For instance, if you want to borrow money to pay for a large item, is it possible to save up the money for a few months instead? Is there a possibility that you can increase your income by working overtime or taking on new projects? Or could you take on a higher-paying job with your work experience?

	It is important to check if you can afford the repayments before taking out a loan. Remember, if you don't manage to keep up with the repayments for the money you borrow, things can become unmanageable very quickly.

Industry experts note that this can result in three types of difficulties for the borrower.
	Financial When you borrow money, and especially if you do not keep up your repayments on your loan, the interest builds up over time. This means that the amount you owe can increase very quickly.
	Practical If you do not keep up your repayments, you may receive a negative credit scoring. Even worse, you may have your collateral taken away from you if you have taken a mortgage or an auto loan.
	Emotional When debt becomes unmanageable, people often experience feelings of fear, stress, guilt, shame or anger. If you are in debt, you may receive phone calls and letters from the companies or people you owe money to.