Dec 9, 2011, 2:39 PM
However, quite often we do see many people being taken to court for not paying their loans.
This is very sad and embarrassing, since when they were taking those loans it was not known to many, but by ending up in court it becomes public knowledge.
The truth of the matter is that some people take loans that they know they would not find it easy to repay.
Also some people when they take loans they misuse such funds, forgetting that it must be repaid one day.
While people take loans for obvious reasons, it must not be a habit not to service one’s loans.
The non-repayment of loans are affecting many banks and other financial institutions, and it is not good for a healthy business.
It takes some banks and financial institutions chasing clients, and ending up with them in court so as to get back their monies.
Such attitudes should not be encouraged, as it is not good for the image of individuals and their immediate families.
While we are not trying to discourage anyone from taking loans, people must also ensure the timely repayment of loans, which is good for the lenders and even themselves.
Our question is why should one take a loan that he or she knows cannot be serviced or repaid on time.
Its true that, sometimes, the purpose of taking certain loans might be defeated by bad business.
However, such things must be known to their banks or lenders on time, so as to avoid taking legal action against them.