• Property

If I take up a home loan and I did not pay on time, the bank is very likely to take further actions including even auctioning off my home to get back the money to pay for the loans. If I did not pay my credit card debts, at the end of the day, I may be declared a bankrupt by the financial institution. If I borrow money from my friend, I better repay the debt or I may lose this friendship and also all our common friends since this friend will tell everyone else that I did not pay back the borrowing.