Loans direct the indebted into a cycle of debt
Debt can certainly be overcome, however loans direct the indebted into a cycle of debt making it seemingly impossible to get out of the grips of debt. It’s not just the act of borrowing money from a financial institution or non-traditional lender that makes loans the bad guy in the debt saga, but more than that is the reality that most people seek out loans when they are already in debt and so it is this element of using borrowed money to pay one’s debts that’s at the heart of the problem.
Loans in and of themselves are never the problem, especially when used by those who aren’t financially strained, and indeed there are folk who are in good financial standing but happen to need extra cash flow for one project or another. However the vast majority of loan seekers are not financially in a good place and quite frankly the loan and credit industry is not being sustained by the former group but the latter who are already in debt and use loans as a misguided attempt to get out of financial ruin. Yet the irony of this and the primary reason that it can never work is because one cannot use what one doesn’t have to get out of debt.
Using loans only means that the debt has been transferred from one creditor to another, and it is thus that loans direct debtors into a cycle of debt.
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