Personal debt financing can be an interesting activity, regarding its importance and its meaning. If you get into a situation which you can smartly control and in which you are able to manage your debt with financing it from different sources, I really don’t know why you are in debt.
Debts to banks and financial institutions are on a very tight leesh, and bound to laws, terms and conditions and these conditions appear in the agreement that you sign. An agreement can be a direct loan or home loan etc.
However financing a personal debt can have disadvantages in your income well,
if you are not willing to do anithing about saving money.
The simplest way of finacing your debt is from your own income. The disadvantage of this solution is that you will have less money to spend as a substantially large part of it will melt into financing your debt.
Another solution would be applying for a loan at a bank, but you still need to have an income, otherwise they won’t help you.
A more serious problem is that of the student loans, because students usually don’t have an income yet, but if you are studying and working at the same time, your loan won’t be more expensive than a personal loan, wich in most of the cases is easier to get.
Of course there are different categories of people on the social scale, with different implications in their personal life, and it may happen that for different reasons one loan will be more appropriate to a certain person than the other.
An important fact you should take in account is taking a car loan very seriously. When you close an agreement with the bank for a car loan make plans on how to finance your debt and you think about the fact that a car consumes money every day. You will not own that car personally until you haven’t paid all your debts, and will still be obliged to give money for gas, for service costs etc.
So in this case debt financing after a car loan can be very hard with having to spend money on the car itself and than paying your debt to the bank.