Managing Personal Finance When You Have Debt

[Nomad]

Some people have bank loans, some people have outstanding bills, and some people have credit with their friends and families. A lot of people are already dealing with some kind of debts. Some people might have short-term, interest-free debt and some might have high interest bank loans. How do you manage your personal finance when you are dealing with a debt?

 

[Starmix]

Though I have not experienced loaning in a bank or to any private lending firm, however I believe that it's not good for the loaners to ignore their responsibilities. Before their loan applications were approved they promised many things to convince the managers. So if they don't pay religiously they are ruthless and inconsiderate. After many lapses, the bank may order the court to sheriff the debtor who failed to repay their loans.

 

[Augusta]

You just have to gradually pay off. You can still save if you have to . Just save a little percentage

 

[eLdavis]

In situations like this, you need to limit your spending, create a budget, then start paying off your debts little by little.

 

[Springtime]

In such situation, you really have to work hard, make money and pay off the debts bit by bit. The consequence of not paying debts can be serious. This may affect your credibility in the community.