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

[frowsiter]

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?

First of all I will never let my self get into situation where I have ended up having so much debt that they are overcoming the salary! Secondly if in imagination that does happen then you could settle the deal with person from whom you bought the money and try to figure out the middle way. If thats not possible ways to go with then you can try lending money from somewhere else with lower interest rate and then stop the higher instalments in the first place.

If ever I have too much debt and if my income wasn't enough to pay for it, I would find an extra job, a small time business which I can offer to my co-workers and an online shopping business as well. I would work hard to repay what I have borrowed and work/do business even on weekends. Also, I would have a lifestyle check and eliminate those that can be eliminated and controlled.

Thats a good option as well. Cutting loose the lifestyle in such situation is very very important thing. Good one.

[symbian]

You know a way to tackle it, after you request that obligation did you ever suppose on by what methodology can you obtain it? or save for accomplished one thing affected a chord that your pay wasn't adequate to reimburse it through portion? this can be the explanation before requesting a credit/obligation you ought to have a solid supply or if not, raise simply the add that you simply will pay. completely ne'er suppose to require another advance simply to reimburse this. supply some stuffs that you simply do not utilize any further, it'll facilitate. 

[qwirtiii]

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?

We debt it and we are responsible to pay it.If we have an income or if what we have promise in our lender we need to do it exactly what we promise to her/him.We need to fulfill our commitment to lend us back , to trust our lender again in you.

And i think , We must use that money for a good work . We can have business , we can have an investment and then we see that the money that you borrowed to someone is growing. Suddenly, you pay for your dept and you are no longer to need borrow money to someone because you have it already from you own bussiness.

[Hazaki]

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'd solve this by not getting myself in debts in the 1st place , debt is such a mentally destructive thing since you'll be all the time worried even if you don't have to and even if your deadline isn't any time soon .
You'll be feeling lack of liberty and enthusiasm and heavy chains will always be restraining you from going ahead with any project in your life knowing that you are owed to give back money , money that you yet don't have .
But if i was on that situation i'll certainly cut off any luxuries i'm permitting myself into no matter the degree of how important is that to me , if watching tv is my most ultimate luxury i'd sell the tv in order to pay my debt ..
A lot of people get themselves in more debt to pay a previous one and that just gets thing way worst , and not being a financially solvent person can engender a lot of other problems whenever you want to acquire anything else , so paying the debt is your top 1 priority with whatever necessary means .

[Finestream]

In my life, although I don't have much money, I see to it that I don't have debt in bank or in my credit card, as I want peace of mind, if I want to buy something I will see to it that I will save for me to afford but won't let myself loan in a bank just for me to have something that I still can't afford to.

But most of the people today spend an amount more than its salary amount.I understand the situation especially if you're a breadwinner and you only receive a minimum wage for your salary and that can't cater to your family's basic needs.So people tend to make loans even if takes more obligations for her/him.I think as long as you pay your monthly amortization even with a small amount,you will not have a problem as long as you will not deny your loan and won't run away from it.

[weblouartisan]

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 way to handle a debt is to repay it immediately, it was really hard to pay a debt if your income is not decent enough to cover your own cost of living and you are already lucky if the person who lend you money is one of your friends so it only means that you need to do an extra work in order to repay your debt.

[betchay22]

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?

If your debt is t a person only,  you can talk to them to stop the interest so you can pay the principal and the interest. But if they continue to put an interest,  you will not be able to pay them. Just be honest with them. If your debt is in the bank or other lending institutions,  that is a bit difficult since some of them wont allow to stop the interest and other charges. All you need to do is to look for other possible source of income. If you still have assets left,  sell it so you can pay all your debts. Once you get out from debt,  dont ever dare to be in debt again. Manage our income and finances wisely. Learn how to save and invest.

[Dothyrain]

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.

