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

[KingFisher9]

You know how to tackle it, when you request that obligation did you ever think on by what method will you pay for it? or then again accomplished something struck a chord that your pay wasn't sufficient to reimburse it through portion? This is the reason before requesting a credit/obligation you should have a solid source or if not, ask just the sum that you can pay. Absolutely never think to take another advance just to reimburse this. Offer a few stuffs that you don't utilize any longer, it will help. 

[Hell-raiser]

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?

At that point you only have three options one is to earn more money but we know that is never easy and the second option is to try to renegotiate your debt to get lower interest rates but that is unlikely and third the last option will be to sell some assets that you have and if you do not have any then the most likely option is that you are going to face bankruptcy.

In fact, there can be a fourth option but it is not universally applicable. For example, if you live in a developing country with high inflation, you can just wait till your debt depreciates enough so you can safely and easily pay it off. As I said, it won't work out in all cases, but it definitely works in some. I personally know people who borrowed some monies in their time, then inflation conveniently kicked in massively, and they were able to pay all the debts without any effort.

That is an interesting option, but unfortunately you are completely dependent on the situation of your country and you have no influence on whether or not that is going to happen and if for some reason the scenario you are presenting doesn't come to be, I think you will have an even worse problem your debt will be bigger after months or even years of waiting for inflation to kick in.

Indeed, you are dependent on a number of factors playing out simultaneously. But you are still at the mercy of the creditor, so you will have to consider all available options. Anyway, inflation is not something you completely write off even in the most developed countries, while in the rest of the world people regularly use it to their advantage when they can. Banks in these countries are well aware of this, though, and they often set forth conditions that take into account the inflation rates, so the interest you pay will increase along with inflation. But it still doesn't affect the principal which continues to depreciate as before.

[abaharie]

I choose not to borrow ... even if it happens, face the reality .. if it can not pay off we try to pay it

[breathlessz]

You know how to tackle it, when you request that obligation did you ever think on by what method will you pay for it? or then again accomplished something struck a chord that your pay wasn't sufficient to reimburse it through portion? This is the reason before requesting a credit/obligation you should have a solid source or if not, ask just the sum that you can pay. Absolutely never think to take another advance just to reimburse this. Offer a few stuffs that you don't utilize any longer, it will help. 

besides that we can find additional source of income to cover our debt in bank. because if we get name of blacklist from bank then we will be difficult to borrow again in the bank

[wuvdoll]

Avoiding that position in the first place would be a very good idea. You need to pay for smaller parts that are realistic for you.
And invest some small amount in crypto to gain some after the dip is over.

Yes, I feel so many people even got into it in the first place because they want to not just only please themselves, but may be show off. For those who are already in it, then they should really sit down, find out where the whole thing is going, if they are really necessary and start cutting down on a lot of things, to be able to service the one at hand.

After this, I always believe that it is best to live with respect to what you can afford and not live on what you cannot, which is the main reason a lot of people always get indebted in the first place.

[beej]

If that situation befalls on me, then I would have to be honest and ask an extension or
work something out. If I can I would borrow to compensate the lacking amount in the
expected payment installment. Debt is something I personally want to avoid, it is just
too much of an irritation and it spoils productive and happy moments in life. It happened
to me and I regretted it, hated myself from it. People worry a lot from debts, that's why
I seldom used or avoid using credit cards now. I think more people today are prone to
debt, since the modern wants and needs thinking overlaps w because of the spending
power and capacity people have today. It's a matter of self control and awareness.

[darewaller]

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 only way to not be in so much debt or probably be able to handle the one at hand is to stop living a borrowed life. A lot of people today have decided to live a life in which they borrow to sustain themselves. Why on earth should you enslave yourself for no reason ?

If you are living based on your means and have set out plan, there is no way you would go into debt. If you want a good life, come up with an idea or work harder to be sure you can meet up. Because earning better could be a definite solution for most of financial problems.

Handling debts is a secondary question as I am living in a tradition where we are being taught from our childhood how to avoid debts. When there will be a lifestyle to lead a happier life within our income then there will be no need of any such situation like handling too much of debts. I am from a "economy of saving" but America kind of country people are following "economy of spending". That is the basic differences.

[Phildo]

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 key is the self, it can happen because of mismanagement and miscalculation, which expenditure should not be bigger than income. the only way out is to pay partially and discipline ourselves, lest you dig a hole to close a hole, it just divert the debt to another place, maybe to many places that can cause the interest increase.

