How to get out of debt?

[Starmix]

With the economic changes that we are facing globally, men and women may not be able to be debt-free. As soon as they fully paid their debt, they reapplied for a loan again to patch up the days while waiting for the next payday which is for me wrong. How could you live in peace like that? There are many ways ot patch up the days before the money comes to you from your work like borrowing money good for 15 days from your family or applying for a cash advance. And then, we are also advised to do the following to become debt-free. 1. Understand your debt 2. Plan a repayment strategy 3. Understand your credit history 4. Make adjustments to debt 5. Increase payments 6. Reduce expenses 7. Consult a professional Financial Advisor and 8. Negotiate with lenders.

 

[eLdavis]

The stress of trying to get out of debt is one reason why I always ensure I don't fall into debt at all in the first place.

 

[Starmix]

The stress of trying to get out of debt is one reason why I always ensure I don't fall into debt at all in the first place.

I experienced loan before in a private lending just for curiosity with my colleagues only to regret. They got the loaners ATM and be returned only after the loan is fully paid. That was insanity, so I paid all and stopped.

 

[eLdavis]

I experienced loan before in a private lending just for curiosity with my colleagues only to regret. They got the loaners ATM and be returned only after the loan is fully paid. That was insanity, so I paid all and stopped.

Wow, that's serious. I have heard of cases as well where the loaners hold the national IDs or international passport of does collecting loans untill they pay back.

 

[Starmix]

Wow, that's serious. I have heard of cases as well where the loaners hold the national IDs or international passport of does collecting loans untill they pay back.

Seriously they are executive documents. The loan providers just want to make sure loaners to pay That's tactic in business part of their plans.

 

[eLdavis]

Seriously they are executive documents. The loan providers just want to make sure loaners to pay That's tactic in business part of their plans.

Yes, and to be honest I don't even blame most of them when they go to such lengths. Some people are just so heartless refusing to pay back.

 

[Starmix]

Yes, and to be honest I don't even blame most of them when they go to such lengths. Some people are just so heartless refusing to pay back.

I agree on you those loaners converted their salaries to other things making a zero balance of their accounts like the ATMs.

 

[Augusta]

Getting out of debt looks difficult for me that'd why I always refused to get into debt. In the first place avoid borrowing money to get into debts.

 

[Starmix]

Getting out of debt looks difficult for me that'd why I always refused to get into debt. In the first place avoid borrowing money to get into debts.

It is scary if we have debt, We cannot have a good sleep thinking about how to pay our debt especially if it surcharges already. I always stay away from it.

 

[Augusta]

It is scary if we have debt, We cannot have a good sleep thinking about how to pay our debt especially if it surcharges already. I always stay away from it.

Same here I don't like debt at all. Because apart from having financial issue you would also have mental or emotional problem

 

[Starmix]

Same here I don't like debt at all. Because apart from having financial issue you would also have mental or emotional problem

That surely follows of we're prisoners of debts. It's best not to get engaged with debt especially in bank or private firms.

 

[freelancermaria]

I avoid taking out loans as I do not want to suffer from the mental burden of large debts. This is why I always make sure to save some money every month, invest, and minimize expenses.

 

[Sanjeev]

That's one of the reasons I don't apply for the loans and make a monthly budget and spend money as the budget only.

 

[eLdavis]

That's one of the reasons I don't apply for the loans and make a monthly budget and spend money as the budget only.

Yes taking loans actually puts you into more debts and the worse part is that it puts you in more pressure.

 

[klassicdoll]

With the economic changes that we are facing globally, men and women may not be able to be debt-free. As soon as they fully paid their debt, they reapplied for a loan again to patch up the days while waiting for the next payday which is for me wrong. How could you live in peace like that? There are many ways ot patch up the days before the money comes to you from your work like borrowing money good for 15 days from your family or applying for a cash advance. And then, we are also advised to do the following to become debt-free. 1. Understand your debt 2. Plan a repayment strategy 3. Understand your credit history 4. Make adjustments to debt 5. Increase payments 6. Reduce expenses 7. Consult a professional Financial Advisor and 8. Negotiate with lenders.

These are some of the bad practices people have nowadays, and some also take out loans for not-so-important things and are sometimes unreasonable, like taking out loans just to finance a vacation or be a social climber.

 

[Starmix]

These are some of the bad practices people have nowadays, and some also take out loans for not-so-important things and are sometimes unreasonable, like taking out loans just to finance a vacation or be a social climber.

That's true that was what had happened to me applying for a loan during my first year of work. I was contaminated by the bad concept of my colleagues.

 

[Augusta]

That surely follows of we're prisoners of debts. It's best not to get engaged with debt especially in bank or private firms.

Yes, the lenders can be so impatient at times and they would start stressing you. I don't have the energy for that

 

[Starmix]

Yes, the lenders can be so impatient at times and they would start stressing you. I don't have the energy for that

It's harming our peaceful life. But if it cannot be avoided, one must pay ln time and promise not to apply for a loan again. It's scary.

 

[Augusta]

Stop buying on credit. Don't owe people money. You need to be able to manage finances well. you need to imbibe basic skills in financial aspect.

 

[Starmix]

To get rid of debt, never engage in it. Stay away from borrowing money as much as possible to avoid the headaches of paying.