[ASK] How are you going to handle too much debt? - page 19.

wuvdoll

legendary

Activity: 1442

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Quote from: Kumic on April 03, 2018, 06:30:17 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.

Yes, I feel so many people even got into it in the first place because they want to not just only please themselves, but may be show off. For those who are already in it, then they should really sit down, find out where the whole thing is going, if they are really necessary and start cutting down on a lot of things, to be able to service the one at hand.

After this, I always believe that it is best to live with respect to what you can afford and not live on what you cannot, which is the main reason a lot of people always get indebted in the first place.

breathlessz

member

Activity: 770

Merit: 12

Trphy.io

Quote from: KingFisher9 on April 06, 2018, 12:13:29 AM

You know how to tackle it, when you request that obligation did you ever think on by what method will you pay for it? or then again accomplished something struck a chord that your pay wasn't sufficient to reimburse it through portion? This is the reason before requesting a credit/obligation you should have a solid source or if not, ask just the sum that you can pay. Absolutely never think to take another advance just to reimburse this. Offer a few stuffs that you don't utilize any longer, it will help.

besides that we can find additional source of income to cover our debt in bank. because if we get name of blacklist from bank then we will be difficult to borrow again in the bank

abaharie

newbie

Activity: 114

Merit: 0

I choose not to borrow ... even if it happens, face the reality .. if it can not pay off we try to pay it

Hell-raiser

sr. member

Activity: 462

Merit: 515

Quote from: South Park on April 05, 2018, 04:37:53 PM

Quote from: Hell-raiser on April 04, 2018, 03:25:45 PM

Quote from: South Park on April 04, 2018, 02:28:42 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?

At that point you only have three options one is to earn more money but we know that is never easy and the second option is to try to renegotiate your debt to get lower interest rates but that is unlikely and third the last option will be to sell some assets that you have and if you do not have any then the most likely option is that you are going to face bankruptcy.

In fact, there can be a fourth option but it is not universally applicable. For example, if you live in a developing country with high inflation, you can just wait till your debt depreciates enough so you can safely and easily pay it off. As I said, it won't work out in all cases, but it definitely works in some. I personally know people who borrowed some monies in their time, then inflation conveniently kicked in massively, and they were able to pay all the debts without any effort.

That is an interesting option, but unfortunately you are completely dependent on the situation of your country and you have no influence on whether or not that is going to happen and if for some reason the scenario you are presenting doesn't come to be, I think you will have an even worse problem your debt will be bigger after months or even years of waiting for inflation to kick in.

Indeed, you are dependent on a number of factors playing out simultaneously. But you are still at the mercy of the creditor, so you will have to consider all available options. Anyway, inflation is not something you completely write off even in the most developed countries, while in the rest of the world people regularly use it to their advantage when they can. Banks in these countries are well aware of this, though, and they often set forth conditions that take into account the inflation rates, so the interest you pay will increase along with inflation. But it still doesn't affect the principal which continues to depreciate as before.

KingFisher9

member

Activity: 280

Merit: 10

You know how to tackle it, when you request that obligation did you ever think on by what method will you pay for it? or then again accomplished something struck a chord that your pay wasn't sufficient to reimburse it through portion? This is the reason before requesting a credit/obligation you should have a solid source or if not, ask just the sum that you can pay. Absolutely never think to take another advance just to reimburse this. Offer a few stuffs that you don't utilize any longer, it will help.

waitforme

full member

Activity: 618

Merit: 100

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The Crypto market is still down, so use the money you have to invest in it. You can buy any Altcoin in the top 50 CMC and wait for it until the end of the year, I think it will help you pay off your debts, and God will bless you.

IndzheborgC

newbie

Activity: 140

Merit: 0

Try to recode in another bank for a lower interest and a longer repayment period. Write a detailed plan for the new bank as you are about to pay the debt.

nara1892

hero member

Activity: 1666

Merit: 701

Quote from: supine on April 02, 2018, 01:21:47 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?

Just be responsible pay it in small amount. Discipline your self, the reason why people always run out of money is because their expenses exceed their income. So, it is best to adjust your budget and control your money properly.

That's right. Besides, you may look for the other job, probably freelance job, so you will get extra money to pay your debt. Then take a lesson from this. Just don't do the same thing in the future.

South Park

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Quote from: Hell-raiser on April 04, 2018, 03:25:45 PM

Quote from: South Park on April 04, 2018, 02:28:42 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?

At that point you only have three options one is to earn more money but we know that is never easy and the second option is to try to renegotiate your debt to get lower interest rates but that is unlikely and third the last option will be to sell some assets that you have and if you do not have any then the most likely option is that you are going to face bankruptcy.

In fact, there can be a fourth option but it is not universally applicable. For example, if you live in a developing country with high inflation, you can just wait till your debt depreciates enough so you can safely and easily pay it off. As I said, it won't work out in all cases, but it definitely works in some. I personally know people who borrowed some monies in their time, then inflation conveniently kicked in massively, and they were able to pay all the debts without any effort.

