[ASK] How are you going to handle too much debt? - page 9.

Stavri

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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?

I would change my job. There are other fields that you can earn good money by working so hard. I would work in the countries that gives good salary.

BartS

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Quote from: Omnipotent1 on June 25, 2018, 04:31:16 PM

If I accumulate too much debt, which I'm in danger of doing. I guess I would move back in with my parents.

While in some cultures that are very independent going back to live with your parents is a sign of failure, if you are that indebted then you need to move with them right now instead of waiting for your debts to be so big that you will need to do it anyway, if you do that you will be able to save money in rent and utilities which are some of the biggest costs when you are living alone and from now on you need to cut expenses as much as possible so you can pay your debts as fast as you can.

Nucular

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A lot of people find themselves in this situation. I have found myself in somewhat similar situation in that I needed to find a new place in days. You're completely out of your element, your environment is dictating your next move, and by that you should understand that eventually it's going to be over.

STT

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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?

Debt is ultimately depreciated by inflation as the governments of the world use this premise to borrow every day more then they could otherwise handle. Whats really important here for debt is the course of time set to repay and the interest rate agreed.
If you have a fixed interest rate then its possibly manageable debt. Due to excess debt world wide, its very likely we have increasing inflation so a fixed rate vs a rising supply of new money should mean your debt is repayable.

malikusama

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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?

There are two different scenarios.
If I own some property then i can use it to pay my debt.
If there is no other way out not even property to sell or use, then i will prefer to do part time jobs, and work as much as i can to meet my debt installment/requirements.

To lend money from any other source to pay your existing debt is a bad idea, it will increase the risk.

vik254

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there are numerous ways one can deal with such issue. one of the efficient ways of doing that is by simply cutting down recurrent cost. by so doing you will be able to realize a huge profit, which will be used to pay the debt. when doing this you have to be keen so as to avoid compromising the quality of service or goods you are offering.

selling few assets to pay the debt is also popular among a number of firms. this is essential since the entity will not have to spend a huge sum of cash paying for the debt for along time. instead the money being made from the business will be invested back to the firm thus making it more competitive in its field.

institutions with good credit history can also renegotiate the terms of paying the debt. this is one of the major reasons why people are advised to have good credit history. Doing this in the right time will be of great essence since it will create trust between the two parties.

Omnipotent1

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If I accumulate too much debt, which I'm in danger of doing. I guess I would move back in with my parents.

indijim

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I would live in my car until everything is paid out. Where to shower and things like that? When pushed to the limit people become creative.

Nboramir

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If you have loans to banks in my opinion you if you can should take loan from a place that you dont pay interests. If you do that with a stable income and a successful plan you can pay your debts in a much easier way.

phpartisanmaster

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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 for a person to handle debt is through saving more money in order to pay debt and lessen their unnecessary endeavors to save more money.

y_stars

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I would sell every single thing that I could. Video camera, video game systems. Perhaps even rent them out.

susila_bai

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Quote from: techbill on June 24, 2018, 03:04:31 PM

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?

There's not much you can do but pay as much as you have.

One thing you can do is sacrifice hard. Eat less, buy cheaper version of the food you eat. Cut down on electricity use, and so on.

What you are saying is not correct as cutting your food and electricity won't solve you're problem but you have to work hard and work more to earn high so that you can pay your debt soon

techbill

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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?

There's not much you can do but pay as much as you have.

One thing you can do is sacrifice hard. Eat less, buy cheaper version of the food you eat. Cut down on electricity use, and so on.

jwenbu

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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?

Of course i will not let that happen specially if i will do debt for the not important things. But if I'm in that situation, I will make sure that as soon as possible i will pay my debt and seek some extra income. Discipline your self is one of the important thing to do.

BartS

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Quote from: kenharry on June 16, 2018, 04:25:08 AM

Debt come into being when all income available to the person cannot pay all bills instantly. You take records of all your debts and their interests. Take a decision to pay off your debts and be free from debt burden. Try and meet your creditors to accept whatever amount you can afford. Pay your debts first from whatever income you received. You need to expand your means of income. Taking advantage of the technologically driven economy to engage bitcoin and other cryptocurrencies to completing your income.

It is also really important to prioritize and pay the debt that has the biggest interest rates and if possible try to consolidate everything with the lowest interest rates, a way to do that is to get a loan on your house since those are the loans with lowest interest rates and then pay debt like credit cards that have the biggest interest rates, you still have your debt but now the interest rates are more manageable and if you are consistent you will eventually eliminate that debt.

BitcoinMarketer39

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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 best thing you can do about debt is to stop burrowing money and try to work hard and lessen your unnecessary endeavors in order to have a budget on paying your debt and not go broke.

BartS

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Quote from: lebrone08 on June 16, 2018, 03:32:37 AM

I think you need to change your daily routine in terms of budgeting your salary. First try to minimize your expenses, if it is not important don't spend too much, don't always eat in restaurants, if you could cook for your self much better, try to add more percentage in your savings. After setting those things try to check if you save more than expenses. If the results is positive then continue until you settle all your debt. I hope this could help others to resolve their problems.

That is good advice but do you know why people do not do it? Because it is hard, people of today are simply to used to get everything on demand and without any effort, being a disciplined person is really difficult for them and then when they see something they want they cannot wait for it and save money as they should until they got enough cash in hand to buy it, they pay it with credit, then things get out of control and spend more money until they find themselves buried under a mountain of debt.

Ondre

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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?

Communicate properly with the person whom you owe money. Tell them to pay bit by bit, then find an extra job that will compensate your debt. Discipline yourself in handling money, don't borrow money to pay for your debt. Listing down all expenses will help you manage your money. Be a good steward.

Natsuu

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If you don't want to be in full debt then learn how to avoid those unnecessary things in your life and know your needs versus your wants and sooner you'll have at least some savings and you don't need to borrow money from others. I must say my father raised me in a belief that just be thrifty so you won't need to borrow money as having a debt free life is like having a sound and good sleep every night. An inner peace of mind that not everyone have.

DaftAjax

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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?

To be honest, I haven't been in that kind of situation, so what I think the best route that you could do is to call for help. I know its going to be another set of debt among your friends and family, but what's important is that you have relation to these people this time, and not just some bank that will take no consideration of what your situation.

If you manage to do that, this time don't make the same mistake. Discipline yourself - have plans, I'm not an expert whatsoever but there is an equation I learned in college when it comes to your savings. That is: Income - Savings = Expenses, smart right?

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