[Kray]

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?

Look for a part time job and sell your precious assets, especially Bitcoin, just wait at the end of this year later maybe Bitcoin will do the same thing as last year. Don’t give up or even escape from debt, running away will just shut down the fact that you have a debt and you can get into the list of their fugitives, your life will not be quiet later if it happens.

[AbyssLagiaz]

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?

Keep trying to earn enough to pay all your debts. There is no word of surrender to pay off the debt, you must continue to try as hard as you have, because the debt is supposed to be paid off. Honestly, after the existence of bitcoin, gradually I can pay off all my family debts little by little.

Why not try to impose discipline on what you really need instead of what you really want to buy. Foods and all of these sorts of basic commodities that we need in our daily lives is almost enough, while however we tend to not be mentally stable without satisfying our "wants". In bulk of debts, we should focus on that matter rather than using excuses that there is another day for our next paycheck and we could use that to pay our liabilities. This has become a common habit especially for hard earners. Discipline is the way for these kind of issues.

[jahmes123]

You should learn to prioritize where would you spend your money,
Spend it well and make sure that you could save some money to pay for your debts,
It could take a long time but at least you have paid your debt and cleaned your name.

[Docafid888]

Thats why we really need to be aware of debt, and better not to start it, never buy something which is beyond your reach. Money management is the key, but when it happened in our life we have to face it and deal with it. First you need to earn more money, it could be find another source of consistent income like selling stuff online which is less capital for doing so. There tons of ways to earn money online you could go with one you enjoy the most.

[gorbache]

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?

Only option in this case is to cut down your expenses and arrange the money for debt. Creating another source of money for a person with job might not be possible.

[pixie85]

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?

Only option in this case is to cut down your expenses and arrange the money for debt. Creating another source of money for a person with job might not be possible.

That's just stupid. If your normal lifestyle doesn't allow you to have enough money to cover the installments, cutting expenses won't help. You'll end up living like a hobo and barely managing to pay the installments. There are only 2 options. You can borrow the money from somewhere else, a place that won't require installments, like a friend or a member of a family, pay up the credit and then slowly work your way into repaying your friend. Option 2 is run and hide.

[Melvin Narag]

I want to share a general rule when it comes to credit:

When you borrow money from your friends / relatives/ lending group / credit card / local or rural banks, it should not be bigger than your monthly income! If your income is $150/month

The when you borrow money to spend (not for emergency) limit it to $80-100/month.
If the payment is one year circle then make x12 only, it is to make sure you can pay it with its percentage fee, since during your credit days, you have your basic needs too and thinks of it!!

Now if you need additional income, try online selling, it helps too.

[bib24]

Do it on installment basis if you can’t pay one time. Set a budget and spend it wisely, ensure that your expenses will not exceed your income. It’s always good to have an additional source of income to aid your financial needs.

[webdevmastery]

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?

It was very hard to handle debt depending on a contract if it has a monthly or yearly increase, the best thing to do is just pay your debt as long as possible in order to decrease the amount of your debt because lending corporations today are taking so much money from other people.

[DRVX]

Avoiding that position in the first place would be a very good idea. You need to pay for smaller parts that are realistic for you.
And invest some small amount in crypto to gain some after the dip is over.

To avoid these awful situations I try not to borrow the money even if I need it very much. However, if you have a debt, return it regularly by minor parts.

[selezneve]

Debt is a very painful burden when you take the loan and for that you will pay some interest as well and it is really pressurize for those who are not able to afford the fee and for us the best way to be in the crypto you have to pay some of the interest from this way and in the near future i would like to start part time job also and to pay all my debt as soon as possible.

Debt can come with a number of problems. There can be a number of reasons behind the bad credit history of a person. Some people just loose their jobs and are unable to pay off the loans. On the other hand, bad credit may result from emergency situations like medical needs that put extra burden on the person. If you are having a bad credit history, it would be difficult for you to get approved for a credit card. No bank would like to provide the credit card to a person with bad credit history as it involves risk.

[krishnaverma]

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.

It is really hard for a common person to become debt-free once he is trapped in multiple debts. Some people try to focus on one debt at a time while others look for debt consolidation programs. The main requirement in my opinion is to change the spending habits and learn from the past financial mistakes.