DPoll 37: Who should pay the debts?

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(Edited)

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)

Answer the question at dpoll.xyz.

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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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It's not off topic but for me too much risk. More and more lose their jobs or only have a contract for 6 months.
Many young adults will never start working and that amount is increasing.

Once you had tax benefit if you took a loan and bought a house. This means you pay off for the rest of your life and need to take a life insurance.
If you want to study/go to the next school at the age of 16 you need to take a loan. You can pay off this one too for the next 30 years.
There is no benefit or profit in it.
The prices of houses are getting less, it's hard to sell it if you want to get rid of it. You can not go live somewhere else before you sold it.
My eldest bought a house with her ex, as it was finally sold a large debt was left to pay off. That is a burden and means it is nearly impossible to start allover again you can hardly pay the rent.

Banks do trick you. I guaranteed for someone who did not pay off the bank. As I found out about it and told the bank they said they would separate it.
End of the story, he as a debtor got help and I had to pay off his debts and my home was sold. The bank lied, suddenly that contact person did no longer work at the bank blah blah blah.
No one cared about a single mom on the street with 3 kids.

They made me pay long after the debt didn't even exist any longer. I found out about it as I asked my info at the BKR.

I do not trust banks and will not take loans.
I invested in a saving system for my children. A guaranteed amount. After a few months/years, it was not even worth what I had to pay monthly.

I would have had more if I had saved it in an old sock. No bank costs etc.

If I use my credit loan I have to pay back the amount I used within 31 days. This means I save on it and have a decent. It's the only way I can use it at all.

Banks, credit cards do no longer pay you interest soon we have to pay them because they take care of our savings.
That is why I take all I have from my account. I have to do all the banking myself but need to pay a monthly fee for it too, plus for the debit card (monthly + once a year).

There is no way to have benefit from a loan. No matter if it is for a house, car, television, furniture, a fridge or your holiday. The only benefit is for the banks and for poor bastards who can not save or pay it at once.

The price difference between buying a mobile phone at once or paying is off is 200 euro! Same phone and the guarantee is over before you paid it off.

I agree a business needs reserve but so do families. Families or household are businesses too. If you can hardly pay off the loan for your house with two working people with each two jobs you take a very high risk.

Thank you for sharing this and your input. 💕

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Voted for

  • The debtor/one who made them

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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Thank you for voting.

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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Voted for

  • Parents/family if the debtor can not pay
  • The bank/organization who tricked you
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@pereu4ivatel Thank you for your vote.
A good reason for not having children. 💕

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goede reden om geen banken te hebben en een geweldige remedie voor corruptie)

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@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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Voted for

  • The debtor/one who made them
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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. ❤️

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Most often the families aren't even aware, so they shouldn't be made to pay

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