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The phrase "financial pit" is correct and can be used in written English.
It typically refers to a situation or problem that is causing someone or an organization to experience financial difficulties or struggles. Example: "The company's decision to invest in that risky venture proved to be a financial pit, causing them to lose millions of dollars."
Exact(6)
If the government commits to making banks whole again, the banks may become a bottomless financial pit.
"But to do this, you need skilled people and exceptional governance to prevent the technological promise turning into the bottomless financial pit of a failed IT project".
But Chirac's attempt at oneupmanship by building a gargantuan personal showcase has turned into a white elephant, described as "a bottomless financial pit" in a scathing financial watchdog report obtained by the newspaper, Le Monde.
Returning to that quote after digging through the financial pit of Surface's first few years of life implies a Microsoft that has a multi-year plan for Surface mapped out.
Swansea have no luxury of a bottomless financial pit, so in an effort to cut down on player acquisitions - plus subsequent transfer, signing-on and agent fees - their squad filled with footballers must be appreciated by any new man in the hotseat.
I can remember several years back when my husband and I were in a big financial pit.
Similar(51)
This is the new political and economic order, one in which tough financial times pit states and corporations in battles for control and responsibility.
The Kaplans walked away with just $375,000 — "nowhere near" what they needed to pry themselves out of their financial tar pit, Mr. Kaplan said.
Back in April, the Senate's Permanent Subcommittee on Investigations issued a blistering report about Wall Street's role in the credit crisis, claiming to have unearthed a "financial snake pit rife with greed, conflicts of interest, and wrongdoing".
DeCODE Genetics, the Icelandic company that made a name for itself with its personalized medicine work before running into a financial mud pit, tried to be optimistic today about its future.
Levin said his investigators found a "financial snake pit rife with greed, conflicts of interest, and wrongdoing".
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com