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

[Mhd-Bobbi]

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?

Just be responsible pay it in small amount. Discipline your self, the reason why people always run out of money is because their expenses exceed their income. So, it is best to adjust your budget and control your money properly.

Yes. I agree with your opinion.
must be repaid debts. and do the installment. for debts must be met. and if not, the installment should be postponed only. and set the date to pay off the debt.

[dongyi17]

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 I were to have a large amount of debt that seem hard for me to pay, I will first ask for forgiveness for the person I debt with and promise to pay my debt responsibly and accountably  and find ways to pay for it in anyway possible-installment is also one option as long as there is sincerity to pay.

[Funeral Wreaths]

first of all you must know it is you responsibility that you are in debt, second is that you need to discipline yourself to be more wise when spending, 2rd and most important you must divide your funds accordingly, and little by little pay your debt, because of you will just ignore that you will someday wake up drowned by your own debt, or if you will try to run, you are no different of a thief.

[DaftAjax]

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 be honest, I haven't been in that kind of situation, so what I think the best route that you could do is to call for help. I know its going to be another set of debt among your friends and family, but what's important is that you have relation to these people this time, and not just some bank that will take no consideration of what your situation.

If you manage to do that, this time don't make the same mistake. Discipline yourself - have plans, I'm not an expert whatsoever but there is an equation I learned in college when it comes to your savings. That is: Income - Savings = Expenses, smart right?

[Natsuu]

If you don't want to be in full debt then learn how to avoid those unnecessary things in your life and know your needs versus your wants and sooner you'll have at least some savings and you don't need to borrow money from others. I must say my father raised me in a belief that just be thrifty so you won't need to borrow money as having a debt free life is like having a sound and good sleep every night. An inner peace of mind that not everyone have.

[Ondre]

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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?

Communicate properly with the person whom you owe money. Tell them to pay bit by bit, then find an extra job that will compensate your debt. Discipline yourself in handling money, don't borrow money to pay for your debt. Listing down all expenses will help you manage your money. Be a good steward.

[BartS]

I think you need to change your daily routine in terms of budgeting your salary. First try to minimize your expenses, if it is not important don't spend too much, don't always eat in restaurants, if you could cook for your self much better, try to add more percentage in your savings. After setting those things try to check if you save more than expenses. If the results is positive then continue until you settle all your debt. I hope this could help others to resolve their problems.

That is good advice but do you know why people do not do it? Because it is hard, people of today are simply to used to get everything on demand and without any effort, being a disciplined person is really difficult for them and then when they see something they want they cannot wait for it and save money as they should until they got enough cash in hand to buy it, they pay it with credit, then things get out of control and spend more money until they find themselves buried under a mountain of debt.

[BitcoinMarketer39]

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 you can do about debt is to stop burrowing money and try to work hard and lessen your unnecessary endeavors in order to have a budget on paying your debt and not go broke.

[BartS]

Debt come into being when all income available to the person cannot pay all bills instantly. You take records of all your debts and their interests. Take a decision to pay off your debts and be free from debt burden. Try and meet your creditors to accept whatever amount you can afford. Pay your debts first from whatever income you received. You need to expand your means of income. Taking advantage of the technologically driven economy to engage bitcoin and other cryptocurrencies to completing your income.

It is also really important to prioritize and pay the debt that has the biggest interest rates and if possible try to consolidate everything with the lowest interest rates, a way to do that is to get a loan on your house since those are the loans with lowest interest rates and then pay debt like credit cards that have the biggest interest rates, you still have your debt but now the interest rates are more manageable and if you are consistent you will eventually eliminate that debt.

[jwenbu]

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?

Of course i will not let that happen specially if i will do debt for the not important things. But if I'm in that situation, I will make sure that as soon as possible i will pay my debt and seek some extra income. Discipline your self is one  of the important thing to do.

[techbill]

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?

There's not much you can do but pay as much as you have.

One thing you can do is sacrifice hard. Eat less, buy cheaper version of the food you eat. Cut down on electricity use, and so on.

[susila_bai]

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?

There's not much you can do but pay as much as you have.

One thing you can do is sacrifice hard. Eat less, buy cheaper version of the food you eat. Cut down on electricity use, and so on.

What you are saying is not correct as cutting your food and electricity won't solve you're problem but you have to work hard and work more to earn high so that you can pay your debt soon

[y_stars]

I would sell every single thing that I could. Video camera, video game systems. Perhaps even rent them out.

[phpartisanmaster]

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 for a person to handle debt is through saving more money in order to pay debt and lessen their unnecessary endeavors to save more money.

[Nboramir]

If you have loans to banks in my opinion you if you can should take loan from a place that you dont pay interests. If you do that with a stable income and a successful plan you can pay your debts in a much easier way.

[indijim]

I would live in my car until everything is paid out. Where to shower and things like that? When pushed to the limit people become creative.

[Omnipotent1]

If I accumulate too much debt, which I'm in danger of doing. I guess I would move back in with my parents.

[vik254]

there are numerous  ways  one  can   deal  with such issue. one  of  the  efficient ways  of  doing  that  is  by  simply  cutting  down recurrent  cost. by  so  doing  you  will be  able  to  realize  a huge  profit, which   will be  used to pay  the  debt. when  doing  this  you  have  to  be  keen  so as  to avoid  compromising  the  quality  of  service  or  goods you  are  offering.

selling  few  assets  to  pay  the  debt  is  also popular  among  a   number  of  firms.  this is  essential  since  the entity  will  not  have  to  spend a  huge  sum  of cash paying  for  the  debt for  along  time.  instead  the money  being  made  from  the  business  will be  invested  back  to  the  firm  thus  making  it more competitive in its  field.

institutions  with  good  credit  history  can  also  renegotiate  the  terms  of  paying  the  debt.  this  is  one  of  the  major  reasons  why  people  are  advised  to have  good  credit  history. Doing  this  in  the  right  time  will  be  of  great  essence  since  it  will  create  trust  between  the  two  parties.

[malikusama]

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?

There are two different scenarios.
If I own some property then i can use it to pay my debt.
If there is no other way out not even property to sell or use, then i will prefer to do part time jobs, and work as much as i can to meet my debt installment/requirements.

To lend money from any other source to pay your existing debt is a bad idea, it will increase the risk.

[STT]

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?

Debt is ultimately depreciated by inflation as the governments of the world use this premise to borrow every day more then they could otherwise handle.   Whats really important here for debt is the course of time set to repay and the interest rate agreed.
If you have a fixed interest rate then its possibly manageable debt.  Due to excess debt world wide, its very likely we have increasing inflation so a fixed rate vs a rising supply of new money should mean your debt is repayable.