[iykyk300]

What would you do when in debt?

[Syndicate]

What kind of debt are we talking about and how much roughly? If it's not a crazy amount, just keep on paying it off every pay check that you get. Even if it's like $50 at a time. It's still something and it looks good on you.

[Monero-chan]

Give Monero-chan all your Monero and she will pay it off for you!

[Lilith]

Not pay it then file for bankruptcy

[LEGENDAVIE]

Depends how you go the debt.

Do you have an income and extended out of your reach buying things that put you above your income? Then it kinda sucks because you have no easy way of getting out, especially if you can't return the things you bought to get the money back, also as an honest opinion, you're an idiot for doing that and probably deserve the stress that came with it.

If you do not have an income, like a job, then there is one easy way to get out of debt. And that is by getting a job right way, and that means you have to expand your search areas, try something you've never done before, take anything that will take you away from your house and give you some income. That is just the first step, you might think that you'll never cover the debt even with that income well you're right, you might not, but that's not the point. Putting yourself in that position will be good for your mental health, and being in good mental health is the secret of success, then you can be more sociable, you don't spend 80% of your time worrying or being depressed, instead you spent that amount of time actually trying to figure out the final solution for your problem. And you will find it, because no matter what the problem, there is a fix, you just have to find it.


I will tell you not to do, and that is to not borrow more money to cover for older debts. It will put you in a downwards spiral that only ends when you have nowhere to borrow money from anymore, and let me tell you, that means no one wants to be around you, your friends your family they will all keep away. Then you deal with loneliness, depression, and you only go down.

Good luck

[Hungry4Knowledge]

Call a free charity debt advisor and ask if you would qualify for IVA ( individual voluntary agreement ).
It means that your creditors agree to write off about 70% of your debt and the rest you pay in monthly installments for 5 years.
Throughout that 5 years you won’t be able to have credit cards, loans, mortgage or buy anything on finance.
But it's worth it. It's sort of a lite version of bankruptcy....

[Riggs]

Sell my kidneys on the blockchain.

[Baby]

Whatever I have to do to cover that debt, simple.

[Eran]

Make more money and try to resolve the issue asap so I get that stress out of the way.

[hayesh]

pay off enough of it periodically so the interest rate doesnt kill you

[Jamika]

You have to reduce you spends at first, then you should gradually pay your cash even at low amounts

[Azythum]

In France, when you're very much in debt, you can make cancel it by a judge.

[Jam1e]

I'd figure out the bare minimum I needed to live on, the amount I could earn each week, and then use the remainder to pay off my debt as quickly as possible.

[Disease]

What would you do when in debt?

Recognize immediately that not all debt is created equally. I think people tend to swing on extremes with debt- either completely being okay with debt of all kinds and just surviving, or hating debt of all kind and avoiding all of it at all costs. Neither extremes are healthy in my opinion.

Take for example an auto loan. Inherently that's bad debt- it's interest-bearing debt on a depreciating asset (so much so that it's hard to consider a vehicle anything but a liability). Current prime rates are absolutely abysmal, but prior to a year or so ago, you could buy secured auto loans for next to nothing in terms of interest. That can create situations where paying cash is actually more expensive than financing and paying interest, if you're smart with where you're putting your money.

Real world example- we bought a new Wrangler a couple years ago for a toy vehicle. In the end we financed $25k of it, putting something like $10k down to offset fees and ensure equity to negate any need for GAP. Through my credit union I financed that at 1.24% over 4 years. At worse, I'll pay about $650 in interest. Now, on the flip side, my worse investment channel returns about 7%. Never mind the bulk of my investments way out performing that. That $25k, at 7% over 4 years, earns me about $7k in return without even compounding it. So right there alone it would cost me $6400 over 4 years to pay cash rather than finance.

I'll pay $650 in interest to leave my money earning $7k over the same time period all day long, every day. Now, if it came down to that money living in a pathetic money market savings account vs. buying that vehicle in cash, then yes it'd make more sense to have paid for the vehicle in cash. Not by much, but by just enough.

Point to all of this being simple- not everything is black and white, and context / circumstances matter. This scenario in another person's circumstances, where they aren't actively investing their money, could play out to be bad, costly debt.

In general though, I'd always prioritize paying down bad debt over basically everything else.

[dat boi]

To be honest with you, buddy.

I have been absolutely mollywhopped by my mortgage company and by miscellaneous horrible things.

You don't deal with it, you cope with it.