"Rob Peter to pay Paul"

[Odessa Dawn]

"Rob Peter to pay Paul" is a common phenomenon among banks and people. I want to know if there is an expression, term, or an abbreviation being used in banks and among people instead of saying "Rob Peter to pay Paul."

Thank you,

[SoothingDave]

I don't know why you think it has to do with banks. Seems more to do with politics. If you rob Peter to pay Paul, you always have the vote of Paul.

[Odessa Dawn]

I don't know why you think it has to do with banks.

Thank you, SoothingDave, so very much. When you go to the bank to ask them for a loan that has to be paid back in installments and you haven’t paid back the previous installments completely. They will give you a loan on condition that you pay back the unpaid installments and you get the rest. Do we call it, "Rob Peter to pay Paul" or what?

[Barb_D]

No. If I use my credit card to get a cash advance so I can pay your energy bill, you had to rob Peter to pay Paul.

"To take from one merely to give to another; to discharge one debt by incurring another."

If you went to Bank B to get a loan so that you could pay off your loan to Bank A, you have done this. But if you are getting a new loan from Bank A and they set terms on it regarding repayment, that's not the same thing.

[SoothingDave]

Thank you, SoothingDave, so very much. When you go to the bank to ask them for a loan that has to be paid back in installments and you haven’t paid back the previous installments completely. They will give you a loan on condition that you pay back the unpaid installments and you get the rest. Do we call it, "Rob Peter to pay Paul" or what?

If I go to a bank and ask them for a loan to help me pay off a previous loan they have given me, they will laugh and laugh and laugh.

[Odessa Dawn]

If I go to a bank and ask them for a loan to help me pay off a previous loan they have given me, they will laugh and laugh and laugh.

Thank you for reminding me, "Verbal Reduplication." I do mean that when you are in need for money and you haven’t paid off the installments thus far. As a result, you must pay off the previous ones to get the rest.


PS: This is a common phenomenon in my country. Besides, some people are accustomed to "Rob Peter to pay Paul" thanks to jobless and for being stone broke. Otherwise, they will be sent to jail.

[SoothingDave]

What that is is not payROBBing Peter to pay Paul.

If anything, it is getting deeper and deeper in debt. IF you have to finance your payments into a new loan, it's not a good thing.