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

[Rosilito]

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?

Well, if I were that person who are in a great threshold, burden who can't think properly because of too much debt or liabilities. I would rather choose to manage it face to face rather than running away of it, because it will not disappear, and it will continuously haunt me everytime. So, the thing that need to be raise is that, you should face it, and do a definite strategy that would make you overcome such problem specifically your debt. It could be overcome not in a boom, but little by little.

[conected]

You need to have a self-control of borrowing money. First of all, if your salary is not good enough to pay all of your debt just pay half of it. Discipline your self not to buy the things you do not need, don't eat to the expensive restaurant, in this way you can save money to pay all of your debt and when you finish to pay all of it and you need a money just borrow a small amount so that you can pay it easily.

You should make a list of the debts you have so that you can track them. From that list you set yourself a goal that in a year you will write off how much debt. Setting goals is important and remember that you have to be self-centered for the pursuit of accomplishment. So, you soon escape debt scene.

Aside from listing the debts you should also list the flow of your cash in and cash out because that will give you a overall view where you money is coming from and where the most of your money goes so you will be able to adjust and save a few of those money to be settled for paying debts so you debts will be smaller and smaller.

- And we need to focus on big debts with high interest rates, settle this debt quickly is the best way for us to get out of debt early, if we do not have enough money to settle immediately, we should try to borrow friends because they are the ones who can lend us the money and the interest rate is 0%. However, do not be subjective about this, pay them the fastest when we can, we should not let prestige and affection between the two have rift, the fastest way is to create an additional source of income by doing more part-time jobs after completing a full time job.

[bycocoricos]

By not getting into it in the first place.

[kisscoin]

First of all, it is not to do so much debt... Borrow from your family to avoid interest rates.. If there is a need to take a loan, then take it, but first of all get a job, so you know that you can pay it off....

[patarfweefwee]

One, don't have more debt. So ficing finances for leaks is tge first thing to do. Next, have a payment plan. If your current plan doesn't work, ask the bank for a different one. Lastly, look for ways to have more money on the side. Investments and additional work would help greatly. I myself lived off instant noodles and eggs for months to pay a debt.

[Sled]

You need to have a self-control of borrowing money. First of all, if your salary is not good enough to pay all of your debt just pay half of it. Discipline your self not to buy the things you do not need, don't eat to the expensive restaurant, in this way you can save money to pay all of your debt and when you finish to pay all of it and you need a money just borrow a small amount so that you can pay it easily.

You should make a list of the debts you have so that you can track them. From that list you set yourself a goal that in a year you will write off how much debt. Setting goals is important and remember that you have to be self-centered for the pursuit of accomplishment. So, you soon escape debt scene.

Aside from listing the debts you should also list the flow of your cash in and cash out because that will give you a overall view where you money is coming from and where the most of your money goes so you will be able to adjust and save a few of those money to be settled for paying debts so you debts will be smaller and smaller.

- And we need to focus on big debts with high interest rates, settle this debt quickly is the best way for us to get out of debt early, if we do not have enough money to settle immediately, we should try to borrow friends because they are the ones who can lend us the money and the interest rate is 0%. However, do not be subjective about this, pay them the fastest when we can, we should not let prestige and affection between the two have rift, the fastest way is to create an additional source of income by doing more part-time jobs after completing a full time job.

I think it is not practical for me to just borrow again to just pay your debt. It is best to hustle more and find more opportunities in your place or country so you can have more source of income and you should be smart in spending and also putting it into another possible business because if you are not careful enough then you will just lose the chance and you will get into a higher debt because you will be lacking more in terms of money.

[charina]

nice question specially nowadays because a lot of people are experiencing this kind of situation...for me first thing to do is lists down all your debts starting with that of high interest and then write down your income...pay first the one with high interest...look for a sideline job if your salary isn’t enough to pay your debts...manage to control yourself or refrain yourself from using your credits cards..better not to have one (credit card)...every month lists down all your bills also...make a table for expenses versus your earnings...it is like making a time management...