That is an interesting option, but unfortunately you are completely dependent on the situation of your country and you have no influence on whether or not that is going to happen and if for some reason the scenario you are presenting doesn't come to be, I think you will have an even worse problem your debt will be bigger after months or even years of waiting for inflation to kick in.

gabmen

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Quote from: d1ceplayer on April 05, 2018, 01:13:43 AM

Quote from: bering on April 02, 2018, 10:26:06 AM

have too much debt is not good for my life and if my salary not enough to pay my debt then i would immediatelly sold all of my asset for repay my debts and although i have to losing my wealth but at least i already solved my problem and regarding my wealth i think i can able to get it again with working more hard

Although debts make your problem go but you can’t find any solution if your salary isn’t enough to take some amount out monthly and then save it for paying back your debt. We all need to understand that extra expenses must be avoided in our daily life. And if we plan according to this rule, we wouldn’t be taking any loan from anyone and there will not be any worry to how to pay back this big debt.

Right. Sometimes, proper money management is hard to achieve because we easily succumb to our wants, even though we don't have the means for it. If you have a salary, then i suggest to make it a priority to pay up all your debts little by little. Adjust your expenses. You'll feel a lot better when you're debt free or when you see you debts dwindling down.

d1ceplayer

sr. member

Activity: 686

Merit: 277

Quote from: bering on April 02, 2018, 10:26:06 AM

have too much debt is not good for my life and if my salary not enough to pay my debt then i would immediatelly sold all of my asset for repay my debts and although i have to losing my wealth but at least i already solved my problem and regarding my wealth i think i can able to get it again with working more hard

Although debts make your problem go but you can’t find any solution if your salary isn’t enough to take some amount out monthly and then save it for paying back your debt. We all need to understand that extra expenses must be avoided in our daily life. And if we plan according to this rule, we wouldn’t be taking any loan from anyone and there will not be any worry to how to pay back this big debt.

Whitly

sr. member

Activity: 668

Merit: 255

I think, first of all before taking loan, you should think from what money you will gonna pay it or is your monthly income enough to pay, of course I understand that in everyone's life can happen "Force Majeure", so I think only one way - it's try to change agreements (pay less per month and add some years). But I think better to loan from friends or family with no interest.

Hell-raiser

sr. member

Activity: 462

Merit: 515

Quote from: South Park on April 04, 2018, 02:28:42 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?

At that point you only have three options one is to earn more money but we know that is never easy and the second option is to try to renegotiate your debt to get lower interest rates but that is unlikely and third the last option will be to sell some assets that you have and if you do not have any then the most likely option is that you are going to face bankruptcy.

In fact, there can be a fourth option but it is not universally applicable. For example, if you live in a developing country with high inflation, you can just wait till your debt depreciates enough so you can safely and easily pay it off. As I said, it won't work out in all cases, but it definitely works in some. I personally know people who borrowed some monies in their time, then inflation conveniently kicked in massively, and they were able to pay all the debts without any effort.

South Park

hero member

Activity: 2884

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I am terrible at Fantasy Football!!!

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?

At that point you only have three options one is to earn more money but we know that is never easy and the second option is to try to renegotiate your debt to get lower interest rates but that is unlikely and third the last option will be to sell some assets that you have and if you do not have any then the most likely option is that you are going to face bankruptcy.

Aikidoka

sr. member

Activity: 1078

Merit: 342

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And why would I borrow if I know I could not pay back? But if that is the case, then I would pay him/her bit by bit. The problem is that it depends on how much money you borrowed and how much income you have and whether you are independent or living with your parents. If you are independent, then it will be quite hard to pay back because you are surviving through food, electricity bills, etc... But if you are with your parents, it will be a lot easier.

cryptoalfs76

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Activity: 406

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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?

Will to tell the truth,i could not much experience to much debt that i cannot pay those person that i've borrowed,but if in this cases these would happen to me,all i can do is doing a promisory note,and make an agreement,that all of these will be payed accordance to our settlement,and i want to find another extra income to pay all of these my debt and lastly i pray that all this chaos will be resolved in good and peacefully.

Kim Ji Won

full member

Activity: 350

Merit: 110

Quote from: supine on April 02, 2018, 01:21:47 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?

Just be responsible pay it in small amount. Discipline your self, the reason why people always run out of money is because their expenses exceed their income. So, it is best to adjust your budget and control your money properly.

As the OP stated, he can't pay it in a small amount because there is a specific rate that he is supposed to pay (debt installment). In any case, it will be best for you to find ways where you can suffice the amount needed to pay-off your debt installments. You can either borrow money from your relatives in which they will not ask for interest in your debt so that you can actually pay that debt even in small amounts.

ylnar123

member

Activity: 350

Merit: 10

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?

Debt can be solved through proper division of your income. Too much debt is trouble so avoid being down by credits because it is not good for our daily lives. When you are in deep debt, it is better to have a back.up plan on how you deal with it. Example, asking your debtors to lessen the penalties or ask for extensions. Second would be find other alternative means of income aside from your regular job or in a business

BitcoinTurk

hero member

Activity: 1666

Merit: 629

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?

Because of the intense stress, I would have severely worn out myself. Even though there is a good monthly income, even when the expenses are over, even the fear and the uneasiness that money will not be left in my pockets is too much for me, and I do not even want to think about what the debt stress would be for living. Besides, if my income can not meet this debt, it is very likely that very bad results have occurred.

fritzbird

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Activity: 210

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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?

Debts are always something best truly avoided. It just gets in the way at things and it never fails to surprise anyone.
I think borrowing and working for that money would be the best way, but you must talk with the one you borrowed
money from, appeal and bargain. If a deal is struck, by all means one must be oblige to honor it, other wise you
will be in a lot of trouble. If debts are really hard to pay, I think one must truly approach help and find a solution that
benefits all. Debts are always gonna get ugly if not dealt earlier and faster.

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