Modern “FInancial” Diseases – Loan Dependence and Creditophobia

Modern FInancial Diseases - Loan Dependence and CreditophobiaSurely, everyone has heard of such a disease as “loan addiction”, when the borrower already unnecessarily begins to use borrowed funds. A loan for such people is the meaning of life, their target. Loans help them to remain independent, responsible, collected. But it sometimes turns into huge debts, fines and even deprivation of property. However, according to experts, creditophobia, that is, the fear of banks, private investors, creditors and loans itself, is considered an equally “terrible” disease. But if you finds enough information about Tennessee loans online using the link, you may succeed in choosing the most appropriate offer of payday loan Columbia TN. In any case, even with creditophobia, you will be able to find the right solution of your financial problems.

Loan addiction or dependence on loans

A wide variety of loan products and organizations providing such services can lead the average person to serious problems. So for the purchase of an expensive thing: a washing machine, a gas stove or a car – people often take out loans. It is rather expensive to pay the entire amount in full, because you will need to save something, so buying on credit seems to be the best and fastest decision.

Every second American thinks why wait, save money, if you can take out a loan, buy what you need, and then pay. This is the problem. A person does not think about the responsibility he bears, he uses other people’s money, and then he will have to give his own, and much more than he issued. Gradually, he took out loans, the client gets used to the fact that he can always rely on a credit institution, issues more and more loans, gets used to constantly paying off the loan, and this is how credit dependence starts.

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The main step made by banks in order to convince a person to borrow money is a credit card. It is tempting to issue a credit card with a loan approved for you, as a special client with a lower rate. Do not pay attention to such promotions. Almost every second citizen of the country receives US credit cards. Do not rush to activate it, because if you do not have a great need to buy something, then it is unlikely that it will appear with such a card. You can leave it just in case, for a “rainy day”, but it is better not to get involved, as you will be constantly haunted by the feeling that you have extra money to spend.

Quite often, people apply for several loans at once, without thinking about how they will pay them back. As a result, having collected a huge amount, they understand that they are not able to cope with payments. To pay for two already issued loans back, they take out another one, thus falling into a debt trap.

In order not to be involved into trouble, in such cases it is worth contacting the bank. Having explained the whole situation to the bank, you can get help directly from it, that is, the bank can offer you refinancing, a new loan, but on more favorable terms than those with which you yourself would have issued a loan. It is also possible to provide you with a credit vacation: for several months you will not need to pay the loan back until your situation improves.

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If none of the above helps you and the craving for a loan is strong, then you should consult a psychologist, since dependence on issuing and paying off a loan is a disease, like alcoholism, and only a specialist can help here.

Creditophobia or fear of loans

How does this disease manifest itself, what are its symptoms and how can you cope with it?

Creditophobia – rejection of loans, banking institutions. These concepts in the mind of a person are associated with “evil” and “deception”, and therefore they should be avoided. The state of anxiety appears even when it is necessary to visit a financial organization in order to pay for utilities and mandatory payments, for example, taxes or alimony. There are also difficult situations when, at the sight of credit cards, a consumer begins to get nervous, angry and screaming, begging to remove this “unreliable and unsafe tool” away from him. Creditophobes even refuse debit cards, preferring to receive payment for their work in cash. And what should such people do when they need financial assistance, a loan that can save lives or restore health?

It is believed that coping with loan phobia is easy. It is only necessary to reconfigure a person’s consciousness for his perception of banks and loans. Financial institutions are not “hunters” for his “hard-earned money”, but only assistants, guides in the world of payments and transfers. They operate on the basis of savings of depositors, borrowers and make every effort to save them from fraudsters, because they themselves are not interested in losing funds, even if they are circulating for them.

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As for loans, this is not necessarily bondage. This tool helps people solve problems. Loans provide a reasonable chance of restoring health or paying for tuition. Even clothes today can be purchased with credit. And if you read the agreement, look at the payment schedule in detail and calculate the overpayment yourself, you can see that the loan will not ruin the family. And in case of early payment, it will help to save on interest and quickly “throw off” obligations. For peace of mind, after paying off the debt, the borrower always has the right to request an official certificate and confirmation that the bank has no claims against him.

You may fight against credit phobia by emphasizing the advantages of banks and their offers, because in some cases, problems cannot be solved without them in modern life.


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