[Ramtapsbtc]

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?

No one wants to be in the position of struggling to make payments on debt but the reality is that it happens, as soon as you face up to the situation paying off your debts maybe simpler than you realize, face facts, discover the extent  of our financial problems.

[yanixbtc]

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 managing debt you should learn to do cost cutting. Stop spending money to things that are not necessary. Only buy the basic needs in the household. Learn to cost cut your daily expenses. Stop going to malls, stop eating in a  restaurant. Cook your own food in the house and share it with the family, I tell you it can help you get out from debt. Stop buying things that are on sale because you thought you save a lot from it because it is not true.

[nesty]

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?

You need to cut off the unwanted expenses. If you used to eat out you should cut it off and try to eat at home as much as possible and the savings from that eating habit can be used in paying yoir debts even if its small amount. And discipline yourself not to buy anything. Try to find for an extra income that could help you in paying debts.

[Linhkej]

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 many ways to solve a debt. Ask the lender to extend the repayment period and find a better job to repay. Bounty campaigns will help you get some high paying jobs and you can pay off early.
Besides, you should not despair. Just try to do everything to pay back your debt. Luck will come to you and you will have a very expensive lesson.

[chelle5]

Come to think of it it's so hard to handle too much debt, it's a big responsibility but you have to face it, first I think is try to talk on that person and explain and cut expenses, get other extra income talk to your family about the problem.

[connexus]

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 had lots of debt I am going to lessen all the expenses that is not needed and will save more money to cover up all my debts. It would be harder but i need to cut all of it so that i will be debt free.

[aditasetia123]

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 many ways to solve a debt. Ask the lender to extend the repayment period and find a better job to repay. Bounty campaigns will help you get some high paying jobs and you can pay off early.
Besides, you should not despair. Just try to do everything to pay back your debt. Luck will come to you and you will have a very expensive lesson.

reschedule our payment period maybe could be best solution for our debt.make it long term with amoung that we can to do.looking other side is mandatory for us so we get more money to pay it.

[syaripudin]

whatever the reason for the debt is a problem that must be solved so I think the lack of income earned is not an excuse not to fulfill its obligation to pay the debt. I think the most important thing is a good communication between the parties who lend the debt and who have the debt to be able to pay it off.

[hatsoff2btc]

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?

Some people has this funny attitude of borrowing another money from a different person to pay the old debt they are owing. It looks so stupid, cause you’re still putting yourself in debt. The best thing is to stop putting yourself in further debt and find a way to pay up for the one you’re owing through hard work. But if you continue to borrow from different persons to pay the old one, then the chain continues and you’re never going to be a free man.😑

[Sled]

whatever the reason for the debt is a problem that must be solved so I think the lack of income earned is not an excuse not to fulfill its obligation to pay the debt. I think the most important thing is a good communication between the parties who lend the debt and who have the debt to be able to pay it off.

I agree with that. Good communication will really help people to understand each other's side because they will know what are the updates or what is happening to the both sides so they can easily understand why can't pay the debt or why they need more time. If you will go and tell the reason why you have a slow process of paying debt then i think that lender will consider that and will wait more and because of communication then there will be no unnecessary chaotic scenarios.

[BartS]

I would change my job. There are other fields that you can earn good money by working so hard. I would work in the countries that gives good salary.

That is very easy to say but it is really difficult to implement, moving to another country has a lot of difficulties, like the language or culture, also many countries require that you have a working visa and those can be really difficult to get, you will need to have a set of skills that is difficult to find or you will need to have skills the country is specifically looking for at the same time it is really difficult to find a job with a good pay, this is not only difficult in third world countries but in first world countries as well.

[kodtycoon]

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 am a person who has a lot of debt and it is difficult to pay it off because my income from work is not enough, then I will sell everything I own like home, land or whatever. Because of how also debt is something that must be paid off.

[mamarried]

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?

Easy, earn more, spend less. By doing that you would eventually deal with the debt that you have. Because it would be decreasing by a small parts every time. But also it depends on how much time do you have.