Indebtedness

Greetings to my esteemed friends on the Cent commumity and the entire hive blockchain. It's another day and time to share with you issues about indebtedness and how it can frustrate one's growth in life. It's your friend @faquan saying hello from this part of the world.

One of the Major setbacks for many across the globe is the issue of indebtedness and this has frustrated so many and bring many potentials to poverty. At initial States of indebtedness, it looks simple but accumulation of loans becomes an issue when one cannot service them in order for them to take care of the loan. I call it a trap that many enter without knowing the consequences and when it's time for them to come out that's already swallowed them.

What is Indebtedness?
Indebtedness is defined as the "state of being obligated upon a debt or debts.

One of the mistakes people in Nigeria do make is to borrow toupee another debt. Which can increase the level of ones indebtedness and make the such an individual go bankrupt and even lead such a person into depression.

One of the rules of borrowing or loaning is that the loan should service itself and still provide profits for the loanee. Once you know this and apply them you will surely succeed in business and other ventures of life. It is a bad habit to borrow to pay other debt.

How to avoid indebtedness?
One of the ways to manage who owns money is 2 plan and strategize how to make use of the little money you have, while you look for the ventures that are productive to complement what you're currently doing.

Look for profitable ventures that will give you little passive income to help you upset previous debt instead of borrowing to pay them. You can also look for little businesses SMEs that will help you build capital from the scratch to a multinational corporation.

Start small but don't end small. This better to start small and in arts building a bigger company in the future than to start big and be looking for a way to become smaller.

Many African countries are suffering from indebtedness and this has direct undervalued their currencies as well as economy. Countries can come out of indebtedness by focusing on agriculture and other productive ventures that can help me build its economy.