Debt management
By BYOLA2871
@BYOLA2871 (4371)
South Africa
January 5, 2009 9:51am CST
Even though am doing quite well in my business right now its funny that I have managed to accumulate significant debts over time. Most of these debts according to my analysis were as a result of dues I have left unattended for some time and its becoming problematic to manage them, anyone here with advice on what to do as am really confused as to where to start from?
2 responses
@stephcjh (38473)
• United States
6 Jan 09
I would suggest that you first write down all of your debts on paper. I would then make yourself a budget to pay on each one of them every month, more than the minimum payment amount. Next, I would try not to go into anymore debt until those debts are paid in full.
@BYOLA2871 (4371)
• South Africa
7 Jan 09
right nowi have stopped every unnecessary expense and i also made a decision not to incur any more credits infact i willk rather not takle up any credit even after clearing up the one i have now
@di1159 (1580)
• United States
5 Jan 09
The first thing you need to do is to make a list of what you owe and how much. It might be shocking, but it's like starting a diet, you gotta know how much you weigh before you can lose anything. Once you have that list, its best to start with the lowest balance. Send minimal payments to everyone and apply everything you can to that lowest one. Once that one is paid, continue that pattern with the next lowest balance and so on and so on. It becomes a snowball effect and by paying something off, it gives you renewed determination to continue your plan. Good luck to you!
@BYOLA2871 (4371)
• South Africa
7 Jan 09
you are right i already wrote down how much am owing and now i tried settimng out a particular amount to offset the bilss that are most important to settle especially the ones that will have terrible consequences on my credit rating.At the same time i tried renegotiating some of this debts and i think am getting lucky in some of my negotiations as i am also getting discounts