How did you manage to bail out yourself from debt?

[Stardom22]

Debt is something that seems very unavoidable here in my country. That's is because of the worst situation of the Country's economy here. So how did you managed to bail out of debt?

 

[gwolf666]

Dealing with debt in a struggling economy is extremely challenging, and I completely understand your concern. From my experience, the first step is always to get a clear picture of all your liabilities—list every debt, interest rate, and repayment schedule. Once you know exactly what you owe, prioritize paying off high-interest debts first, as they drain your finances faster. I also created a strict budget, cutting out unnecessary expenses and redirecting that money toward debt repayment. Another strategy that helped me was finding additional income streams, even small ones, to accelerate the process. I negotiated with some lenders to restructure payments, which eased monthly pressure. Most importantly, I changed my mindset about money, avoiding impulsive spending and focusing on long-term financial stability. It took patience and discipline, but gradually the debts were cleared. I believe anyone can recover from debt with careful planning, persistence, and smart financial habits.

 

[eLdavis]

I had to look for some extra side hustles to make some extra cash and most importantly i had to manage what i earn.

 

[Starmix]

I have no debts. I never experienced it. However, if encountered a case like that I have to focus my attention in paying the debt. It's crucial putting the self to shame if failed to pay, trust will disappear and no one will believe you again. The person in debts must work double or triple.

 

[Suba]

Although I've never been in debt, I've theoretically studied various ways to escape the debt trap. First, don't add new debt; choose which debts to pay off first. You can also use the snowball method, the avalanche method, or debt consolidation.

 

[Stardom22]

Most people are being overwhelmed by the debt thing based on the fact that entering into debt is pretty easier but doing away with it is almost a different thing.

 

[Springtime]

I do not have any debts except I use credit card to take advantage of cashback. But I always pay my credit card bill on time. Never paid any interest. If someone has a lot of debts, I think s(he) should try to think of a strategy on how to clear the debts. Choose which debts to pay off first. At the same time, work hard to make more money. Do not allow yourself to have additional debts while your old debts are not cleared.

 

[kit_hung]

Dealing with debt in a struggling economy is extremely challenging, and I completely understand your concern. From my experience, the first step is always to get a clear picture of all your liabilities—list every debt, interest rate, and repayment schedule. Once you know exactly what you owe, prioritize paying off high-interest debts first, as they drain your finances faster. I also created a strict budget, cutting out unnecessary expenses and redirecting that money toward debt repayment. Another strategy that helped me was finding additional income streams, even small ones, to accelerate the process. I negotiated with some lenders to restructure payments, which eased monthly pressure. Most importantly, I changed my mindset about money, avoiding impulsive spending and focusing on long-term financial stability. It took patience and discipline, but gradually the debts were cleared. I believe anyone can recover from debt with careful planning, persistence, and smart financial habits.

This debt game is very difficult especially if you live in a local economy that is boiling every day. But the truth is that you can get out of that hole without killing yourself. First know what you owe and to whom then plan to pay off the ones with the highest interest first.

Reduce wasteful spending and set a local budget that squeezes every coin. Find a hustle even small to increase income. Try to talk to lenders so they understand your situation and set new terms. This is not a sprint it is a marathon of intelligence and patience. If you change your mindset and reject the temptation to spend without a plan you will just get out.

 

[Min George]

I had to be prioritize my students loan first as soon as I started working. Used 70% of my earnings then to clear debts.