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

[viananda2525]

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 our modern world there are numerous ways of paying debt even if you are short on money.
For example you can take another debt to cover previous, many credit companies offer such a opportunity today.
There is always a possibility to pay in small amounts as well.
But to be honest, try to avoid debts, especially in crypto better to use your own money at your own risk.
Money taken from banks or anyone else will always keep you nervous as long as the price of your crypto will go down.

the best way is to restructure our debt by extending the payment period with a small repayment. this will greatly ease us in paying the mortgage. and no need to find new loans.

[Mr.John19]

The greater part of the general population today spends their pay to pay their obligation. There are numerous alternatives for taking care of this issue much obligation. I think the best activity is to discover another wellspring of pay beside your activity. You need poise of acquiring cash. Rundown just the things that vital to purchase. Spend your cash on the diverse speculation. Budgetary arrangement has a vital entirety.

[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?

The only thing we should do before borrowing money from lenders and other financial institution evaluate ourselves first if we are capable of paying the amount that we are going to loan because evaluation could lead us before we could have so much debt. We should not borrow what we cannot pay. Otherwise that is a very big problem that will result to bankruptcy.

[charlemagne_15]

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 case of me having so much debt and my income is not enough the first thing I do is to make a plan on how to properly budget everything in my small amount of income. After that, do some research on part time jobs and grab it if it is not that difficult. Have a deal to the person who you in debt. Pay them even though it is a little so that it can be reduce little by little. I think it is better to not borrow any money from lenders because I think it will only adden to your debt.

[pokeronlinestatus]

Too much debt caused someone to become depress. I do not yet have a big debts because I am just a young and I am hoping to my family specially to my siblings though there are times that I support my needs and do not demand upon them. If ever I encounter a huge amount of debt then I will push myself to pay it but in legal procedure. I know that praying will give them also an indirect payment, therefore I will always pray for their success.

One should always manage his expenses, rather than getting into the trouble of debts because debts can be taken easily but then returning them is a very big problem. However if someone had a debt to pay, then he must make a tough schedule for himself, he shouldn’t waste time and money but he must live in such a way, which favours him to save his money. In addition he should also do a part time job.

[sonofliberty]

Take measures to ensure that your income keeps growing. Do this not only by raising wages, but also by investing. Be engaged in financial self-education. Today, we have the opportunity to buy anything on credit, and this causes in people a lot of temptations to live beyond their means.

[BartS]

Maybe you can have the option of debt restructuring so you will have to talk to the creditor if he would like to take the option because the creditor would likely to just choose this than not receiving anything at all. Find an opportunity to have an extra income so that you can pay even small sums and reduce your debt.

Do not look for a one time big time solution like you will just gamble and hope to win so that you can pay it all because most likely you will just lose but instead have a list of all your debts then start from the small one so that when you are already paid out some of the creditors, it would lessen the weigh in your shoulders.

Having too much debt does not happen overnight, it is a process that most of the time it takes years or even decades and if you want to get out of it the truth is that it is going to take you almost the same amount of time to get out of the problem, however most of the people that get into debt problems are not able to come up with a long term plan to solve their problems because if they could they will not have those problems in the first place so they try some quick fixes that most of the time only makes things worse.

[bennypagulayan]

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 thing we should do before borrowing money from lenders and other financial institution evaluate ourselves first if we are capable of paying the amount that we are going to loan because evaluation could lead us before we could have so much debt. We should not borrow what we cannot pay. Otherwise that is a very big problem that will result to bankruptcy.

Now people can lend you very little, they lend it because they trust you so borrow on knowing they have the ability to pay for them. Never lose the trust of the person who trusts you and lends you money, money can be easily earned but trust will lose it will be very difficult to get back.

[slashz9]

I guess that's a bit difficult, which is why many people get stuck in debt for not being able to pay the mortgage, they spend more money than the amount of income, you can just apply for another loan to pay the previous installment but the cycle will continue some people call it racing rats.
that's why you have to be good at managing your finances, you have to keep your expenses lower than your income that's the key.

