Can I ask for a loan to pay others?

Is it wise to ask for a loan to pay others? When applying for a bank loan or of any other nature, we are assuming a payment responsibility that is important to comply with on time to guarantee our good reputation and credit history. However, sometimes expenses make debts get out of control and it becomes difficult to pay them. That’s why many wonder, can I ask for a loan to pay others?

Can I ask for a loan to pay others?

loan payment

Technically, the answer is yes , but it depends on some factors, such as that you are not in Dicom, or that your current debt does not exceed the percentage of indebtedness based on your monthly net income allowed by the Law. But what really gives you You should ask is, is it wise to ask for a loan to pay others?

To answer this question it is important to refer to over- indebtedness, which is the state in which a person owes more than he can pay. When this happens, many people feel tempted to ask for a loan to pay others, thinking that they will get out of old commitments faster and only rotate the date to get a more valid one.

But this is an illusion and is the beginning of a great financial catastrophe. This is because if you are already in a state of overindebtedness it is very unlikely, not to say impossible, to ask for a new loan to pay other commitments since your financial behavior shows that you have not been able to fulfill your other obligations of payment. This is why making this decision is not the right one, especially when we don’t know how to deal with existing debts.

Fast loans

Fast loans

It is true that there are many fast loans on the internet that you can access even if you are in Dicom, but this is one more burden since, like a bank credit, this small loan is added to your list in the credit history and You can end up getting worse than at the beginning.

Asking for a loan to pay for others

Asking for a loan to pay for others

It is not only limited to bank loans or online, there are also those who resort to borrowing from family or friends. This can be counterproductive because overconfidence can make you see that commitment as something less important and be left with very bad reputation with your relatives or friends, even reaching the point of discussions or estrangement.

In other words, paying off some debts by acquiring others is like digging a hole to cover another, it will never end that task if you don’t have better ideas. When you acquire more debts you only make your financial situation more precarious because you start thinking that you will allocate the entire loan to pay off the other debts and end up spending much of the money n other things. In the end you acquired a new debt and did not leave the previous ones. This generates a constant propensity to borrow, so much that it ends up becoming part of your habits and your life to the point that you cannot uproot it. This is why it is prudent to avoid excess debt and be more practical and cost effective.

In summary, requesting a loan to pay for others can be technically easy since if you cannot obtain it at the bank, it is likely that on the internet you will get pages from companies that provide quick loans. But this is not the solution, even if it seems so. To begin, detect your financial situation before it falls into an abyss with no way out; If you already see that you are borrowing a lot, avoid using credit cards, do not buy superfluous things and start saving. This way you will avoid being drowned in debt and realize when it is too late.