Among the many items in the personal budget to be review is loan. This could be the one where you are either the borrower or lender and there is repayment. But we can’t tackle this without looking at the character flaw found in our society when it comes to loan repayment.
It is noted that the mood within which people borrow money is not the same mood people repay loan especially when it has to do with friends or family relationship. Many relationships have sour because of loan repayment.
In the friend or social circle, it is very rare for people in our society to willy return borrowed money. Some
people usually follow the habit of asking/requesting for monetary help whenever they need but never return it back.
One thing is certain is that this habit It’s not a psychological disorder rather a shameless act of cunningness.
If you demand your money back, you are likely to loss a friend or get scolds or bad mouth or both.
I think most times such people think, that was their right and the money they took from you were their forefathers’ ancestral property.
Others even forgot and ignore that they owe and some even go to the extent of varnishing, blocking your number or possibly changing their sim card but this is wrong.
Sometimes the very people you borrow from and refuse to pay back will be the same people you go aback after a while to get loans from again but once you were not able to fulfill your earlier commitment you wouldn’t be able to get a subsequent one.
That’s is why its important to repay loans know matter how little the money is and in instance where the lender refuses I personally advice you insist or find other means of repaying so that you keep that channel open.
In stances where you can’t pay back as schedule, get in touch immediately with the lender even if he/she is you buddy and explain situations to them. Give them a reschedule date and put in effort to pay back the money. If you can’t get the full amount, pay in bit till you pay all that includes you Student loans.