Debt is one of the most discussed issues in society. It is one of the major causes of divorces among couples. This post focuses on people who are already in debt and practical principles for them.
Debts can result in health risks like hypertension, headache, stomachache, heart attack, stress etc. So how can you deal with debts?
Take it as a familial matter. Instead of blaming each other talk productively. Analyze the situation. If you have children grown enough to understand the situation then include them in the discussion. Never feel ashamed because a second opinion will always be helpful. In the discussion, list your budget and daily expenses. Write down amount coming to your home and going out of your home. Keep all the bills. Now prioritize your needs. Why? WANTS and NEEDS are different. How? See this, A says “I want to eat a pizza” B says “I need something to eat”. Got it? WANTS can be postponed or avoided but NEEDS are our basic requirements. Then on prioritizing you will find some are unwanted and can be avoided. Taking the lunch with us, preferring public transports or walking whenever you can, making your hobbies into a business, sometimes working one more hour etc. can bring you additional income.
Talk to creditor honestly about your financial situation and ask for an extension. It might not be successful but keep on asking it. Some creditors will reduce if you pay a little now. Make every agreement on paper so that no one may deceive you. Read and understand about the policies, interest rates etc. because sometimes creditors can be deceptive.
Try these steps. May this help you if you are in a crisis. Wish you good luck. Never give up because success is a NEED.
Please comment feedback and suggestions.