Steem4nigeria Accelerator Contest Week 54:What is the best way to retrieve debt?

^{18 August 2024
Bangladesh 🇧🇩}

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Greetings

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As-salamu Alaikum.
Hello Steemians! How's it going?
This is @arjinarahman .
I hope everyone is feeling fantastic today. I'm thrilled to announce that I'm jumping into an exciting contest within this vibrant "Steem4Nigeria" community. Under the guidance of @Steem4Nigeria . Let's unleash our creativity and make this an unforgettable experience . Ready? Let's get started !!!!!

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What is the best way to retrieve debt?

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What is debt? and how do you understand it.

It is very difficult to find a person who's unusual with debt. Almost everyone sometimes takes on some debt for our convenience. Debt is a monetary or resource commitment in which someone or institution borrows money or assets from some other for a specific period with a promise to return it later. Generally, debt involves interest, which means the borrower pays lower back greater than the original amount. Debt may be personal, like borrowing from friends or your own family, or it can be business debt from a bank or monetary institution.

Debt isn't always only a financial transaction; it’s a symbol of duty and trust. Borrowing means I am relying on someone, growing a obligation to return the money on time. People normally tackle debt based on future income or asset growth. However, without right-making plans and management, a borrower might also fall into a debt trap that may negatively affect their economic and mental well-being.

In terms of debt management, I take into account an extended-term plan. For instance, if my earning is limited and expense are high, I plan cautiously earlier than taking on debt, ensuring that after the time comes to pay off, I am now not under monetary strain. I understand that debt isn't always something trivial or easy. It should be repaid responsibly and on time.

Have you been indebted before? How did you pay back?

	Indebted

Yes, I once needed to face this tough state in my life. Our own family family businesses was not doing properly, and the county's situation is additionally terrible. During that time, my semester charge and hostel costs had been due. Given the situation at home, I couldn’t ask for a large amount of money, but the university also required a timely payment. At that factor, I borrowed some money from a close friend. That time became very challenging for me due to the fact I had by no means borrowed cash earlier than in my life. It was the firs time I took loan.

Later, after I received money from home and from my tuition income, I repaid my buddy’s money. Let me share a humorous moment with you: when I repaid my friend, I treated him to a meal. That day, we had Kacchi Biryani and Faluda.

Have you ever regretted helping someone due to repayment approach from previous helpers? Share your experience.

Yes, I frequently need to help buddies, especially when they may be in need. I help others because their empathy and friendly behavior often push me to assist them.

However, in real life, supporting does not always bring superb results. Sometimes, the man or woman I helped failed to pay off the debt on time.This situation can create frustration and mental strain.

In many time, the borrower suggests carelessness or irresponsible conduct on the subject of repayment. Such experiences could probably make me more careful for the future. Even though I might want to help, if I don’t get repaid, I am probably hesitant to help others in future, especially if I have had similar experience multiplie time.

During university life, I lent a few cash to a friend. She kept delaying repayment for pretty some time. Eventually, a few months later, she repaid a part of the loan; but I still haven’t received the remaining amount. This was one notable experience I had with debt.

Now, if I need to lend cash to someone, I make certain to evaluate the situation cautiously before offering the loan.

What do you think is the best way to retrieve debt?

Thinking How to Retrieve Debt

The best way to recover debt is by peace and empathy. Being able to connect with the borrower and his/her financial situation can add much-needed perspective. At first I would update the borrower a lot on his responsibility and motivate him to payback the loan quickly.

Some ways that can help with debt recovery:

🔹More Time to Pay: Many times people have legitimate financial issues and just need a little bit more time in order to make their payment.
🔹Installment Payment Allowed: In case the borrower is not able to pay complete loan amount in single go, he can be given permission for paying small amounts periodically until full repayment of principal.
🔹Witten Contract: When the borrower and lender do not trust each other a formal paper can help you with your debt recovery.
🔹Social Attitude: In debt recovery, keeping good connection and social behavior is a must. Everything is simpler if you enjoy a good lender — borrower relationship. Anyway, when the borrower understand that at least lender is empathetic he may plan to clear his debt soon.

Do you think problematic debt should be forfeited for the sake of peace?

Peace

In some cases, if problematic debt harms relationships or mental peace, forgiving the debt can be a good solution. Sometimes people are under financial stress and unable to repay. In such cases, it may be better to forgive the loan rather than ruining a relationship.

From my point of view, relationships are more important than money. If it does ruin a relationship because of money problems and the family or your peace breaks then, is something that one might have to forgive the debt at all. But before you decide to do so, it is crucial to think of the situation and relationship between both of these parties; also take into account for how much amount.

I know that, in life, money comes and goes but if by any chance a good relationship gets wrecked for the sake of money then It is very unfortunate. However, we must be cautious when lending money to others.

I invite following users for the contest
@solaymann
@dove11
@m-fdo