Debt Quagmire

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Being a citizen of a developing country which relies most on debts,loans,financial aids and charities, I do not feel much good whenever I hear the word debt or loan because throughout our history we have remained plagued by this debt culture which never let our economy to flourish,our finances to aggarandise and our citizens to eulogize. We hardly manage to curtail the gap between imports and exports by remittances factor and left with no finance to run the state,to introduce reforms and to promote development. The most appalling and the most darkest part of loan is interests over it. Talking about Pakistan it is currently at 17 pc reduced from 25 pc plus.

Interest is a root of all evils. It doesn’t let a hardly earner to pay his debt because the inebted person just keeps paying interest which diminishes his power to arrange and pay the actual debt. He is paying the money but debt is not being paid and he strives in this vicious cycle of interest. Taking loan is not bad because everyone of us might need resources more than we can arrange by ourselves to kick-start any initiative or to pay expenses of commodities at the time of any calamity. But interest over loan deteriorates the financial condition of indebted.

Personally,I am not in favour of loans because if I am taking loan tgen it means this amount is out of my range then how can I expect that I will be able to pay it on due time along with fixed interest. But life brings many odds and evens wgen your resources deplete and you have to look towards others to replenish them to stabilise . Except at one instance,I didn’t remember I might have taken any loan and that first and last time has taught me enough lesson. I haven’t owned anything to other before that and nothing after that . It was just a good luck of that I came out of this with dignity and was able to pay on time although I arranged them on the eleventh hour by the mercy of ALmight and even I didn’t know how I happened to get them.

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In the last bearish btc run , J lost approximately 2500-3000$ . I was totally out of mind in those days the loss was huge although was due to my own impetuous and prompt nature and I took loan of round about 300$ . I had to return it in 6 months. Initially I thought I will return it in 3 or 4 months but I didn’t any work for 5 months. I had no reserved money . Only I had was a cell phone . I have made my mind to sell this to payfor my debt. As getting debt is not bad but not paying it on time is worst ,both socilly and religiously. It breaks the trust of a person upon you and he at any other moment would must think for twice before lending you his belongings. I had visited mobile shops even to get better price of my cell. I was about to sell it in one or two days when I got a work. I did that with my deligence.

I was able to get 200$ from that assignment. I had 50$ myself and now I had ti arrange 50$ . So I asked another friend of mine to lend me 50$ which he didn’t deny. I paid the amount of 300$ 7 days before fixed day although I didn’t have half of it till few days before of it. Now 50$ was not of much bother. I paid that after a month. Those two months were very worrisome for me. A man losses his dignity if he can’t keep up his words but by the grace and mercy of Almighty, I was able to keep up my words.

I believe loans and debts are not bad . Everyone needs them. The world is a name of mutul cooperation and inter connection. One thing that worsens the debt system is interest culture which diminshed the power of person to pay back his debt. Islam strongly prohibits the interest culture and asks infact enforces its follower to py back debts before your last breath .

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