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

[roomboy85]

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?

What im going to do is i will separate the money that i use to pay my debt. I will make a budget plan so that i save money and i dont hesitate to borrow money to other. Make some extra work to earn extra income to pay the dept on time. Practice your self not to buy expensive things and dont eat in a costly restaurant to save money.

[Sled]

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.

I agree to that, we should visualize the possible overall look of what we are trying to do in the future. It is about having a great perspective so we will think about the possible best and worst results so we can prepare ourselves and have a back up plans so we will not become disappointed at the end of the day.

[ApocalypseNow]

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'll make another loan and borrow from anyone else that is willing to give me a chance. Pick the best option where there is a low interest rate or has no interest at all. You can also solve it by leaving the place so that that person you owe money so much can't  find you ever again.

[v3liana]

Its really hard to handle debt i know it and the it will became more and more and you debt is going to become bigger if you cant manage it. I could say this cause in the first place people who have a debt because they cant manage their own financial, so how you expect them to manage the debt? I believe the only way to solve it is to know how your financial limit, knew things that you can buy and things that you cant buy atleast in short term. Juat try to manage you financial and pay your debt bit by bit, i think its the only and the simple way to get out from debt.

[edisystem]

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?

Get a real job and work hard to pay your debt, i think there is not other way to solve it beside pay our own debt. You take a loan and you must pay it. I mean, what is other choice? Borrow money again from your friends or your family to pay the debt? I don't think so.

[sonofliberty]

First of all be patient to all situations. Solving it by paying it will be the most obvious answer and if you are thinking to runaway from your debts, you are just making the case worst.

[arwani112]

well, if I have too much debt, I'll do these three steps:

first, I will be determined and earnestly to pay off my debt because a strong intention will help me pay off debt sooner or later. just wanting without strong intentions will not work

second, I will live as economically as possible. reduce all unnecessary spending like traveling, watching movie at cinema, shopping and etc therefore I can save some money to pay my debt off

third, I will look for additional income outside the main job, finding second or third job. for example, taking freelance job like being a bounty hunter in this forum
hence, I will get extra money to pay my debt off

[Ava Duvall]

Debt is a very difficult thing for most adults, too much debt is when you have to play more than you can or all you can see in life is your debt.

[sana54210]

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 you’re taking to court you yourself decides how you want to pay up debts and how long it will have to take depending on your monthly income. But if you are in debt and you don’t want to get into more trouble the best thing you can do to help yourself is to stop borrowing more money to pay up the old debts, cause they more you borrow money the more your debt continues.

Some people will even advise you to collect a loan from banks, but that’s even the worst. Just work hard to earn money and pay up your debts and be a free man. That’s the best thing you can do.

[Valzzz005]

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?

Its extremely difficult to deal with obligation I know it and the it will turned out to be to an ever increasing extent and you obligation will end up greater on the off chance that you cannot oversee it. I could state this reason in any case individuals who have an obligation since they cannot deal with their own budgetary, so how you anticipate that them will deal with the obligation? I trust the best way to unravel it is to know how your budgetary utmost, knew things that you can purchase and things that you cannot purchase atleast in here and now. Juat attempt to oversee you money related and pay your obligation a tiny bit at a time, I think its the main and the basic method to get out from obligation.

[arwani112]

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?

Get a real job and work hard to pay your debt, i think there is not other way to solve it beside pay our own debt. You take a loan and you must pay it. I mean, what is other choice? Borrow money again from your friends or your family to pay the debt? I don't think so.

you said, get a real job?
okay, then what kind of job is categorized as a real job? and what if the due date is coming but you still don't have any money to pay?

[clickerz]

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?

Get a real job and work hard to pay your debt, i think there is not other way to solve it beside pay our own debt. You take a loan and you must pay it. I mean, what is other choice? Borrow money again from your friends or your family to pay the debt? I don't think so.

you said, get a real job?
okay, then what kind of job is categorized as a real job? and what if the due date is coming but you still don't have any money to pay?

I agree on this. Its more on financial management or money management issues. Get a job or find any means to earn and pay your debt. Regain your reputation, be honest. If you cant pay in one payment,  arrange with your creditor for an installment.

[BartS]

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.

One of the biggest issues is that people never make a balance sheet to find out where they are economically, a balance is similar to a medical checkup, every year you do it to see how healthy you are and the same is true here but people are afraid to do it because most of them will find out that their economic health is terrible, I have not been working for that long and yet I'm in a way better position than most of colleagues simply because I know how to manage my money.

[SearchingforS]

First thing I would do is making a balance sheet. There are many things in life on which we spend money but not every one of them is really needed. So, you can stop spending that much money and start to diligently pay your debts.

[MiXxe]

First and foremost, prevention is a must. No matter what happens, we should spend less than what we earn! That's the golden rule. But since you' ve already trapped with the jail youve made for yourself, you have to keep yourself from it. Consider sacrificing some common things you buy to pull an additional budget for the payment of the debt. Do it until you finally paid everything.

[lamadu3]

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'll make another loan and borrow from anyone else that is willing to give me a chance. Pick the best option where there is a low interest rate or has no interest at all. You can also solve it by leaving the place so that that person you owe money so much can't  find you ever again.

This is the perfect strategy, If you follow it, you will avoid a lot of problems. However, the better policy is simply not to make any debts and do not take credits.

[eaLiTy]

I'll make another loan and borrow from anyone else that is willing to give me a chance. Pick the best option where there is a low interest rate or has no interest at all. You can also solve it by leaving the place so that that person you owe money so much can't  find you ever again.

To reduce the loan you do not go out and borrow another loan to repay the loan, if you plan on rolling you will reach a point that you will no longer survive and then everything starts tumbling down, first and foremost make sure that you meet the expenses according to your income and not to take too much of a burden, if the initial steps are flawed then your entire money management goes down the drain. The only solution is to cut down your expense and reduce the debt.

[BTCeminjas]

There's so many reasons why people intended to have debt or lend from other person. For me if there is work the wage is not good enough and benefits given by the employer. Then the price in all products use by daily life are always increasing dn the wage or salary did not increase thats why some people intended to lend. The solutions for this situation need to budget and less spend than in salary so that Soon or later can aware on how to have the word " SAVINGS".

[arwani112]

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'll make another loan and borrow from anyone else that is willing to give me a chance. Pick the best option where there is a low interest rate or has no interest at all. You can also solve it by leaving the place so that that person you owe money so much can't  find you ever again.

Lol, this is the simplest as well as easiest way to deal with debt.
however, running away will never solve the problem. After all, haunted by guilt due to debt is not good and can be a nightmare leads you to insomnia.

[ejandjm18]

Too much debt is a big problem to solve especially when your income is not enough than the payment of your debt monthly. For me, in handling this kind of problem is to talk or having a deal of your lender that you should extend the month of payment so that you can still have money for your family needs.