Responsible Debt: When and Why It’s Okay to Borrow

Going into debt is not always a good thing, especially when you find yourself in a difficult position where it's difficult for you to pay back on time. This can take a toll on your mental health, leading to depression and emotional instability. I've been in this situation on a few occasions, and belief me, it wasn't easy at all, and in today's article I'll be telling you all about that experience and how I sailed through it.

One thing about me is that I actually very much dislike going into debt, and on several occasions I try as much as possible to avoid borrowing money because I dislike the idea of being in debt, and I remember how the few occasions I take a loan, I usually don't have peace of mind until I completely pay back, but when I joined the hive blockchain, I was privileged to meet Burlaj, who educated me about finance, telling me of how it's okay to go into debt, inasmuch as it's for a good course and you've laid down how you'll pay back.

And via his advice, I draw a well-structured list of what I need and how I'll pay it back, and in the end, it was pretty easy to pay back the loans I took in taking action in some important aspects of my life, and till date, those things are still here helping me in my daily life, but prior to my encounter with Burl, this wasn't the case because I went into debt at a time that almost led me into trouble.

So it happened that a couple of years ago, I was in need of some of my work tools, and then I decided to take a loan to purchase them, with the mindset that I'll be able to pay back within the time frame set for repayment. Unfortunately for me, during that period my junior brother was seriously ill and had to be bedridden. I went on spending every single amount I've got on his medical treatment and even selling some of my assets.

Due to the trauma of dealing with his health challenges and staying by his side, I totally forgot about the loan I took, and by the time I was called to come pay back my loan, it met me in a shock. I'm overwhelmed with everything, and with no options of how to pay back the loan, this was getting out of hand because the person I'm indebted to doesn't have any patience with me, and I can't blame him.

At the end of the day, I had to call one of my friends who lent me the money to pay back. Even though this guy who borrowed the money has embarrassed me in public, I was relieved to pay him back and have my peace of mind again. Well, to cut a long story short, the lesson I learned was that I need to prepare for the unexpected, not just depending on one means to repay a debt.

I'm grateful I've got friends that can help me out during my tough time, and that's one of the benefits of surrounding ourselves with good people, so I won't say going into debt is bad; make sure you'll be doing it for the right reason and that you've got well-layout plans of paying back, with several alternatives to paying in case of an unexpected occurrence that can affect their finances.

All photos are mine.