We have that in our country,  it is called "paluwagan". This is a bit risky. If it is already their turn and get the full amount of money. Suddenly they will stop paying their share. The next person in line will suffer and wont get the full amount when her turn comes. There is no assurance to this. Some people cannot be trusted. We have another one in the office where everyone who will join will choose how many shares they were able to pay. Every pay day they will pay that amount. Every member can also loan a certain amount. The interest earn for one year will be divided to all members. At the end of the year they will return all their shares including the interest their money earn. This is a big help to others.

[maculeth]

borrowing a lot of money. 50% to pay debt, and 50% more for investment or business. at least if the investment can be profitable or business can run well, can to pay off the huge debt. we make like a wheel circle.

[yametekudasai]

In the first place why would you have a lot of debt knowing your income is less? You just have to discipline yourself and budget your income wisely. In the first place that's what you gotta do. Pay your debt even little by little. At least your debt will be less.

[linshisui38]

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?

A little bit of payment, negotiating with the lender.

Find ways to find a few more jobs to pay off your debt as quickly as possible.

[josephthedreamer]

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 have a question for you. Why did you take so much money in debt if you can't give it away? I never take loans at all. If you don't have the money to buy something, where do you get the money to repay that loan plus interest on the loan? Only stupid people can do that. Now you will give all your money to the Bank all your life.

There are reason why people are into debt. Their salaries are not enough to pay all their bills so they resort to borrowing. Another thing is when one member of his family got sick and hospitalize or lose his job. The best thing to avoid debt is do not spend more than what you earn. Discipline yourself.

[Coffee_Lover]

Well I just hope those people whom I borrowed money won't kill me.

There was a time when my salary was only 4 digits and still have some borrowed money from other people. I was so ashamed of myself and  full of pity. I became thrifty during those times. I only buys things that are needed, buy in small amounts.

After I paid these debts, I learned to control myself in buying things that I want. I learned to priritize and learned how to save.

[TiffanyLien23]

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.

[iMark]

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 way to handle a debt is to repay it immediately, it was really hard to pay a debt if your income is not decent enough to cover your own cost of living and you are already lucky if the person who lend you money is one of your friends so it only means that you need to do an extra work in order to repay your debt.

frst I think before asking for a loan you should know your financial ability mate, because the interest on the loan can sometimes kill you, very lucky if your friend does not give interest, but still you have to pay it right? if I have borrowed money then I will be very careful to spend it, make sure that the loan money grows, so you will not be confused to pay for it, if you borrow money to pay for personal needs, I think you should work harder to get your salary higher than your living expenses

[mitchr4]

Trying to find additional work to earn more to pay the debt and pay little by little. Do not borrow more than the income you earn. Borrowing money is also a very serious problem if unable to pay it at least do not borrow. It will also make you more calm without thinking about it.

[icecube45]

first I would be stressed and want to kill myself ... whether suicide solve the problem? I think not, because there are still many beautiful things in this world and bitcoin, yes we have to face it and try to understand the situation we face this. and the cause until debt accumulates and many are negligent in paying the debt in a timely manner and do not understand the ability to pay the debt.
 the way to solve the problem of debt is to stop paying with the minimum payment because the same can not settle the debt and only pay its interest just because it is already late pay the higher interest, borrow money to the family because it will not generate interest and work hard and increase income and tighten spending and the last to pray.

[Maximo1]

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?

To have debts its very frustrating for sure, but this is not the end of the world. Millions of people are in the same boat right now and many of them are steadily working their way toward being debt free.we can do it too, no matter how you got into debt you can make it out, well if im in the situation of debt,i will be looking another source of income or ill be more focusing in btc. and pay little by little,just be positive so we can surpassed this trials.

[btc78]

Don’t spend more than what you take in, or you’ll be burried down even deeper. Manage your finances wisely. Workout with your creditor, perhaps they can manage the debt that’d be easy for you to pay in specific time span. Some third party lenders offers to consolidate debt loans, you may consider doing that. If there isn’t a tad of a choice, filing bankruptcy might work, though it will take years to build your credit ratings again.

[Kamote_1102]

First, talk to the person that you in debted to. Tell that person the real situation and let him know that you are eager to pay your debt but you just need more time.and whenever you got your salary or some extra income.make sure you prioritize your debt first before your expenses.