Topic: [ASK] How are you going to handle too much debt? - page 2. (Read 2678 times)

Last year I faced such problem. I borrowed like 6 k usd for stock trading from my friend. At that time I earned like 1k usd each month and I was depressive after I lost this amount on a such instrument like call options. We were about to brake friends relations and he pressed me , it was hard time, I couldn't save enough money and even lost major part of my salary on gambling like sports bets.  Eventually I've tried bounties and earned whole amount just in a couple of months thanks to strong up trend and my patience and bit of luck

of course I will do other work that can meet the debt payments I have. because there is no way of cloth that is better than that method. by doing other work that can increase your income. you will be able to pay your debt

But I'm thinking that why do we need more work when we are in debt while we're normal, we do not do it, what I'm saying, it means we should stop debt before it arrives by working harder and making some money for such emergencies. It seems to be more reasonable, instead of trying to deal with the consequences, we should handle the consequences sooner than expected, that will help us not passive in all matters and not much pressure, with this idea, people will no longer stick to too much debt

the best way i think that sell what i was debt , and reduce my dept into to what i can pay , debt is not good for your wealthy better buy it cash

Cut down on your daily expenses. Spend less on things you don't need...  Too much Greed very bad for you. It encourages  irrational behavior. Makes you compromise your standards...
Try these:



* Spend below you earnings.
 If you earn a $1000 monthly, it'd be rewarding to spend less than 40% of the earnings monthly and save the rest.

* Eat cheap but healthy meals. Fruit and vegs are usually cheaper than junk foods.

* Withdraw from school especially the expensive ones...they aren't necessarily better. Home school yourself or kids (online education possibly) until you pay off most of your debts.

* Buy quality fairly-used products
* Buy cheap alternative of the expensive things you are used to.
* Stay indoors to avoid spending temptations.

* Use public transport if that helps

* Invest in profitable businesses.

* Don't buy car or home yet until your debt are cleared.

* Rent cheap apartment in fairly decent neighborhood.

Finally...
✴ Save more. Spend less.
There is no shame freeing yourself from overspending and debt slavery.

if you have a lot of debt then you should be able to find a job as much as possible to be able to pay off the debt that you have, don't let you not pay the debt, you have to find a job that can provide a fixed salary for you. as much as possible to not be too wasteful and too use your money for things that are not important as long as your debt has not been paid off.

If I don't have enough income to pay my debt in installments, I'll pay some eagerly or ask for help from loved ones. Then keep trying to earn enough money to pay off all the debts.

What is certain is that the first thing you have to do is to intend in your heart really really to pay off the debt, because without intention in a strong heart you will never be able to solve it, the next step:
1. stop borrowing or enlarge debt, do not close the hole by digging a new hole because it will leave a large hole in the sense that your debt will be increasingly swollen
2 control of expenses, do not exceed your income, and prioritize with a percentage of, for example, 25% of income to repay your debt
3. ask for an extension if you can still negotiate, even though there will be many requirements but you must be able to convince the person who gave you the debt, and you must be consistent with the agreement you made (if any)
4. If you still have assets such as gold or property you sell to cover your debt
The key is to keep returning to yourself, consistent with your intention to resolve your debt. I am sure you will find your own way that is definitely best for you.

I will face all this burden of life patiently and always try my best.
how to handle it..?
hehe ... funny question ... I think to overcome every debt is to always try to work hard, don't laze around. You are already in this forum, meaning you are familiar with cryptocurrency. a lot of work can be done here to earn income. keep learning to lead a better life and don't be lazy to learn. with you working hard and trying, I'm sure you will be free from all the burdens of your life, including your debt.

I think one thing is for sure that we need to have a source of money or income to pay with your dad. Lowering the payment plan and prolonging your payment is not a bad idea if you really cannot do it but if you could do it faster I think that is much more viable. I agree that you could sell your belongings for money especially the things that you don’t need. A lot of people have already said their thoughts here,I hope it could be done and be looked with positivity.

I think there coukd be a court proceeding where you can opt to lower your payment plan. But after this proceeding and you fail to pay, you can be liable to be imprisoned and punished for missed payments. In an ideal world, you should up and sell stuff and live with the barest of basics to survive and work until you can pay off your debt.

The things that I do when I'm in debt are outlines The amount of money I save, I've made clear to myself how much money I would save each month. I will try to raise my monthly savings as much as possible and cut down the costs that I usually spend to the minimum. This is important as it is also a great way to get rid of your debt quickly. Focus on the highest interest rate debt
Make the most of your debt to the highest interest rate on your debt tracking list. Since interest rates are high, the amount of interest you pay on a monthly basis also increases. It is the cause of your debt grows bigger. So concentrate on it before it makes you exhausted and increase your income. Although you may have a stable job, however, to pay off your debts in the shortest amount of time, You can increase your income by working overtime or finding extra work overtime. Finding a part-time job depends on what you want. But this is one way you can think about it. And the last thing that matters most, is Patience. Please keep track of your debt list regularly. You should not be anxious to get rid of debt, which will make you discouraged if you see after a certain period that the debt is not reduced to how much. However, your patience and continued focus on debt, soon you will see that debt has disappeared. Also, remember that after the highest interest rate debt is paid off, switch to the second highest-rated debt. As such, you will soon get out of debt with debt.

everyone even countries in all countries have debt, but the difference is that developed or rich countries are good at managing their financial systems by dividing into different parts of each
very different from poor or developing countries

When you have too much debt and you income can no longer cover for your repayment, you may need to notify your lender of this development and give them evidence to back up your claim. In this case, your lender can choose to restructure your repayment in a way that your income can accommodate it. On your own part, you may need to cut some expenses.

What's more, what's you occupations? On the off chance that your employments insufficient to pay your obligation it will bravo to land out from your position, and searching for an occupations like taxi driving or the other who give you a cash rely upon yourself. Since on the off chance that you land installment from your position like you work in an organization your installment was resolved, extraordinary in the event that you searching for cash with your own self you will buckle down for getting cash.

true because in the way it works, the debt that wants to be big can be paid in installments little by little from the results of our work

If you are having a debt, that means you are really having a problem to solve. The level of control of the problem depends on whether your debt is a projected debt or a non-contingent liability. Whether the debt is anticipated or not, the first thing you need to do is to look at it as an issue that needs to be addressed seriously. So raise your hand, shout your name, confirm you have a challenge ahead, commit to overcoming this challenge and freeing you from the debt. Ask yourself, 'Why am I in debt?', 'What was my money spent on?', 'How much money do I make each month?', 'My debt has gone up. Or do I have problems paying off too much interest? ',' Are my expenditures leading to debts or expenses for family members? '. Do not worry about finding a solution - first review your problem thoroughly and determine the scope of the problem. Then write down your expenditures, spend an item in your notebook, or on a spreadsheet to evaluate all your expenses over the past 6 months. Print your credit card statements, bank statements and put those bills in your wallet, car and sports bag. You must have an accurate picture of what you have spent, and if you have a debt, you do not seem to have a picture of what you want. Be ready to make a big change. Are rents or travel expenses taking up all of your expenses? You may have to relocate to reduce your living expenses. You may have to move to a smaller place. Or you have to put aside your hobbies aside. You have to do what you can to help you break through your debts.

if I am a lot of debt, I do not want new debt anymore, to cover up my debt debt, I have to work harder and have to have the willingness to pay the debt to get rid of the burden of life.

Try to pay your debt with a small amount first. Don't fully paid it in just one day coz you will suffer also and you might borrow some money again.

Find additional work, use your free time to work so there is additional income to be able to repay your debt.