“I hate to borrow, I don’t like owing, I never borrow”. These sound like pious words, like words of careful people who care about their integrity.
Sorry to burst your bubble, they are the words of financially illiterate people. They are the words of religious people who read what they read wrongly, or believed what they were told without checking! It’s a manifestation of poverty,.
Who told you loans are bad? Who even told you that you are qualified to get a loan?
The scriptures record phrases like “borrow not a few”, “alas it was borrowed”, etc. There is good borrowing and bad borrowing. Bad borrowing, i will simply call borrowing, while good borrowing I will call leveraging.
When you get a loan to buy something that depreciates over time, something whose current value is it’s highest ever, you have borrowed, it’s what poor people do! When you borrow to buy or get involved in anything that appreciates in value, you are leveraging. The poor borrow, the rich leverage! It is senseless to burn a candle at both ends, to borrow and payback monthly on something whose value is on a steady decline, is akin to burning the candle at both ends.
If you have never taken a loan, this is not an advice to just go jump in, ask yourself is this leverage or borrowing. Am I gunning for an asset or a liability. Don’t however box yourself into the paradigms of the poor… It’s alright to get a loan!