[ASK] How are you going to handle too much debt? - page 5.

Sled

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Quote from: 3la9l_kolbaCa on July 17, 2018, 06:15:49 PM

Quote from: BartS on July 17, 2018, 10:23:02 AM

Quote from: fredo123 on July 12, 2018, 05:38:05 PM

Tips in handling too much debts,
1. Know who and how much you owe,
2. Pay you bills on time each month,
3. Create a monthly bill payment calendar
4. Make at least the minimum payment
5. Decide which debts to pay off first
6. Pay off collections and charge offs
7. Use an emergency fund to fall back on
8. Use a monthly budget to plan your expenses
9. Recognize the signs that you need help.

There are many good tips that you give but some can be improved, tip number 4 should say make more than the minimum payments, if you only make minimum payments you are never going to pay off your debt, in point five it should say pay off the debts that cause the biggest interest rates, most of the time this means paying off your credit cards, and the point number 9 should be that you must get help since most of the time a huge debt happens because of unhealthy spending habits.

I believe we should know our limitation and to stop being too impulsive. Before we do things we should determine what are the possible consequences of our actions. If you have much debt, I think the best way to do is to prioritize what to pay first and learn a lesson from the experience. Formulate a budget plan and follow it religiously.

I agree to that, we should visualize the possible overall look of what we are trying to do in the future. It is about having a great perspective so we will think about the possible best and worst results so we can prepare ourselves and have a back up plans so we will not become disappointed at the end of the day.

roomboy85

newbie

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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?

What im going to do is i will separate the money that i use to pay my debt. I will make a budget plan so that i save money and i dont hesitate to borrow money to other. Make some extra work to earn extra income to pay the dept on time. Practice your self not to buy expensive things and dont eat in a costly restaurant to save money.

3la9l_kolbaCa

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Quote from: BartS on July 17, 2018, 10:23:02 AM

Quote from: fredo123 on July 12, 2018, 05:38:05 PM

Tips in handling too much debts,
1. Know who and how much you owe,
2. Pay you bills on time each month,
3. Create a monthly bill payment calendar
4. Make at least the minimum payment
5. Decide which debts to pay off first
6. Pay off collections and charge offs
7. Use an emergency fund to fall back on
8. Use a monthly budget to plan your expenses
9. Recognize the signs that you need help.

There are many good tips that you give but some can be improved, tip number 4 should say make more than the minimum payments, if you only make minimum payments you are never going to pay off your debt, in point five it should say pay off the debts that cause the biggest interest rates, most of the time this means paying off your credit cards, and the point number 9 should be that you must get help since most of the time a huge debt happens because of unhealthy spending habits.

I believe we should know our limitation and to stop being too impulsive. Before we do things we should determine what are the possible consequences of our actions. If you have much debt, I think the best way to do is to prioritize what to pay first and learn a lesson from the experience. Formulate a budget plan and follow it religiously.

droptableguy2

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Activity: 434

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Quote from: bennypagulayan on July 12, 2018, 03:21:34 PM

Quote from: nesty on July 08, 2018, 08:24:08 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?

The only thing we should do before borrowing money from lenders and other financial institution evaluate ourselves first if we are capable of paying the amount that we are going to loan because evaluation could lead us before we could have so much debt. We should not borrow what we cannot pay. Otherwise that is a very big problem that will result to bankruptcy.

Now people can lend you very little, they lend it because they trust you so borrow on knowing they have the ability to pay for them. Never lose the trust of the person who trusts you and lends you money, money can be easily earned but trust will lose it will be very difficult to get back.

You're right. Money can be earned. But trust is not. When they give you a loan. It is because they trust you, knowing that your payment is possible. But usually the rich are the ones who owe the most. The more debt, the richer. The formula of the rich. And lenders always trust the rich. That's how smart it is.

Nnedaddy1

copper member

Activity: 294

Merit: 1

I will put off with all form of extravagant life style and push the money saved to buying my debt. Map out some percentage of my earnings for debt servicing.
And try to live within my means moving forward.

ryzaadit

legendary

Activity: 2688

Merit: 1262

I dont have a debt but iam some rules to manage my money. My opinion its all about you manage your money, your spent money must balance. if not you will cant pay the debt.

i-spn

newbie

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decrease the risk step by step, separate the risk as an ill man.

manfredmann

member

Activity: 518

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Double the effort on spending time to get more sidelines to earn. This is the only thing that could possibly help an individual having too much debt. Aside from that they could also venture on cryptocurrency but is should be expected that the ROI for this is that more or less you are going to earn in a simple buy when market price is low and sell when market price is high but it could take time to more or less 6 months.

SeriosSam

jr. member

Activity: 106

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If there is no longer a possibility to repay the debt, then it is necessary to restructure the debt or declare bankruptcy!

BartS

sr. member

Activity: 980

Merit: 255

Quote from: fredo123 on July 12, 2018, 05:38:05 PM

Tips in handling too much debts,
1. Know who and how much you owe,
2. Pay you bills on time each month,
3. Create a monthly bill payment calendar
4. Make at least the minimum payment
5. Decide which debts to pay off first
6. Pay off collections and charge offs
7. Use an emergency fund to fall back on
8. Use a monthly budget to plan your expenses
9. Recognize the signs that you need help.

