Image by Mohamed Hassan at Pixabay.
To survive this difficult situation, I had to take drastic measures. I started cutting unnecessary expenses, looking for additional sources of income and negotiating with the lender to try to reach a favorable agreement. Additionally, I resorted to another loan, but this time with the company where I worked, the funds coming from my social benefits, this helped me to pay the entire bank loan in a single installment.
It was a long and difficult process, where with determination and perseverance I managed to get ahead and pay off my debts both with the bank and with the company that helped me to settle the debt acquired with another debt with a longer term and lower interest rate. The company discounted the loan from my payroll and I was able to successfully recover my social benefits.
From this unfortunate experience, I learned several important lessons. The most important of all was the importance of financial education and making informed and thoughtful decisions when it comes to money matters. I also learned not to be driven to despair and to seek help and advice when necessary. I learned to be more appreciative of my financial resources and to be more aware of my expenses and debts.
Loans are an important tool for the economic development of individuals and societies. However, they have also become a trap for many people who fall into unsustainable debts due to abusive conditions and excessive interest rates.
My unfortunate experience with a mismanaged loan taught me valuable lessons about the importance of financial education, prudent decision making and the need to be aware of my finances at all times. Despite going through some difficult times, I managed to overcome this situation and come out stronger. I hope that my experience will serve as an example for others who may find themselves in a similar situation and can avoid falling into the same financial traps.
This is my participation in the Hive Learners community developing the following topic:
The Bad Loan: Do you have a regrettable experience with loan? A period where you took a loan and it ended up going badly for you. What led to that moment? How were you able to survive it? What did you learn from the experience?.
Thank you for your attention and remember to be very careful and cautious when getting into debt either with the bank, a person or a company, we must be very cautious because the payment of our debts should not exceed our monthly capacity, and our credit history would be affected so we would be affected in future opportunities for loans that are useful for us and our families such as a mortgage loan.
The separator is free to use and has been provided by @onexel, Link Here.
Lamentablemente, tengo una experiencia personal con un préstamo que salió mal. Hace algunos años, cuando era muy joven e inexperto en finanzas me encontré en una situación economica difícil y decidí solicitar un préstamo para poder hacer frente a mis deudas y gastos. En ese momento, pensé que era la mejor solución para salir adelante, a pesar de que vivía con mi madre yo tenia que pagar la matricula de mi universidad y aportar para el pago de gastos de alimentación.
Imagen de Mohamed Hassan en Pixabay
Sin embargo, las cosas no salieron como lo esperaba. El préstamo que solicité tenía tasas de interés muy altas y pronto me vi atrapado en un ciclo interminable de deudas. Cada vez que intentaba pagar una cuota, me resultaba más difícil llegar a fin de mes y la situación empeoraba cada vez más. Me sentía abrumado y desesperado, sin ver una salida a mi situación financiera.
Imagen de Clker-Free-Vector-Images en Pixabay
Lo que me llevó a ese momento fue mi falta de educación financiera y mi desesperación por superar mis problemas económicos de inmediato. No tomé el tiempo necesario para investigar y comparar las diferentes opciones de préstamo disponibles, ni analicé en detalle las condiciones y términos del préstamo que estaba solicitando. Me dejé llevar por la urgencia de la situación y me precipité en una decisión que me afectaría durante mucho tiempo.
Imagen de Mohamed Hassan en Pixabay
Para sobrevivir a esta difícil situación, tuve que tomar medidas drásticas. Empecé a recortar gastos innecesarios, a buscar fuentes de ingresos adicionales y a negociar con la entidad crediticia para tratar de llegar a un acuerdo favorable. Adicionalmente, recurrí a otro préstamo, pero esta vez con la empresa en donde trabajaba, proviniendo los fondos de mis prestaciones sociales, esto me ayudo a pagar la totalidad del préstamo bancario en una sola cuota.
