[ASK] How are you going to handle too much debt? - page 18.

fokinlipat

jr. member

Activity: 187

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Quote from: terrific on April 16, 2018, 03:08:19 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.

If you have multiple debts, you can consider taking the services of a debt management company. These companies provide the service of debt consolidation which lowers the interest for the borrower. You just need to pay one installment to the company and it then passes on the fixed shares to individual lenders.

Also, as you mentioned, it is important to avoid any new loan till all debts are fully paid. This ensures that you do not further complicate the situation.

bering

legendary

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Quote from: gawer33 on April 17, 2018, 10:47:33 AM

In my country, you cannot be jail or sue to court because of debt. if your living In this kind of county the best solution is just to ignore eventually they will stop harassing people. My sister had a debt on credit card for more than 7 years. still nothing happen to her.

you're just lucky because living at the country who does not too care about paying debt but you can't just ignore this problem if you live in other country because you should repay your debt and if you don't do that then you will got in jail and this is not good for you and your family however this is first time to heard for me that people can't in jail if they do not able to repay their debt and actually at what country where you're life currently

Pelevelyl

newbie

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You need to declare yourself bankrupt. To say that the borrowed money is irretrievably lost and you have no chance to return them. They won't do anything to you.

gawer33

jr. member

Activity: 309

Merit: 5

In my country, you cannot be jail or sue to court because of debt. if your living In this kind of county the best solution is just to ignore eventually they will stop harassing people. My sister had a debt on credit card for more than 7 years. still nothing happen to her.

terrific

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Activity: 2268

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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.

krishnaverma

full member

Activity: 1372

Merit: 106

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Quote from: usorin on April 02, 2018, 05:11:09 AM

I have not faced such kind of trouble but i belive that you should to be serious and change your life style and hold the money together, get a second job or something similar.

It is really hard for a common person to become debt-free once he is trapped in multiple debts. Some people try to focus on one debt at a time while others look for debt consolidation programs. The main requirement in my opinion is to change the spending habits and learn from the past financial mistakes.

selezneve

jr. member

Activity: 132

Merit: 1

Quote from: Spain2000 on April 02, 2018, 03:53:08 AM

Debt is a very painful burden when you take the loan and for that you will pay some interest as well and it is really pressurize for those who are not able to afford the fee and for us the best way to be in the crypto you have to pay some of the interest from this way and in the near future i would like to start part time job also and to pay all my debt as soon as possible.

Debt can come with a number of problems. There can be a number of reasons behind the bad credit history of a person. Some people just loose their jobs and are unable to pay off the loans. On the other hand, bad credit may result from emergency situations like medical needs that put extra burden on the person. If you are having a bad credit history, it would be difficult for you to get approved for a credit card. No bank would like to provide the credit card to a person with bad credit history as it involves risk.

DRVX

hero member

Activity: 966

Merit: 500

Quote from: Kumic on April 03, 2018, 07:30:17 PM

Avoiding that position in the first place would be a very good idea. You need to pay for smaller parts that are realistic for you.
And invest some small amount in crypto to gain some after the dip is over.

To avoid these awful situations I try not to borrow the money even if I need it very much. However, if you have a debt, return it regularly by minor parts.

webdevmastery

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Activity: 434

Merit: 100

Quote from: usahaali03 on April 02, 2018, 02:14:00 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?

It was very hard to handle debt depending on a contract if it has a monthly or yearly increase, the best thing to do is just pay your debt as long as possible in order to decrease the amount of your debt because lending corporations today are taking so much money from other people.

bib24

member

Activity: 224

Merit: 10

Do it on installment basis if you can’t pay one time. Set a budget and spend it wisely, ensure that your expenses will not exceed your income. It’s always good to have an additional source of income to aid your financial needs.

Melvin Narag

newbie

Activity: 126

Merit: 0

I want to share a general rule when it comes to credit:

When you borrow money from your friends / relatives/ lending group / credit card / local or rural banks, it should not be bigger than your monthly income! If your income is $150/month

The when you borrow money to spend (not for emergency) limit it to $80-100/month.
If the payment is one year circle then make x12 only, it is to make sure you can pay it with its percentage fee, since during your credit days, you have your basic needs too and thinks of it!!

Now if you need additional income, try online selling, it helps too.

pixie85

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Activity: 2170

Merit: 528

Quote from: gorbache on April 13, 2018, 06:45:49 AM

Quote from: usahaali03 on April 02, 2018, 02:14:00 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?

