People have this belief that borrowing money is very bad but the truth is most countries do borrow money, some private and public companies borrow money to support their businesses, and most people borrow when things are not working out or in things they don't fully understand. One mistake about borrowing money comes when a company is beyond saving and you now borrow a lot of money just to revive it.
When a business is doing well and you see an opportunity to make more profit and you have no resources to plan and tap into this opportunity borrowing might make sense but most people borrow when their company is crashing and have no plan to save it. Another mistake common here in Africa is borrowing money to start up a business that you don't know might work or not. This set of people borrow based on what they heard and they have zero experience in what they are about to invest their money into.
Some people borrow to invest in a new business they saw online, borrowing to invest in what we don't understand, this happens when you are looking for quick money, they are promised to double their return in a short period, and in other to tap into this advantage they make use of what they don't have.
We also have does that borrowing money make them uncomfortable and creates pressure for them and they don't do well under this pressure because it only reduces their productivity. This set of people have good reasons for borrowing but knowing that they borrow money will always have negative effects on them and we have those that The fear of being humiliated if they fail to pay back is another reason why some stay away from borrowing.
It is all about us
Borrowing is not bad but we people make it look bad, borrow is not the problem but what are you using it for, most reasons why borrowing is bad always depend on people borrowing, so many people complain about their experience in borrowing but they fail to always address their fault and everything they did wrong.
