Loosening the noose of credit

Lengthy legal contracts are neither feasible nor desirable to sell products on a small scale.

Two years ago, I was on a trip to Dubai. When I reached the hotel, a Nepali staff picked up my luggage. I asked him how long he had been working in the country. He said it was his second stint there. He previously worked there, earned a decent amount, returned to Nepal and started a business. However, over time, he suffered huge losses that drained all the money he had earned in Dubai. He had no choice but to give up the business and fly again to Dubai. I asked him how he failed. He said he bought everything in cash and sold it in udharo (credit). He added that many people didn’t pay; some gave him money after a long time, which bore him huge interest.