Only option in this case is to cut down your expenses and arrange the money for debt. Creating another source of money for a person with job might not be possible.

That's just stupid. If your normal lifestyle doesn't allow you to have enough money to cover the installments, cutting expenses won't help. You'll end up living like a hobo and barely managing to pay the installments. There are only 2 options. You can borrow the money from somewhere else, a place that won't require installments, like a friend or a member of a family, pay up the credit and then slowly work your way into repaying your friend. Option 2 is run and hide.

gorbache

newbie

Activity: 2

Merit: 0

Quote from: usahaali03 on April 02, 2018, 02:14:00 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?

Only option in this case is to cut down your expenses and arrange the money for debt. Creating another source of money for a person with job might not be possible.

Docafid888

newbie

Activity: 70

Merit: 0

Thats why we really need to be aware of debt, and better not to start it, never buy something which is beyond your reach. Money management is the key, but when it happened in our life we have to face it and deal with it. First you need to earn more money, it could be find another source of consistent income like selling stuff online which is less capital for doing so. There tons of ways to earn money online you could go with one you enjoy the most.

jahmes123

member

Activity: 200

Merit: 11

You should learn to prioritize where would you spend your money,
Spend it well and make sure that you could save some money to pay for your debts,
It could take a long time but at least you have paid your debt and cleaned your name.

AbyssLagiaz

jr. member

Activity: 185

Merit: 3

Quote from: hahay on April 02, 2018, 03:18:35 AM

Quote from: usahaali03 on April 02, 2018, 02:14:00 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?

Keep trying to earn enough to pay all your debts. There is no word of surrender to pay off the debt, you must continue to try as hard as you have, because the debt is supposed to be paid off. Honestly, after the existence of bitcoin, gradually I can pay off all my family debts little by little.

Why not try to impose discipline on what you really need instead of what you really want to buy. Foods and all of these sorts of basic commodities that we need in our daily lives is almost enough, while however we tend to not be mentally stable without satisfying our "wants". In bulk of debts, we should focus on that matter rather than using excuses that there is another day for our next paycheck and we could use that to pay our liabilities. This has become a common habit especially for hard earners. Discipline is the way for these kind of issues.

Kray

hero member

Activity: 658

Merit: 500

Quote from: usahaali03 on April 02, 2018, 02:14:00 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?

Look for a part time job and sell your precious assets, especially Bitcoin, just wait at the end of this year later maybe Bitcoin will do the same thing as last year. Don’t give up or even escape from debt, running away will just shut down the fact that you have a debt and you can get into the list of their fugitives, your life will not be quiet later if it happens.

Phildo

legendary

Activity: 1526

Merit: 1000

Quote from: usahaali03 on April 02, 2018, 02:14:00 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 key is the self, it can happen because of mismanagement and miscalculation, which expenditure should not be bigger than income. the only way out is to pay partially and discipline ourselves, lest you dig a hole to close a hole, it just divert the debt to another place, maybe to many places that can cause the interest increase.

darewaller

hero member

Activity: 2898

Merit: 639

Quote from: usahaali03 on April 02, 2018, 02:14:00 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 only way to not be in so much debt or probably be able to handle the one at hand is to stop living a borrowed life. A lot of people today have decided to live a life in which they borrow to sustain themselves. Why on earth should you enslave yourself for no reason ?

If you are living based on your means and have set out plan, there is no way you would go into debt. If you want a good life, come up with an idea or work harder to be sure you can meet up. Because earning better could be a definite solution for most of financial problems.

Handling debts is a secondary question as I am living in a tradition where we are being taught from our childhood how to avoid debts. When there will be a lifestyle to lead a happier life within our income then there will be no need of any such situation like handling too much of debts. I am from a "economy of saving" but America kind of country people are following "economy of spending". That is the basic differences.

beej

full member

Activity: 476

Merit: 108

If that situation befalls on me, then I would have to be honest and ask an extension or
work something out. If I can I would borrow to compensate the lacking amount in the
expected payment installment. Debt is something I personally want to avoid, it is just
too much of an irritation and it spoils productive and happy moments in life. It happened
to me and I regretted it, hated myself from it. People worry a lot from debts, that's why
I seldom used or avoid using credit cards now. I think more people today are prone to
debt, since the modern wants and needs thinking overlaps w because of the spending
power and capacity people have today. It's a matter of self control and awareness.

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