Well, when talking about debts and how to get free from it, I think the best thing to do is avoid it at all cost. Do well to avoid debt and conditions of its kind.
Debt and being able to manage it
- Thread starter Joshua Farrell
- Start date
Unfortunately, there are so many people who repeatedly borrow loan and there comes a time when they basically depend a lot on loans and they borrow money again and again.
One financial coach I look up to offered a great way to get out of debt. First you'll have to calculate how much you owe in total then you dedicate 20 percent of your income to paying back these debts while working on adding extra steams of income.
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That is quite bad . Some amass lots of loan to the extent that they borrow money in order to pay for a debt.
When one keeps revolving in such circle it would definitely not be good.
I think that the best way to manage debt is to avoid it in the first place. This definitely also involves avoiding loans in the first place and trying your best to make sure that you make enough money.
I'm very sure I'm not even in debt and that is one of the things I personally will like to avoid like a plague. It comes with a lot of inconveniences and wouldn't allowed you to think straight for a moment. Worse of it all if you have difficulties in paying back the loan.
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I always do my best to avoid borrowing, hence I plan my budget to be within my means and ensure I still have some spare cash for emergencies. I always do extra work for extra income.
If I were to get into debt, I would do my best to get extra jobs so I can pay it off early.
If I were to get into debt, I would do my best to get extra jobs so I can pay it off early.
I am also not having debts because I Live with my family. But I think that a time shall come when I would need to manage my expenses alone and at that time things shall become very different.
Even with that the most important thing you should be doing is to try as much as possible to avoid being in debt, that is why you need to learn a skill that can guarantee you at least some earnings at the end of the day or weeks.
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Right now, I have a really tight budget and I am trying to save as much money as possible. I might be really stingy, but right now I have no other option in order to save money.
Okay that is another good idea. As long as you are able to manage the little resources you have conveniently to a point of having some savings , there is nothing wrong with that . You are definitely on the right track.
Well, I think that saving a small sum of money would eventually help me to save a huge sum of money in the end. This is because if you save small units of cash, you would be able to save a huge sum of money eventually.
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It may happen but I believe this is likely to happen in situations that you are able to have a better earning. But as long as your salary is still lower, There's no how you can be able to save something reasonable
Yes, there are so many people who tend to try to save money. For example, they may visit supermarket and then they may try their best to purchase items in less quantity.
The generous way to overcome debt in your business is to be honest about your spendings, take account of your accounts, check your credit report mostly, and also look for opportunities to consolidate.
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The best way to manage the debt is to analyse how much money you are earning right now and then calculate how much money you could save in order to pay off the debts.
Sometimes you can be caught up on this borrowing web, and it would take a financial miracle to pull you out of the mess as I have come to experience it myself and it has not been easy but thankfully I am out of it.
Well, if you continuously start borrowing money, then you will have a harder time controlling this habit. I think that many people have a really hard time controlling the credit card addiction.
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When it comes to any kind of debt I am usually one who tried to steer clear of it if I am honest due to the fact that it can be awful when you get into it and the stress it causes can often affect health. Unfortunately, I was in the red due to my ex who I was in a mentally abusive relationship with who took loans and bought things in my name to pay off without my knowledge. This left me around £4000 in debt and I am in the process of getting those written off with one already written off and another being worked on. I am very cautious and careful with what I take out and always ensure I can afford to pay it back when I do take anything out. One tip I will give to people if they do and struggle due to a change of circumstances is to always contact the lender and let them know about your issues as they will always do what they can to help you.
For me personally to increase my chance of paying back loans I collected, I have to reduce my spending a bit and I can break rules for that by having a daily target of how much I am expected to spend. Just for the main purpose of reducing spending
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