HOW TO HANDLE DEBT

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Another problem that have lead to lot of suicidal thoughts and suicide is debt. Debt always alter the debtor’s thought most especially when the personality that is owed is merciless. The raw fact is that majority of people are debtors.

Everyday, the number of people involved in debt challenges outnumber people that escape it. In fact, everybody are debtors. Debt is not only applicable to individuals. Countries and companies are involved too. Currently, many countries owe China with African countries dominating the chart. Despite the fact that everybody are debtors, some debts are manageable while others are unbearable. But whichever category you belong, remember that you are not alone. Even me, I owe some people too.

If you are in a critical debt challenge, there are some steps that you can take in order to bail yourself out of the challenge.

Below are the few basic steps;

Build confidence:
Panicking about your debt can lead to many health risk. Panicking leads to health risk and even death. Whenever you are free, engage in interesting activities that can help you if staying one place can lead to panicking.

Reach out:
Hiding your problem is dangerous. It is advisable always share with close friends and family members. Go out there and reach out. You can even meet a destiny helper that will link you up when you reach out.
I remember when I hard a little problem, i went to a nearby park and relax. Luckily, I met someone there that linked me up with a solution. Honestly, it was a great miracle. Remember, had it been I was indoor, I wouldn’t have meet a solution provider.

Talk with your creditor:
The biggest mistake in handling debt is running away from your creditor. It is a better prove that you are not ready to pay.
Fix a date to discuss with your creditor before the dateline. Tell them your problem and demand for extension of dateline.

Recheck your expenditures:
Accessing your daily expenses and cutting off certain things that can be avoid thereby increasing savings is the first step to handling debt in an amicable way. Majority of people can not track this record off hand so it is advisable to get a note and jot down every expenditure including the least amount. At the end of the week, review them and see which angle you spent more and can reduce it the next week. Some people will advise you to make a monthly review. As for me, 30 or 31 is too much. Make it weekly so that you can correct your expenses the following week.

Rob Peter to pay Paul:
This method of handling debt is not 100% advisable although it is very helpful. It is always advisable if the current creditor is merciless so you have to opt for another personality with less consequence.

Conclusion

Many huge debt scandals is as a result of business failure that’s why it is advisable to be careful when venturing into any business in order to avoid be stuck with debt challenge.

.......... I love Leofinance.

Posted Using LeoFinance Beta



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4 comments
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One should avoid debt as much as possible. But in the event that one has to take on debt, it should be planned on how it is going to paid and when. Because the penalties do become severe over time.

I think being confident and transparent will prove vital in solving the issue regardless of the type of person you're faced with.

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Definitely
I agree to what you said

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It's all about the perspective and how you approach it

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