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

Welcome to my blog today hope you are all doing great I'm glad to participate in this interesting contest so i will quickly dive into it.

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What is debt? and how do you understand it.

Debt is any form of money lending in which an individual, firm or government borrows from another person, firm or government with an understanding that will repay the borrowed used at a specific later date with interest and it may be employed for funding acquisitions, development and implementation of capital assets or for any other expenditure. Debt is comprehended as a vision of repayment of borrowed money during a particular period, taking into account interest charges, as well as its stability. There are financial discipline of sparing cash that is owed to other creditors and paying them on time and not burying oneself in debts. Lastly, debts when properly used may prove to be quite beneficial but this comes with some costs which one needs to consider.

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

Yes, I have been in a state of owing in the past and I cleared it through effort and it was not easy at all anyway, but I was aware of the fact that it is only right that I should take responsibility of my dues and being in a state of dues is not a happy place to be it is always important to be financially wise and I had to cut down my expenses, increase my income, and make sure that I make my It was really a difficult moment, but by dint of working hard and also disciplining myself I managed to clear all my credit balance. Owning debt and again being in a position where one has to pay the money is one experience I hope to never make again.

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

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I have never encountered someone who needed help to pay back whatever it was that he or she owed but if, one day, I am in a position to assist someone and he or she comes to me I shall not hesitate to support him or her. One of my values is giving a helping hand to those requiring it in one way or another without eyeing to be paid back. It does not matter how many days go by, it is basic to be nice and helpful to others for no reason at all.

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

The most effective means of recovering debts are free form discussions, bargaining and analysis amongst the two parties but it is vital first to call the debtor and talk to him or her as a professional in a professional manner.

To ‘Occupy the Mind’ of the debtor, you should consider the circumstances that this person has and the reasons why he or she was not able to pay the money you lent him or her, and then come to the most reasonable solution that would be the best for you both and being able to set the pace as to how, when and which form of repayment has to be effected so as to enable the debtor meet those obligations without necessarily sinking can go along way in enhancing the chances of recovery and understanding with the debtor, explaining the procedure and chasing politely for the money is important while recovering the debts.

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

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Problematic debt cancellation is not a simple issue with moral, economic, and social resolution as much as cancelling debts gives relief and fosters peace mainly due to relieving financial pressures, then practice might equally fuel moral Erik and compromise people’s responsibilities. Generosity and responsibility are two cardinal virtues that one requires to balance in the course of practicing his or her profession.

The change of the debts structuring, financial education, and non-nefarious schemes for giving credits may eliminate the causes for the formation of pathological debts and non pathable credits and obtain peace through economically stable development it emerges that the need to surrender a problematic debt depends on a proper balance between the wellbeing of the particular person and the global economic system.

Thanks for reading my post I'm inviting @mariluna, @ninapenda and @aviral123 to participate.