Hi this is Mechwarrior again and its my second post on hive now.
I wanted to talk about my experience lately on borrowing currency off people and the mostly negative effects of it.
To give some context of myself and financial situation, I am on fixed income, my brother was until a short time ago sending me cash for luxury items until he was laid off work.
I a few weeks ago was bored and decided to ask some people for loans on the basis I could easily pay it back each friday when my brother would send me cash,
I would offer people good interest (sometimes up to 20%) on short term loans, since I felt it was mutually beneficial , I would get currency right away to have fun with and they would wait to be paid back later and get good % of interest back.
This went on for a a few weeks until a problem happened, i had nearly 300k DEC on loan from multiple people and my bro told me he was laid off work and I wouldn't be getting any cash for a while..
I was able to pay most of the people back, to this day I only have about 29k of dec owed to people while will finally be handled on friday of this week.
That said I learned hard way that borrowing from people can bring major consequences , some very unexpected.
It made me look bad like a begger to a lot of people, defaulting on loans looks really bad decimating any reputation I had and would of had for near future, and lastly it put me way behind, when I would get cash I had to pay off soo much debt each time I barely had anything left to do anything with and rinse repeat putting me deeper into the hole.
In retrospect I wish I never borrowed off anyone at all, even though it was mostly paid back and the rest of the debt will be fixed this week, it made me look really bad and put me in a very tight spot.
I weighed out the pros and cons of borrowing currency from people and it just wasn't worth it in the end at all!
Thanks for reading my long post, to the next article I make here, mechwarrior out.