Question from a reader:
I borrowed money from a consumer finance company in the past and have now paid it off, but recently I’ve been thinking about borrowing money again because I’m short on entertainment expenses. Do people who have paid off their debts think, “I never want to borrow again” based on their experiences? I want to know how they
actually feel about it.

Reflections on Emotions After Paying Off Consumer Debt and Considerations for New Borrowing

Hello! I’m a dad in my 30s, born in California and raised in Osaka. Today, I would like to answer a question from someone who has experience borrowing money from a consumer finance company. I will focus particularly on the feelings after paying off the debt and the conflict about borrowing money again.

The Experience of Debt and Its Impact

First, let me share a bit about my own experience. How do people feel after paying off money borrowed from a consumer finance company? A few years ago, I suddenly needed money and had to rely on a consumer finance company. At first, it was a small amount, so I borrowed it with a light heart, thinking, “I can pay this back quickly.” However, as the repayments continued, the burden grew, and I began to feel the stress of payments. When my debt was finally paid off, I felt a deep sense of relief. I strongly thought, “I never want to borrow again.” This is because debt not only brings a financial burden but also causes mental stress. Having paid off my debt, I felt a sense of freedom, but at the same time, a fear emerged: “I never want to go through that again.”

The Conflict About Borrowing Again

Now, returning to the question, what do people who have paid off their debts think about borrowing again? I have friends who have had similar experiences. One friend said that for a while after paying off his debt, he couldn’t escape the fear of borrowing and didn’t consider it at all. However, when life became tough, he started to wonder, “Is it okay to borrow again?” This feeling may only be understood by those who have actually experienced it. Because they have paid off their debts, they have conflicting emotions: the desire to never borrow again and the need to “borrow out of necessity” to ease their lives. Personally, I also struggle with managing expenses for childcare and entertainment due to my responsibilities as a parent.

The Legal Risks of Debt

Here, I would also like to touch on the legal perspective. Borrowing money always involves a contract. In contracts with consumer finance companies, important information such as interest rates, repayment periods, and penalties for late payments are included. Many people tend to overlook the consequences of missed payments. Legally, late fees can accrue, and in the worst case, the debt may be transferred to a collection agency. Additionally, debt affects credit information. After paying off a debt, that history remains on your credit report for a certain period, which could disadvantage you when you want to borrow money again. In other words, borrowing again may be influenced by past debts.

Alternatives to Avoid Debt

So, what can be done to avoid debt? First, it is important to review your budget. If you feel that your entertainment expenses are insufficient, consider where you can cut back and what should be prioritized. It is also essential to spend money in a planned manner without putting unnecessary pressure on yourself. For example, if you have plans to go out with friends, you could choose a cheaper place or opt to relax at home and watch a movie. There are many forms of entertainment, so there should be ways to enjoy yourself without spending excessively.

It’s Important to Take Care of Yourself

When life is tough, it is crucial to take care of yourself. When stressed, you might be tempted to spend money to relieve that stress. However, it is important to listen to your inner voice during such times. Talking with friends or family can provide new perspectives, and immersing yourself in hobbies can refresh your mind.

Conclusion

People who have experience paying off consumer debt often have complex feelings about borrowing again. While they do not want to forget the stress of debt and the financial burden, it is also a fact that money is sometimes needed in life. It is important to explore ways to enjoy life while considering the legal risks involved. Through my experiences and the stories of those around me, I have reaffirmed the importance of using money wisely while maintaining a sense of caution about debt. If you are considering borrowing money again, make sure to plan ahead and find a method that suits you. Making smart choices is essential for achieving a joyful life.