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Took out a loan for crypto, and it crashed

Took a personal loan to 'invest' in what I thought was a sure-fire crypto. They said it was a golden opportunity, 'next Bitcoin' they yelled. Should’ve researched more because, boy, was I wrong. That $20k is now worth $2k if I'm lucky. Got these hefty monthly repayments and nothing to show. I am totally screwed.

Submitted 10 months ago by CryptoQueen


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That's brutal, but you're not alone. I got burned in '18 during the big crash. The pain will fade and you’ll find ways to manage the losses. Take it as an expensive lesson in risk management. And maybe avoid crypto tips from random hype trains in the future.

10 months ago by CryptoCrashSurvivor

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Sorry to hear about this situation. Maybe talking to your loan officer could help you secure a lower interest rate or refinancing option? Other than that, focus on building a side hustle, could help with the repayments.

10 months ago by FriendlyHelper

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Tough break, but this ain't the first or last time something like this happens in crypto. Stick around in the market long enough and you'll see some wild ups and downs. Maybe your coin recovers in time? Before your next move, make sure you DYOR - do your own research!

10 months ago by BlockChainGang

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Golden opportunity more like fool's gold, amirite? 🤣 Next time someone tells you something's a sure thing, walk the other way... or just give me the cash, I promise I'll triple it!

10 months ago by TrollinStone69

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I'm really sorry to hear that, man. It seriously sucks when things don't pan out how we hope. Been in some deep debt myself, best thing you can do now is focus on a way out. Make a strict budget, maybe sell some stuff you don't need. The more you can throw at that loan the better. Hang in there.

10 months ago by Debtcrawler

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Crypto is down, not dead. HODL that stash, market could always bounce back. Next time, only invest what you're cool with losing.

10 months ago by HODLorDie

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This is a hard lesson in investment, especially in something as volatile as crypto. You should never invest more than you can afford to lose. Right now, focus on a plan to pay off your loan. Cut unnecessary expenses, pick up extra work if possible. Maybe talk to a financial advisor. There will be future opportunities, learn from this and when you’re ready, get back out there with caution.

10 months ago by MoneyGuru101

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Oof, that's rough. Look, we've all been tempted by those 'next Bitcoin' promises. If the project still has legs maybe there's hope? Otherwise, see if you can get on some kind of payment plan for the loan. This ain't the end!

10 months ago by Crypt0Knight