[ASK] How are you going to handle too much debt? - page 16.

rickadone

legendary

Activity: 1176

Merit: 1024

Quote from: terrific on April 16, 2018, 02:08:19 PM

This is one of the toughest problem in the world, when you are asking for a debt and you don't know how to pay it.
You need to pay first all the debts so that you can sleep at night properly and you will not think on where your salary will go upon receiving it.
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.
And if you fulfill paying the debt, avoid asking for a loan again.

It has really been a huge problem globally and sometime I wonder what could really be the major cause of things like this. Like you said, the only best way obviously is to rally round to get all these paid but looking at the way some people have self-inflicted themselves with debt, one would wonder if they were trying to live more than what comes in for them or they just have this nonchalant way of spending.

The best way to always avoid loan is to live with what you get exactly and always draw up a budget to make sure you are really not doing your pocket any harm in the long run.

Sidilatte07

newbie

Activity: 55

Merit: 0

Speaking of debt will make my head dizzy. The first step is that I am confident that I can solve the problem with a serious effort to pay the debt. And then maybe in that time I would learn to be jealous for the money I gathered quickly to collect all my debts.

tranquangvinh

full member

Activity: 546

Merit: 100

Quote from: usahaali03 on April 02, 2018, 01:14:00 AM

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 think the best way is to find a job with the highest possible salary. Or you can borrow money from your friend or banker then you should find a job to pay off the debt. I do not know why you pay so much debt but you need to be careful thinking and having a clear plan before you borrow someone's money to invest or do something otherwise you will continue to pay in debt .

squog

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Activity: 462

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I myself haven't personally experienced having an insane amount of debt to pay. But if i did, i would just limit my spending to just the necessary ones and really tighten up my budget. A friend would be helpful in cutting out unnecessary expenses, believe my I've been that friend and i could cut alot. After such, no matter how small the left over after the income then spend it to pay for your debt. Banks could actually bail you out then you can just pay the bank.

Kamote_1102

full member

Activity: 392

Merit: 100

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.

btc78

full member

Activity: 2520

Merit: 214

Eloncoin.org - Mars, here we come!

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.

Maximo1

newbie

Activity: 202

Merit: 0

Quote from: usahaali03 on April 02, 2018, 01:14:00 AM

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.

icecube45

legendary

Activity: 1218

Merit: 1000

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.

mitchr4

legendary

Activity: 2716

Merit: 1017

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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.

iMark

sr. member

Activity: 1162

Merit: 251

Quote from: weblouartisan on April 24, 2018, 07:18:32 PM

Quote from: usahaali03 on April 02, 2018, 01:14:00 AM

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

TiffanyLien23

full member

Activity: 350

Merit: 107

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.

Coffee_Lover

jr. member

Activity: 196

Merit: 3

Soycoin is the future "stablecoin"

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.

bgaf

sr. member

Activity: 644

Merit: 257

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Quote from: usahaali03 on April 02, 2018, 01:14:00 AM

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?

Try liquidating some assets to meet your obligations. If it is not enough then talk to your debtee and come up with a way to pay for your debts.

josephthedreamer

newbie

Activity: 22

Merit: 0

Quote from: warrior333 on April 02, 2018, 03:50:07 AM

Quote from: usahaali03 on April 02, 2018, 01:14:00 AM

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.

linshisui38

newbie

Activity: 154

Merit: 0

Quote from: usahaali03 on April 02, 2018, 01:14:00 AM

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.

yametekudasai

newbie

Activity: 47

Merit: 0

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.

maculeth

member

Activity: 714

Merit: 11

BountyMarketCap

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.

Dothyrain

jr. member

Activity: 41

Merit: 1

Quote from: Ctn on April 02, 2018, 01:41:51 AM

Quote from: usahaali03 on April 02, 2018, 01:14:00 AM

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.

betchay22

jr. member

Activity: 104

Merit: 1

Quote from: usahaali03 on April 02, 2018, 01:14:00 AM

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.

weblouartisan

full member

Activity: 448

Merit: 100

Lets Go Adab

Quote from: usahaali03 on April 02, 2018, 01:14:00 AM

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.

Topic: [ASK] How are you going to handle too much debt? - page 16. (Read 2710 times)