[ASK] How are you going to handle too much debt? - page 22.

zenrol28

copper member

Activity: 896

Merit: 110

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?

Why would you be under so much debt when you know that you don't have the income to pay those? Prevention is always better than cure. Don't borrow what you can't afford to pay. Restructuring your payments may be the solution. But it may take longer period to completely pay your debts. And i hope that will serve a lesson.

orions.belt19

full member

Activity: 700

Merit: 148

It’s a burden to handle debt. As much as possible, it’s advisable to avoid borrowing or getting a loan if you can but if you find yourself in a sticky situation then the best you could opt to do is:
Liquidate your assets. This may be painful but you have to pay your debts first or else you’ll drown in it in the future.
Find ways to gain extra income if your current main income is not enough to cover everything. Then lastly, be polite to your borrower and ask for an extension if you can.

bering

legendary

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Leading Crypto Sports Betting & Casino Platform

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

elpiji

full member

Activity: 532

Merit: 101

I actually do not like the debt because the debt makes someone's life will be more miserable life.
of course you have to solve the debt problem even though it must be paid by installment.
and after all have paid off then stay away from the debt for your life to be calm.

hualangktsld841

sr. member

Activity: 448

Merit: 250

A stable income is the most important. Then you have to stop borrowing or lending, and know that when you see the debt rising every month, it's very painful, and you're going to suffer a lot of pressure. On the premise of having a stable income, you should set up a detailed repayment plan that will be carried out every month according to the plan. As long as you try to implement the plan on time, your debt will be slowly removed, and of course the process is very painful.

Hazaki

full member

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A lot of people make the mistake of drowning themselves in more debt when they are in a crisis situation , and i have always believed that the best way to handle debts is not getting any loans at all and not having to give back any money to anyone , we should manage our needs with whatever we have because being in lack of something and having a relaxed mind is much more better than having that something and being all the time stressed out because you need to pay the loan you got to acquire that something ..

harizen

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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?

Prior to that "debt" of mine, why I came to the point that I loan something? For what? Emergency? Miscellaneous?

If it's not about emergency or urgent purposes, I will never get a loan if Im aren't sure that I can pay it and afford it. Why should I in the first place? Im making sure that I have sort of stable source of income before getting myself into a problem about debt.

But generally, there are unexpected things that even we don't want to involved ourselves in getting a loan because we are sure we can't afford it, still we have to. In here the best thing to do is to make a standard aggreement to the concerned party. It's not a wrong move if people will tell them their current status that they have a problem resolving their debts so that some "things" can be execute for people to be able to pay their respective debts on a terms that they can handle. As OP said, there is an income but it's not enough so surely it has solution based on what will be the proposal.

jaysabi

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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.

I've heard of people using these systems before, they're called a Cundina or Tanda depending on what part of the world you're from. I don't see the appeal of it personally. If you're able to pay the money into a Cundina every month in the first place, you're able to save for yourself just as easily and it removes the risk of someone else not paying their contribution back and you losing your money because of it. It's just an extra risk I'd rather avoid.

Tharel

member

Activity: 182

Merit: 12

first, if you have an obligation to settle, make sure to have a budget so that you can pay little by little your debt. it might take long to settle it, but you'll get there by doing what you have to do. learn to manage your finances and make sure to allot buget to your loan. in this case, your loan will decrease in due time.

Bitcoinjheta

full member

Activity: 798

Merit: 104

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 thing to do to solve your problem is control your finances. Finanacial management is very important you should know your priorities and look for extra income like joining bitcoin in bounty campaign program by having signature campaign, this things will make you repay the debt installment as soon as possible.

burnchan

newbie

Activity: 240

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?

I would recommend you to revisit your budget. But if you don’t do budgeting then it is time to make a budget plan. From your budget, check if you can slash down unnecessary expenses. Use your extra money to pay for your debts. If in case there are no extra budget, then the best thing to do is to look for an extra job. An additional income is needed to compensate our expenses.

brotherwood12

member

Activity: 686

Merit: 30

stop doing debt , really that the important
dont buy something that u cant pay
if you really need it buy it by cash IMO

bangkit tri

full member

Activity: 532

Merit: 101

i will always try to earn money for payment my debt, we are can participate in bounty campaign, without capital, we can get coins and finally can be sold, additionally if we have trading skill, it would be easier to make money

paparexon0414

full member

Activity: 432

Merit: 126

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. Most important thing, you must have the discipline. If you dont, everything will end up of having more debt and probably you cant escape it anymore.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: Coffee135 on April 02, 2018, 04:48:24 AM

For me, loans are the worst thing. I think so. If I can't buy a car, I don't deserve to have one. I work and save money for the car. I can buy myself a car in second hand and it will be cheaper than paying interest on the loan. You can always find an opportunity. Credit is the worst solution.

Absolutely. Credit is so insanely easy to access, which is done so on purpose, that when most people have debts to cover, they try to fill one debt gap with another, and that's the road leading to total bankruptcy, exclusion from almost every possible service, etc. Look at current economy, it's almost entirely based on debt, which is insane. In other words, that what the majority of people think to own, isn't theirs at all in reality. People's cars, houses, investments, it's all breathing a dangerous level of debt. It goes even so far, that people buy crypto with credit, which is the most stupid thing to do. Crypto volatility + lacking understanding + credit (borrowed money) = 90% guaranteed failure. It's a lethal combination people greatly underestimate.

mary0919

full member

Activity: 476

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 will slowly pay it until I paid all. If I have huge amount of money or I can received incentives from work I will pay all my debts. But If I have a few amount left from my salary I will pay it slowly every pay day at least I pay regularly. Debts is to be paid but it depends on how you manage to pay it.

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

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?

This sounds like another crypto debtor Roll Eyes

I hope it wasn't borrowed in the wake of the bitcoin ATH in December 2017 because that would really be hard to repay considering how much that was borrowed and the present btc price now.

Quote from: usorin on April 02, 2018, 04:11:09 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.

What a sound advice from an experienced advisor.

OP, there is something called repayment plan. You have to embark on such no matter how little you think you earn. Gradually and over time you would be able to offset your debt. Taking on extra jobs as others have advised may not be a way to good if you don't feel like it or if you are restricted health wise.

ArkiCrypto

member

Activity: 238

Merit: 33

well the only way you can get out of that is to pay it but just what i've read the profit is not enough to pay your debt. I think for me if i'm in that position i will find multiple jobs (Field job) yeah it's not that easy to say that but for me it's the only solution that came to my mind.

And if you add the part time job here in the cryptocurrency industry (Bounties) it would also help a lot. So to conclude this, You should not get a debit card.

ballerin and giroud

member

Activity: 868

Merit: 16

And what's you jobs? If your jobs not enough to pay your debt it will good for you to get out from your job, and looking for a jobs like taxi driving or the other who give you a money depend on yourself. Because if you get payment from your job like you work in a company your payment was determined, different if you looking for money with your ownself you will work hard for getting money.

patt0

legendary

Activity: 1694

Merit: 1005

Betting Championship betking.io/sports-leaderboard

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?

hmm find another job? You could always try to rob a bank, but that is illegal, so the first option is better although it probably wont help you.
The situation you are describing is a very difficult one, and I'm afraid there is no easy solution for it. A guy like this would probably be arrested and see all of his property, if he has any, confiscated (another great thing about banks...). People can get easy access to debt, and once they can't pay it, they lose everything. And people still say that debt is important for our economy...

Topic: [ASK] How are you going to handle too much debt? - page 22. (Read 2710 times)