[ASK] How are you going to handle too much debt?

[almaerk08]

I have not faced such kind of trouble but i belive that you should to be serious and change your life style and hold the money together, get a second job or something similar.

The best way is to not stopping paying your debt until all has been paid. Even paying in small amount is okay as long as you are paying rather than not because the interest will surely increases. If you dont pay, then your debt amount might be doubled because the interest keeps on increasing. So the to avoid this kind of problem, pay any amount as long as it is continuous. And if your debts are paid already, learn from your previous mistake. Spend only when you can afford, if not, youll end uo borrowing again, and the problem will be repeated.

[carlisle1]

what would you do if you had so much debt and that your income was not enough to repay your debt installment?
how will you deal with it?
how to solve it?

then find a job that suits to pay your debt,what kind of question is this?only lazy and irresponsible creatures woulmake thise a a problem,if you are responsible enough to take place for the obligation then no need to ask this..we are all having our own debt to pay and if all of us will having this kind of maybe the world will be in trouble

[wantjokull]

what would you do if you had so much debt and that your income was not enough to repay your debt installment?
how will you deal with it?
how to solve it?

For this situation we have the banks mate! Thought there interest rates are too heavy but we have to have them in school situation to recover our own situation itself. If you keep waiting for the hope and keep paying the interest on your previous debt then you will end up loosing all the income that you have.

Sometimes it would be better to get the money with low interest rates from Ex-financial institutes and thus you can close down the debt which is having higher interest rates. By this method you will be able to save more money on the current debt. You can keep doing this until you clear all the debts. But be careful and seek the help of CA professional to know what you are doing with your money.

[Coffee135]

For me, loans are the worst thing. I think so. If I can't buy a car, I don't deserve to have one. I work and save money for the car. I can buy myself a car in second hand and it will be cheaper than paying interest on the loan. You can always find an opportunity. Credit is the worst solution.

[aoluain]

The worst thing you can do is ignore the problem.
You would have to talk with the lenders in order to change the terms,
and combine the new structure with new spending habits. You may
not be able control what comes in short term but you can control
your spending.

[patt0]

what would you do if you had so much debt and that your income was not enough to repay your debt installment?
how will you deal with it?
how to solve it?

hmm find another job? You could always try to rob a bank, but that is illegal, so the first option is better although it probably wont help you.
The situation you are describing is a very difficult one, and I'm afraid there is no easy solution for it. A guy like this would probably be arrested and see all of his property, if he has any, confiscated (another great thing about banks...). People can get easy access to debt, and once they can't pay it, they lose everything. And people still say that debt is important for our economy...

[ballerin and giroud]

And what's you jobs? If your jobs not enough to pay your debt it will good for you to get out from your job, and looking for a jobs like taxi driving or the other who give you a money depend on yourself. Because if you get payment from your job like you work in a company your payment was determined, different if you looking for money with your ownself you will work hard for getting money.

[ArkiCrypto]

well the only way you can get out of that is to pay it but just what i've read the profit is not enough to pay your debt. I think for me if i'm in that position i will find multiple jobs (Field job) yeah it's not that easy to say that but for me it's the only solution that came to my mind.

And if you add the part time job here in the cryptocurrency industry (Bounties) it would also help a lot. So to conclude this, You should not get a debit card.

[Mpamaegbu]

what would you do if you had so much debt and that your income was not enough to repay your debt installment?
how will you deal with it?
how to solve it?

This sounds like another crypto debtor  I hope it wasn't borrowed in the wake of the bitcoin ATH in December 2017 because that would really be hard to repay considering how much that was borrowed and the present btc price now.

I have not faced such kind of trouble but i belive that you should to be serious and change your life style and hold the money together, get a second job or something similar.

What a sound advice from an experienced advisor.
OP, there is something called repayment plan. You have to embark on such no matter how little you think you earn. Gradually and over time you would be able to offset your debt. Taking on extra jobs as others have advised may not be a way to good if you don't feel like it or if you are restricted health wise.

[mary0919]

what would you do if you had so much debt and that your income was not enough to repay your debt installment?
how will you deal with it?
how to solve it?

I will slowly pay it until I paid all. If I have huge amount of money or I can received incentives from work I will pay all my debts. But If I have a few amount left from my salary I will pay it slowly every pay day at least I pay regularly. Debts is to be paid but it depends on how you manage to pay it.

[1Referee]

For me, loans are the worst thing. I think so. If I can't buy a car, I don't deserve to have one. I work and save money for the car. I can buy myself a car in second hand and it will be cheaper than paying interest on the loan. You can always find an opportunity. Credit is the worst solution.