[fredo123]

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?

Tips in handling too much debts,
1. Know who and how much you owe,
2. Pay you bills on time each month,
3. Create a monthly bill payment calendar
4. Make at least the minimum payment
5. Decide which debts to pay off first
6. Pay off collections and charge offs
7. Use an emergency fund to fall back on
8. Use a monthly budget to plan your expenses
9. Recognize the signs that you need help.

[Fire316]

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 know that is the very difficult situation when you had so much debt. You should handle it and solve by your own technique. The important is you will pay your debt even little by little. I know every people can't avoid debt but you should know how to handle and repay your debt.

[tepakpak]

If I experience the incident, the first thing I do is adjust my needs with income and the second I will look for other income, meaning to work more.

[BartS]

Tips in handling too much debts,
1. Know who and how much you owe,
2. Pay you bills on time each month,
3. Create a monthly bill payment calendar
4. Make at least the minimum payment
5. Decide which debts to pay off first
6. Pay off collections and charge offs
7. Use an emergency fund to fall back on
8. Use a monthly budget to plan your expenses
9. Recognize the signs that you need help.

There are many good tips that you give but some can be improved, tip number 4 should say make more than the minimum payments, if you only make minimum payments you are never going to pay off your debt, in point five it should say pay off the debts that cause the biggest interest rates, most of the time this means paying off your credit cards, and the point number 9 should be that you must get help since most of the time a huge debt happens because of unhealthy spending habits.

[SeriosSam]

If there is no longer a possibility to repay the debt, then it is necessary to restructure the debt or declare bankruptcy!

[manfredmann]

Double the effort on spending time to get more sidelines to earn. This is the only thing that could possibly help an individual having too much debt. Aside from that they could also venture on cryptocurrency but is should be expected that the ROI for this is that more or less you are going to earn in a simple buy when market price is low and sell when market price is high but it could take time to more or less 6 months.

[i-spn]

decrease the risk step by step, separate the risk as an ill man.

[ryzaadit]

I dont have a debt but iam some rules to manage my money. My opinion its all about you manage your money, your spent money must balance. if not you will cant pay the debt.

[Nnedaddy1]

I will put off with all form of extravagant life style and push the money saved to buying my debt. Map out some percentage of my earnings for debt servicing.
And try to live within my means moving forward.

[droptableguy2]

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 thing we should do before borrowing money from lenders and other financial institution evaluate ourselves first if we are capable of paying the amount that we are going to loan because evaluation could lead us before we could have so much debt. We should not borrow what we cannot pay. Otherwise that is a very big problem that will result to bankruptcy.

Now people can lend you very little, they lend it because they trust you so borrow on knowing they have the ability to pay for them. Never lose the trust of the person who trusts you and lends you money, money can be easily earned but trust will lose it will be very difficult to get back.

You're right. Money can be earned. But trust is not. When they give you a loan. It is because they trust you, knowing that your payment is possible. But usually the rich are the ones who owe the most. The more debt, the richer. The formula of the rich. And lenders always trust the rich. That's how smart it is.

[3la9l_kolbaCa]

Tips in handling too much debts,
1. Know who and how much you owe,
2. Pay you bills on time each month,
3. Create a monthly bill payment calendar
4. Make at least the minimum payment
5. Decide which debts to pay off first
6. Pay off collections and charge offs
7. Use an emergency fund to fall back on
8. Use a monthly budget to plan your expenses
9. Recognize the signs that you need help.

There are many good tips that you give but some can be improved, tip number 4 should say make more than the minimum payments, if you only make minimum payments you are never going to pay off your debt, in point five it should say pay off the debts that cause the biggest interest rates, most of the time this means paying off your credit cards, and the point number 9 should be that you must get help since most of the time a huge debt happens because of unhealthy spending habits.

I believe we should know our limitation and to stop being too impulsive. Before we do things we should determine what are the possible consequences of our actions. If you have much debt, I think the best way to do is to prioritize what to pay first and learn a lesson from the experience. Formulate a budget plan and follow it religiously.