There are many good tips that you give but some can be improved, tip number 4 should say make more than the minimum payments, if you only make minimum payments you are never going to pay off your debt, in point five it should say pay off the debts that cause the biggest interest rates, most of the time this means paying off your credit cards, and the point number 9 should be that you must get help since most of the time a huge debt happens because of unhealthy spending habits.

tepakpak

newbie

Activity: 266

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If I experience the incident, the first thing I do is adjust my needs with income and the second I will look for other income, meaning to work more.

Fire316

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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?

You know that is the very difficult situation when you had so much debt. You should handle it and solve by your own technique. The important is you will pay your debt even little by little. I know every people can't avoid debt but you should know how to handle and repay your debt.

fredo123

full member

Activity: 350

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?

Tips in handling too much debts,
1. Know who and how much you owe,
2. Pay you bills on time each month,
3. Create a monthly bill payment calendar
4. Make at least the minimum payment
5. Decide which debts to pay off first
6. Pay off collections and charge offs
7. Use an emergency fund to fall back on
8. Use a monthly budget to plan your expenses
9. Recognize the signs that you need help.

slashz9

full member

Activity: 1554

Merit: 101

I guess that's a bit difficult, which is why many people get stuck in debt for not being able to pay the mortgage, they spend more money than the amount of income, you can just apply for another loan to pay the previous installment but the cycle will continue some people call it racing rats.
that's why you have to be good at managing your finances, you have to keep your expenses lower than your income that's the key.

bennypagulayan

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Activity: 280

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Quote from: nesty on July 08, 2018, 08:24:08 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?

The only thing we should do before borrowing money from lenders and other financial institution evaluate ourselves first if we are capable of paying the amount that we are going to loan because evaluation could lead us before we could have so much debt. We should not borrow what we cannot pay. Otherwise that is a very big problem that will result to bankruptcy.

Now people can lend you very little, they lend it because they trust you so borrow on knowing they have the ability to pay for them. Never lose the trust of the person who trusts you and lends you money, money can be easily earned but trust will lose it will be very difficult to get back.

BartS

sr. member

Activity: 980

Merit: 255

Quote from: yndye on July 07, 2018, 10:17:40 PM

Maybe you can have the option of debt restructuring so you will have to talk to the creditor if he would like to take the option because the creditor would likely to just choose this than not receiving anything at all. Find an opportunity to have an extra income so that you can pay even small sums and reduce your debt.

Do not look for a one time big time solution like you will just gamble and hope to win so that you can pay it all because most likely you will just lose but instead have a list of all your debts then start from the small one so that when you are already paid out some of the creditors, it would lessen the weigh in your shoulders.

Having too much debt does not happen overnight, it is a process that most of the time it takes years or even decades and if you want to get out of it the truth is that it is going to take you almost the same amount of time to get out of the problem, however most of the people that get into debt problems are not able to come up with a long term plan to solve their problems because if they could they will not have those problems in the first place so they try some quick fixes that most of the time only makes things worse.

sonofliberty

full member

Activity: 395

Merit: 100

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Take measures to ensure that your income keeps growing. Do this not only by raising wages, but also by investing. Be engaged in financial self-education. Today, we have the opportunity to buy anything on credit, and this causes in people a lot of temptations to live beyond their means.

pokeronlinestatus

full member

Activity: 455

Merit: 102

Quote from: bettercrypto on July 01, 2018, 05:42:01 AM

Too much debt caused someone to become depress. I do not yet have a big debts because I am just a young and I am hoping to my family specially to my siblings though there are times that I support my needs and do not demand upon them. If ever I encounter a huge amount of debt then I will push myself to pay it but in legal procedure. I know that praying will give them also an indirect payment, therefore I will always pray for their success.

One should always manage his expenses, rather than getting into the trouble of debts because debts can be taken easily but then returning them is a very big problem. However if someone had a debt to pay, then he must make a tough schedule for himself, he shouldn’t waste time and money but he must live in such a way, which favours him to save his money. In addition he should also do a part time job.

charlemagne_15

member

Activity: 357

Merit: 12

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 case of me having so much debt and my income is not enough the first thing I do is to make a plan on how to properly budget everything in my small amount of income. After that, do some research on part time jobs and grab it if it is not that difficult. Have a deal to the person who you in debt. Pay them even though it is a little so that it can be reduce little by little. I think it is better to not borrow any money from lenders because I think it will only adden to your debt.

nesty

full member

Activity: 518

Merit: 184

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 only thing we should do before borrowing money from lenders and other financial institution evaluate ourselves first if we are capable of paying the amount that we are going to loan because evaluation could lead us before we could have so much debt. We should not borrow what we cannot pay. Otherwise that is a very big problem that will result to bankruptcy.

Topic: [ASK] How are you going to handle too much debt? - page 5. (Read 2709 times)