If there is one thing I have an unknown fear for, it has to be debt, why? Hmm, not personal experiences surprisingly but what I've seen others go through due to some loans they couldn't meet up paying and somehow I've promised myself to avoid collecting any loan no matter what. Well, was I able to keep to that? Of course no! Lol.
I guess I just had this wrong thoughts that borrowing money was a bad thing due to the fact that I have countless of people around me that have suffered due to their inability to pay back a borrowed loan. Of course, I was wrong because I've also heard of some people and even industries that borrow a really huge sum of money and were able to pay it up at the appointed time and sometimes even before the appointed time and they never had to suffer in any way.
It was hard to ever think of borrowing but then when I got into a particular situation, I knew it would be wiser to take a loan than wait until I could save up something to do what I had to do. I thought to myself, Hope, are you really not going ask for help now because you are scared of not being able to pay back? I knew that with a proper planning, paying back my loan won't be a challenge at all but still I was scared.
It took me quite a lot of time until I finally just made up my mind to take a loan and so far I'm working so hard to make sure I pay up the loan at the time I had agreed with the person. As a lucky girl that I am, I was privilege to see someone who could borrow me something really huge without adding any interest to it as long as I'm able to meet up with the deadline. I remember how happy I was with that offer and I knew that was just my opportunity to shine so I took it!
So personally, I've been really so far away from bad debt because I'm someone that prefers learning from others mistakes and not mine. I love exploring things, places, people, food and more but obviously not mistakes. As long as I've seen someone do something that I'd love to try and they had some challenges, I always make sure to get to know what and why that particular thing didn't go well for them and make sure when I give that a try I'd avoid those mistakes.
Most times, people end up with a bad loan because they were in a haste and of course most times when you are in a haste, that is desperate, you mostly end up making a lot of mistakes. You make mistake choosing the wrong person or firm to borrow from because you didn't really get time to plan, you make mistake not reading or listening to the terms and conditions that applies to a loan because at that point all that matters to you was how to just get that particular problem solved.
The challenges of life can be really so at us that we just forget to think critically and we focus more on how difficult the problem is than what we can do to get out of that problem and at that point, we try literally every suggestion or idea people make without carefully weighing any options. It is only when one fails that they then get to think critically of what they've done. So one major reasons why people end up having a bad loan is because they just fail to think instead they just act carelessly.
And from the little I've noticed, it's almost impossible to free one's self from bad loans because you can hardly think straight after then. The only thing that can help most times is a miracle and that would take a lot of faith. But then it is still possible. I've heard of people that just get lucky to have their debt cleared by a total stranger and that was the only way they could get freed from that debt but then that doesn't happen everyday.
Infact, some individuals have lost their lives due to the fact that they couldn't pay up a particular loan they've acquired. Some just couldn't take it anymore and they even had to commit suicide but most times their families end up carrying that burden and it wasn't really easy for them. So personally, all of these things and more have thought me to always try to compare options first before taking a loan and never just accepting any loans without paying close attention to the terms and conditions that applies.
That's all for my response to the Hivelearners topic on "THE BAD LOAN".