Eight out of 10 Americans have some form of consumer debt. And according to a study, an average American has consumer debt close to $ 92,000. If seen collectively, there is a debt of $ 14 trillion.
A consumer loan is a loan taken by a consumer. With this loan, those items are bought which can be consumed. But this fund is meant for consumption and not for investment. It does not have much advantage in macroeconomics.
Business Loan
If we talk about business loan then. Small businesses have taken over $ 800 billion in loans in the US. It sounds quite strange to hear. One can become rich even by debt, but this is the truth.
Today all the billionaires in USA have taken loans. And along with this, all the Billionaires of the world have loans. He has raised such a big empire only on the basis of loan. Business cannot be scaled up without taking loans.
Almost all business people take loans. Debt can make you rich, and debt can make you poor too. It all depends on how you use the loan. It all depends on many factors. If you use
debt with a strategy. So loans go a long way in achieving your short and long term financial goals.
Read More : https://www.timessquarehost.com/why-business-loan-and-good-loan-should-be-taken-only/