Why Making Debt to Buy Cryptocurrency is Dangerous
It doesn’t matter where you live in the world; we’re pretty sure you’re all caught up with cryptocurrency, as well as what it offers you and how promising and not promising it is.
Although there are hundreds of coins that showed promise over the last twelve to twenty-four months, there are tons of people who got way too excited too fast.
Now, of course, there’s no problem with investing a little bit of finances in the new trend of making money, but there are many people who have got in way over their head and now, don’t even have any money to show for it.
With its unpredictability, cryptocurrency has quickly gone from something people used to get excited about, to something they wish they never bought into. That is the case for those who have lost a lot of money anyway, and even more so those who have borrowed money to invest into cryptocurrency.
Are South African Residents Facing a Debt Crisis Due to Cryptocurrency?
With its rapid growth rates within the first few months of 2010, and its previous success in 2017, everybody thought they were going to hit the jackpot, but instead, got into a lot of trouble.
According to debt counsellors all over South Africa, there have also been a lot of individuals who used to be labelled “the rich class”, that is now completely bankrupt, because of investing in cryptocurrencies.
Many South Africans have opted for a debt review because they didn’t know how to pay back their debt. Some residents have also resulted in selling their vehicles and taking out an additional bond on their home, which is putting them at risk of losing their home too.
When these individuals are taken through the process of receiving debt counselling, they are often put under debt review until their debt counsellors have structured a payment plan between them and their creditors.
Since cryptocurrency, along with any other form of gambling is dangerous for your financial wellbeing, you should take caution before making any investment. It doesn’t matter how promising it looks; if it’s too good to be true, there must be a catch to it.