Absolutely. Credit is so insanely easy to access, which is done so on purpose, that when most people have debts to cover, they try to fill one debt gap with another, and that's the road leading to total bankruptcy, exclusion from almost every possible service, etc. Look at current economy, it's almost entirely based on debt, which is insane. In other words, that what the majority of people think to own, isn't theirs at all in reality. People's cars, houses, investments, it's all breathing a dangerous level of debt. It goes even so far, that people buy crypto with credit, which is the most stupid thing to do. Crypto volatility + lacking understanding + credit (borrowed money) = 90% guaranteed failure. It's a lethal combination people greatly underestimate.

[paparexon0414]

Huge debt is really a pain in the neck. I also experienced it before but not big (but it is also a hard time situation for me what more for big debt). One thing i do is limit myself in something i want and just have what i really need (especially if you have anwife and children). Also my savings is set aside just to make sure i pay part of my debt. You should also not pass in paying it monthly or daily or whatsoever your payment scheme. Most important thing, you must have the discipline. If you dont, everything will end up of having more debt and probably you cant escape it anymore.

[bangkit tri]

i will always try to earn money for payment my debt, we are can participate in bounty campaign, without capital, we can get coins and finally can be sold, additionally if we have trading skill, it would be easier to make money

[brotherwood12]

stop doing debt , really that the important
dont buy something that u cant pay
if you really need it buy it by cash IMO

[burnchan]

what would you do if you had so much debt and that your income was not enough to repay your debt installment?
how will you deal with it?
how to solve it?

I would recommend you to revisit your budget. But if you don’t do budgeting then it is time to make a budget plan. From your budget, check if you can slash down unnecessary expenses. Use your extra money to pay for your debts. If in case there are no extra budget, then the best thing to do is to look for an extra job. An additional income is needed to compensate our expenses.

[Bitcoinjheta]

what would you do if you had so much debt and that your income was not enough to repay your debt installment?
how will you deal with it?
how to solve it?

The best thing to do to solve your problem is control your finances. Finanacial management is very important you should know your priorities and look for extra income like joining bitcoin in bounty campaign program by having signature campaign, this things will make you repay the debt installment as soon as possible.

[Tharel]

first, if you have an obligation to settle,  make sure to have a budget so that you can pay little by little your debt. it might take long to settle it, but you'll get there by doing what you have to do. learn to manage your finances and make sure to allot buget to your loan. in this case, your loan will decrease in due time.

[jaysabi]

what would you do if you had so much debt and that your income was not enough to repay your debt installment?
how will you deal with it?
how to solve it?

In my region we have best solution for this one. The financial support that we get from it is almost free but it works completely on the mutual understanding and trust. With that said people who are very very trusted will gather together. Fro example, close friend, family members etc. There will be at least 20 members in this scheme. The scheme started at first date of every month where the names of every member involved into the scheme are written on cheats and then one by one the names are explored. These are written down in the same manner as they were picked and explored.

The terms are decided like this:

Amount will be declared for the schemes: For example : $ 10,000 (USD is not my currency but for better understanding keeping it that way)

Rules:

Each member will pay monthly instalment as per the norms. If the scheme is in 20 member then it will run for 20 months. Each month every person will pay $500 as instalment. The owner of the scheme will collect this money and will give it to the person whose number is 1st in the list.

Thus there will be no extra charge, no interest rate on this but you just get the money with mutual understanding. This way every 20 member get their turn one by one after each month for the next 20 months.

What you have to pay is just 500 bucks and you can get the 10,000 USD right away and can reduce the debts and its interest immediately. This is great help for you.

TRY IT IN YOUR LOCALITY YOU WILL SEE GOOD RESULTS.

I've heard of people using these systems before, they're called a Cundina or Tanda depending on what part of the world you're from. I don't see the appeal of it personally. If you're able to pay the money into a Cundina every month in the first place, you're able to save for yourself just as easily and it removes the risk of someone else not paying their contribution back and you losing your money because of it. It's just an extra risk I'd rather avoid.

[harizen]

what would you do if you had so much debt and that your income was not enough to repay your debt installment?
how will you deal with it?
how to solve it?

Prior to that "debt" of mine, why I came to the point that I loan something? For what? Emergency? Miscellaneous?

If it's not about emergency or urgent purposes, I will never get a loan if Im aren't sure that I can pay it and afford it. Why should I in the first place? Im making sure that I have sort of stable source of income before getting myself into a problem about debt.

But generally, there are unexpected things that even we don't want to involved ourselves in getting a loan because we are sure we can't afford it, still we have to. In here the best thing to do is to make a standard aggreement to the concerned party. It's not a wrong move if people will tell them their current status that they have  a problem resolving their debts so that some "things" can be execute for people to be able to pay their respective debts on a terms that they can handle. As OP said, there is an income but it's not enough so surely it has solution based on what will be the proposal.

[Hazaki]

A lot of people make the mistake of drowning themselves in more debt when they are in a crisis situation , and i have always believed that the best way to handle debts is not getting any loans at all and not having to give back any money to anyone , we should manage our needs with whatever we have because being in lack of something and having a relaxed mind is much more better than having that something and being all the time stressed out because you need to pay the loan you got to acquire that something ..