Wednesday, May 13, 2009

Money Lenders - Will You Borrow From Them?

For the past few months, I have been receiving money lenders name cards or brochures on my car wipers, stucked at my car windows, in the post box and in the office pigeon hall. Recently, money lenders signboard has been mushrooming in my small town as well. Almost every month, I see new money lending companies been set-up.

Personally, I am against this money lending business. As, money lending indirectly encourages people to borrow and spend tomorrow's money. And usually, the interest is very high. It's really not worth it.

I  believe, most of those who borrow from money lenders are those who didn't  managed their finances properly and they are not saving for the rainy days. When they encounter urgent and emergency needs, the fastest and easiest way is to borrow from money lenders. When there's no other way to get the $$$, probably the thought on how to pay back is not the main concern. But, there's no free lunch in this world. The amount borrowed must pay back (with very high interest).

So, if you really need the $$$ and you don't have saving, will you borrow from money lenders?

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