Tuesday, 26 February 2008

Debts are not necessarily a burden

It is wise not to incur debts but debts do fall in the category of genuine need at times and it is for the borrower to make a good use of it. As a part of banking system I know of several instances where the borrowers took loans from Bank and rehabilitate themselves by using the money so taken in a proper direction meaningful and well programmed. Debts are undoubtedly an evil if no necessary repayment schedule is followed by the debtors. There are certain compelling needs for which one has to depend on borrowings, say for daughter's marriage, for acquiring a house, to meet medical urgencies and even for the purpose of establishing some business as a source to sustain the family or supplement a need based additional income for the same. There are certainly big hazards in the event the borrower fails to pay back the debt suitably sticking to his/ her repayment schedule. Becoming a victim of bankruptcy brings lot many problems for the self and the family as well which no person conscious of his/ her responsibilities would like. Incurring debts and then sitting leisurely without doing any thing only amounts to lacklustreness on the part of the person concerned which aspect is but to be avoided. Debts are a great support if used in a positive order, debts are a worst sort of evil if misused.Debt Management

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