Debt Consolidation Forums Debt Problems forums

How can a person repay debt if his/her income decreases?

member profile picture
Posts: 1
Credits: 19.6
[Donate]

If a person's income decreases and has debt, then what he/she should do? Is tehre any way out or has to file bankruptcy?




You should make changes in your budget and try to save the required amount for your debt payments. You can also try to earn extra so that it is easier for you to continue making the debt payments.

Sub: #1 posted on Fri, 12/16/2016 - 16:36

Good Nelly Good Nelly
Industry Expert
(Posts: 2663 | Credits: 532.65)

You need to cut down your biggest expenses like housing, transportation, food cost, etc as much as you can. Apart from that you can reduce expenses by shredding up small daily habits that can consume a good amount of money from your wallet.

You can also control your spending and save enough money to pay off debts by purchasing used goods. Find a thrift store and get what you need, but at a much cheaper price.

Sub: #2 posted on Mon, 12/19/2016 - 12:01

tiarajoseph11 tiarajoseph11

(Posts: 304 | Credits: 43.09)

Attachment
More information
  • Files must be less than 500 MB.
  • Allowed file types: txt pdf jpg jpeg png.

Share post

Page loaded in 0.735 seconds.