How to Pay Off Debt When Funds Are Tight

[Nomad]

If you are dealing with outstanding loans and don’t have the money to pay it off, there are some options that you can consider. The number one method is to increase your income through side jobs, two, reduce your expenses to build cash reserve for loan repayment, and three, sell your assets you no longer need. There is also another method. Secure a new low-interest loan to consolidate higher-interest debts. Just remember to combine all of these methods for debt repayment.

 

[Springtime]

If you do not have sufficient fund to pay off your debt, you need to find various sources of income and cut expenses drastically.

 

[Stardom22]

Repayment of debts is very stressful so to speak. Most people fail to stabilise on that

 

[Suba]

The thread is already comprehensive, so I only need to add a little: you need to make a list of priority debts to pay off first, stop living extravagantly, and implement a debt repayment strategy, either snowball or avalanche. If necessary, consolidate your debt.

 

[Starmix]

Though I have not experienced debts, I am so sure that it is not easy to pay debts when the income of the debtor is beyond his capacity to pay. It is better to find extra resources, such as finding part-time jobs part time offline and online. Limiting the the daily consumption can kick the debts.