Have you ever been in debt?

[springtech]

Have you ever made a financial or business decision that eventually landed you in debt?
How did you handle it?

I had a naughty experience in 2017. Which i will never forget in my life. But thanks be to God who gave me the will power to come out of it.
There was a cooperative that was paying people 80% in 40 working days. To be a member you had to pay N10,000. I was introduced by an existing member, they claimed to use members contributions to invest in oil and gas, agriculture, airline, real estates, technology.
I joined made pay Enenyi for membership, but i refused to invest as i thought they might actually be doing ponzi, as i didn't really trust them.
They operated for 1 year. On their 1st year anniversary i felt they were strong enough to have lasted that long as I believed a Ponzi scheme wouldn't last that long. So they gained my trust.

I then foolishly went to take a loan of 2m invested it and boom the follow month they crashed. No one ever knew they were actually running a ponzi scheme, the point i invested was the point they had reached their saturation point and they couldn't continue.

That what how i began to seevice my loan with 224k every month for 18 months. Meanwhile my plan was to collect 3.6m after 40 days and then pay off my loan and then i would be in profit of over 1m.

It was a risk that went bad.

Do you have any similar experience where you were indebted, how did you manage the situation.

This is not a bashing thread but to show someone that people are going through a lot and in case anyone here is already going through such, this is to give hope that you can come out of it.

 

[Hena101]

Yeah i have been in debt and even now as I'm writing I'm in debt of huge amount of money because as far as I'm concern it's normal and inevitable if you permit me use that to find someone that is in business without a debt. Because there are time that you will like to buy something and you may not have the money what will you do at that time is to borrow and when you sell then you pay back the money you borrowed.

 

[springtech]

Wow

Yes I have been in debt and later cleared it. I borrowed money to run a business but I was defrauded in the business. That was how I became indebted to someone. I was left with no option but to be stronger. I got back to my fit and made plans on how to clear the debt. It wasn't easy but I was able to clear the debut.

wow it is really not easy to be a man, we want to make it by all means legal, that's what gives us the courage to go for loan option.
It is well.

Thank God you came out of it.

 

[Planet408]

Yes I have been in debt and later cleared it. I borrowed money to run a business but I was defrauded in the business. That was how I became indebted to someone. I was left with no option but to be stronger. I got back to my fit and made plans on how to clear the debt. It wasn't easy but I was able to clear the debut.

 

[Samuel72]

According to my own point of view it is normal for every business man to sometimes be in debt, this is because many business men do collect loan from the bank or from friends and colleague in order to boost their business if they are having any shortage. As for me I have been in debt many times in different occasion but the fact is that, once you're in debt you have to always work harder in order for you to be able to pay back at the right time.