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

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Greetings to everyone in this community. Special greetings to the organisers of this great contest. I think it's a great topic as it is something that is common in today's world. I invite @bossj23, @mmekan and @vudeme123 to hop on this contest.

What is debt? And how do you understand it?

The word debt can mean a lot of things. In this context however, i think it refers to a financial obligation to pay a certain amount of money that was loaned of borrowed.

As I said before, the word "debt" is complex. In fact, there are different types of debt. I'll list a few below:

• Bank Loans
• Student Loans
• Mortgages
• Personal debt
• Business debt.

While many look at the negative aspect of debts such as the crazy interests involved or the fact that it can lead to financial stress, I'll like to focus more on the positive aspects. Debts can be used to:

• Finance Education
• Finance businesses
• Make investments

However, I think the main reason people see borrowing as something wrong is because most times, people that borrow don't use the money appropriately. The following tips can help:

• Have some kind of budget and stick to it
• Get a counsellor.

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

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Well there was this one time I was in serious need of #10k. I bought something from a store but when I wanted to pay, I could not find my card. At that point, I decided to call my friend to send me the money.

After paying for the things I bought, I went to the bank to get another ATM. After getting the card, I went to transfer the money to my friend.

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

It's quite unfortunate that people can be quite ungrateful. This has made many people in position to help decide not to help. They are afraid that the good they do will be unappreciated.

Same thing happened to me some time ago. A friend of mine asked me to lend him money for a life threatening matter I won't disclose. I told him I don't have extra money that the money I have is for my school books but since his situation involves life, I'll be willing to give him the money if he promises to repay in one week. Long story short, I've not received my money till today.

This made me stop helping people for a very long time. Later someone told me something that changed my mind; "Focus more on the satisfaction that comes from helping, not the satisfaction that comes from the thank you of the person you helped". This has helped me to continue to help people even when they don't appreciate me.

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

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Well, since we can't trust people to pay us back when the time is right, the following steps must be taken even before lending people money.

• Documentation: put everything down on paper so you can have evidence if the person decides do deny the fact that he borrowed from you
• Collateral: right from when the person borrows from you, arrangements should be made on what will be done if the person can't pay back. The person must be able to pay in cash or in kind.

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

My answer is No!. Reason being that if everyone lets go of problematic debt, debtors will continue refusing to pay knowing that they will always get away with it.

However, it is not everytime you have to take extreme measures to get your money from your debtor. This is where discernment comes in. You should know when to go for your money and when to let go.