Fue un proceso largo y difícil, en donde con determinación y perseverancia logré salir adelante y saldar mis deudas tanto con la banca como con la empresa que me ayudo a finiquitar la deuda adquirida con otra deuda a mayor plazo y menor tasa de interes. La empresa me descontaba el préstamo de nomina y logre recuperar de manera exitosa mis prestaciones sociales.
De esta experiencia lamentable, aprendí varias lecciones importantes. La más importante de todas fue la importancia de la educación financiera y de tomar decisiones informadas y reflexivas cuando se trata de cuestiones monetarias. También aprendí a no dejarme llevar por la desesperación y a buscar ayuda y asesoramiento cuando sea necesario. Aprendí a valorar más mis recursos económicos y a ser más consciente de mis gastos y deudas.
Los prestamos son una herramienta importante para el desarrollo económico de individuos y sociedades. Sin embargo, también se han convertido en una trampa para muchas personas que caen en deudas insostenibles debido a condiciones abusivas y tasas de interés excesivas.
Mi experiencia lamentable con un préstamo mal gestionado me enseñó lecciones valiosas sobre la importancia de la educación financiera, la prudencia en la toma de decisiones y la necesidad de ser consciente de mis finanzas en todo momento. A pesar de haber pasado por momentos difíciles, logré superar esta situación y salir fortalecido. Espero que mi experiencia sirva de ejemplo para otros que puedan encontrarse en una situación similar y puedan evitar caer en las mismas trampas financieras.
Esta es mi participación en la comunidad Hive Learners desarrollando el siguiente tema:
El mal préstamo: ¿Tienes una experiencia lamentable con un préstamo? Un momento en el que pidió un préstamo y le acabó yendo mal. ¿Qué le llevó a ese momento? ¿Cómo pudiste sobrevivir a él? ¿Qué aprendiste de la experiencia?.
Gracias por la atención prestada y recuerden tener mucho cuidado y precaución al momento de endeudarse ya sea con la banca, una persona o alguna empresa, hay que ser muy cautelosos ya que el pago de nuestras deudas no debe exceder nuestra capacidad mensual, y quedaría afectado nuestro historial crediticio por lo cual nos veríamos afectados en próximas oportunidades de prestamos que sean útiles para nosotros y nuestras familias como por ejemplo un crédito hipotecario.
El separador es de uso gratuito y ha sido proporcionado por @onexel, Enlace Aquí.
Loans helps one to develop fast in many ways but first the need for financial education is very important so one will not be trapped. Am glad you got a way out quickly
Faced with a need if we are offered a loan it is difficult not to take it, we must face the consequences of default and try to reach an agreement with the bank or lender, we should not tarnish our credit records or ask for another loan to cancel the previous one, even if we get out of the two debts is a very strong debt spiral that will affect our lifestyle. I took out a loan to pay off another one, because my family supported me and I had not yet married and had no mortgage obligations, even so it was very hard for me to pay that debt, but I did it.
That's true in every way.
Taking loan is not bad but of us do it without digging or understanding what we are getting into. It happens to many young lad today and they get stuck in the cycle for a long time.
I am glad you sorted things out and got over the loan of a thing.
After what I commented in the post, I worked for a long time in the banking sector in my country, and every time someone requested a loan and was attended by me, I explained the pros and cons of such a request, including recommending people to ask for an amount where the installments were easy to pay.
Loans with high interest rates does not in any way help the individual, they will suck you dry.
You are right, the mistake is that in desperation to get out of the problem we ignore the cost of the loan and take it without looking ahead.
Yes, the need for financial education is important when it comes to money matter. Going through such education would help one understand how loan works, the interest rates, how to make informed decisions in order not to be trapped.
In these current times I believe that almost all of us evaluate our finances, equally all of us have fallen at one time or another in insolvency before a bank or a person. As a piece of advice and as a former bank employee, let's not get into debt more than 30% of our income after covering our fixed expenses.
You are right and I agree with you. We need to be careful with our finance especially going into debt because of bad loans.