The Bad Effects of Debts, Study Loans, Usury and Interest-Based Transactions at Home & Abroad

The Bad Effects Of Debts, Study Loans, Usury And Interest-Based Transactions At Home & Abroad

Many immigrants are now fond of asking for student loans and job sponsorships that they can get to work on their international studies, foreign employment and immigration to countries like Canada, UK, USA, Australia to mention but a few. Even before they relocate, lots of them are already getting funds from banks, loan lenders and other financial organizations to make travel payments. While this may not be wrong outright, we have some reservations to discuss about it.

Canadian Increasing Debt Statistics

I saw some interesting student loan stats and I wanted to share them with you;

The Bad Effects Of Debts, Study Loans, Usury And Interest-Based Transactions At Home & Abroad

It is clear from these 5 main sentences, that the following summaries are true;

  • Loans repayments will take at least half or one/third of an entry-level student worker salary
  • All loans taken by students is a huge business benefitting the loan companies not you
  • Sadly, the female folks fall for loan gimmicks abroad than the men
  • Those who take these loans get them when they are still naïve and inexperienced in finances
  • Where I stay now Ontario is the largest loan collector by students than anywhere else in Canada

You may argue with me but the statistics say it all and numbers don’t lie.

Importance of other Finance Sources

That is why I studied using my own money right from bachelor’s degree to master’s degree and now unto postgraduate diploma program.

Don’t get me wrong; I was opportune to get scholarships which I leveraged on in these programs and that is why I encourage my own common-law partner to also chase grants, bursaries and scholarships here for her Canadian studies.

But if they have loans attached to any; we back out quickly than when we applied.

The reason is not farfetched; you make not only loan payments but also interest.

Many pay so much to the organizations that gave them the loans in the near and even further future. That is why many students file for bankruptcy due to their poor debt accumulation at their own financial future peril.

The Bad Effects Of Debts, Study Loans, Usury And Interest-Based Transactions At Home & Abroad

The Debt Financing Aftermath

The first landlord we stayed in his house is still paying the student loans he collected from the Government of Ontario through the Ontario Student Assistance program till date after close to a decade afterwards.

To worsen it, such student loans from some provinces and financial firms have astronomical interest rates which are higher than other debt types out there.

And Islamically, loans with usury or any interest are strictly prohibited not to forbid business but to avoid massive exploitations.

That is why we also desist from promoting companies nowadays that give Canadian education loans.

Come to think of it many students who get these loans might not even get jobs or know what to do in their lives for at least 2 – 5 years after their studies.

Some may know like I did but won’t make so much in the first few years and have to rely on small incomes and support here and there.

Those that even get jobs like Ari Black, an instructor at Carleton University who teaches American Sign Language, “don’t have any financial goals. He says; “My financial goal is to make sure that I pay all of my bills, I don’t default on my student loan — and there’s groceries.” Black says he’s been on interest-only payments since he graduated with a master of education from the University of Ottawa in 2019. As such, the student-turned-activist has made little progress paying off the principal. But he stresses that he had a little choice, especially given the limited income he makes teaching.

More reason taking up that enticing loan may just be a fast way to dig up your own financial grave early.

Make Money & Migrate (M.M.M.) to Canada

Our Family Finance Approach

My common-law partner and I didn’t even get credit cards to run away from loans and still we still have impressive credit scores above the 740+ range and reports that keep on improving monthly while still living in a Western country.

Be wise and don’t sell yourself too short, too fast and too little to get a foreign education, work in a new country, migrate abroad or even live overseas.

Your productive years are much more valuable than that.

Rather, work to earn as we teach our clients through our Make Money and Migrate online course with its virtual trainings and use the little you have now to send yourself abroad to school, work, visit and stay permanently.

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