Can You Go the Extra Mile to Get Rid of Debt?
Debt can feel like a huge weight pressing down on you. Not only is it tough to pay off, it often seems to grow even when you’re trying to cut it down. It’s usually part of our life’s journey to borrow money at some stage. But, the real question is, what are you ready to do to escape from the debt trap?
Can You Ask Help from Your Parents?
Some of our parents may have done well for themselves and don’t have financial burdens like mortgages. They might be able to provide some financial assistance. However, they’re now retired – their savings are for their later life. And honestly, who wants to crawl back to their folks asking for money after living independently for years?
Could More Loans Be The Answer?
Some lenders might tempt you with consolidation loans or refinancing options. Despite how they make it sound, you’re still in debt with added interest! If it does potentially save you money though, it might be worth taking a look.
Bankruptcy: A Last Resort?
If your debt problems have reached a critical point where you can’t make ends meet, you may start thinking about bankruptcy. Declaring bankruptcy might affect your credit rating forever and generally, it’s seen as the final option. If you’re looking for professional advice on declaring bankruptcy, then things have probably hit rock bottom. The good side? No one can chase you for money, and most of your debt might vanish. But, remember, this should be a last resort!
Working a Second Job
If you’re worried about damaging your credit score, then consider getting a second job to ramp up your income. This additional stream might facilitate repaying your debts faster and then you can start saving. Plus, it’ll give you peace of mind because you’re protecting your credit rating.
What about Selling Everything You Own?
This might seem extreme, but if you have high-end belongings and loads of debt, it might be time to reconsider what you really necessitate. How desperate are you to be debt-free?
So, the ball’s in your court. How will you choose to take on your debt?