How can I become debt free?

Question

I HAVE BOTH BANK AND PERSONAL BORROWINGS WHICH ARE NOW VERY HIGH AND ICAN`T REPAY WITH MY PRESENT INCOME.SO LIFE IS QUITE UNPLEASANT FOR ME NOW.ANY WAY TO ESCAPE FROM THE SITUATIONS?

Answer 1

Declaring bankruptcy will stain you for years - avoid this route except as a last resort.

It seems like it is simply a matter of creating additional income to supplement current earnings.

If you'd like to email me your geographic location, I may have something that you can create income right away. (Not get quick rich; and not a scam) No guarantees, of course.

Keep Smiling! Stay Positive because your present situation is Temporary.

Answer 2

Becoming debt free may not be available to you unless you win a lottery. However you can effectively manage debt. If you have equity such as a house or property take out a line of credit and pay off any high interest loans with one that is more manageable and with a decent interest rate. Pay at minimum the monthly interest on your line of credit and as you gradually become more financially stable set up a schedule to pay down the line.
Your other alternative is personal bankruptcy, which should be a last resort.
Good Luck

Answer 3

Thinking about escaping? After what you have done? Think about the people you owe to. They have lives too!!! However, whats done is done. Cut your expenses, no take out food, no films, go nowhere where it costs money. And if you can find another part time job. Work hard at it and once you are done, you will feel a lot better--in your eyes and God. Believe you me---been there done that. Good Luck.

Answer 4

Make more than you spend. Pay off anything that charges you interest. It's good to have back up money in the bank, but you are lucky if you a 2% return. Pay off your 8% car loan, 18% credit cards.

Answer 5

Well you could declare bankrupcy but that last 7-10 yrs. Or you could try to go to a Debt counselor and they will help you set up a easier pmt. plan with your credit card comps. Many people are in the same boat you're in and I know it feels like you're drowning and there's know way out. Maybe this answer will help you. Good luck.

Answer 6

Talk to an attorney who specializes in Bankruptcy and finances. They maybe be able to guide you to a plan which can make your life alot easier financially. Their are a number of ways to consolidate your debt so that you make one low monthly payment. But, get the opinion of an attorney first. Their initial consultation is free and you have nothing to lose by finding out!

Answer 7

You're probably experiencing a world of major stress. Keep in mind, forefront, if you fall hard you will still survive. Now, first things first: Only pay for what gets you to work and back, for food, and a place to live. Everything else has to be planned out in the longer run despite what they think.

Answer 8

Do Not waste ur time Retain atleast what u earn now or what u have. Go and meet an attorney. He will help u out of ur crisis. legally there are lot of ways to overcome this kind of problems.

Remember where to go 1) Life threatning problems -- Doctor
2) Problems in leading a peaceful life --- Lawyer.

Answer 9

Read a book called "The richest man in Babylon" it chronicles a man that went from having debts that were crushing to being unbelievably wealthy. It is the best book I have ever read. (I have read at least 50 investment/personal finance books) The book costs six dollars but will change your life if you follow the formula. Enjoy your newfound wealth!

Answer 10

Try and clear the 'lighter' one fast - if possible by paying higher amounts else pay the other one using another loan of smaller amount where U will be in a better position to pay for the 3rd 'smaller' amount and clear off at least 1 of them at the earliest before it getts out of hand.