June 8, 2023

7 ways to solve the problem of overwhelming debt have to survive

being in debt Of course, it’s something that everyone doesn’t want to face because it’s a heavy debt burden. Plus, in life, there are many other duties and responsibilities.

It’s not a plan that many people have put out. But come to know again It’s already in debt.

Overwhelming debt, what to do?

Repeated debt, double debt, many credit cards. Repeatedly amid the economic downturn due to the impact of the COVID-19 crisis, with less income

The debts that I have, I can’t turn around and pay the installments in time. Fall in debt overhead! Today, I will introduce a technique to get rid of debt that I can tell that I can really do it, even if I have to reluctantly change my behavior. But it will help pay off your debt for sure. Let’s see.

1. List your debts out. face reality

The first step is not easy. But it is a very necessary thing to do. is to accept the fact that you are in debt ! because if skipping this step You have the right to be indefinitely indebted.

This step is to set a goal of how much total debt you have. This allows you to plan to manage these debts effectively. and when all debts were distributed

You will know which debt is a debt that is beneficial. Or it is a debt that can generate income for you, such as a revolving business loan. This type of debt can often be dealt with by itself in the end.

Unprofitable debt, such as credit card debt used to swipe to buy luxury items It also has a high interest rate if the payment is defaulted. This is the debt that you should be managing first.

2. Know your income, reduce expenses

The next step is get back on foot and consider our ability to pay off debt by looking at how we currently have income or income from which way and how much

and what are the expenses when subtracted How much money is left that can be used to pay off debt? more than that Should consider reducing all unnecessary expenses. or to a minimum In order to have money left to pay more debt This means that you can get out of debt faster.

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