Well, I have to clarify that personally I have never had any loan or debt in my life so this thread has nothing to do with my experience but intends to find out how people in loan/debt deal with the problem. Let's say you take loans from a bank and sometimes for whatever reason, you can not pay the debt on time, then you borrow money from other channels. Sure this works for a certain period but later bad things may happen, you have to postpone the payment and struggle with finances again. Isn't this a vicious circle ? How would you deal with the problem ? I am all ears.
Here's how to manage debt, based on someone I know's experience. First, prioritize your debts. Tackle those with higher interest rates or legal repercussions, like bank loans, before addressing personal loans. Increase your income or, at least, reduce expenses by focusing on basic necessities. In emergencies, consider borrowing from someone who understands your situation and can offer a flexible repayment schedule. Don't run away from debt collectors. Face them honestly, explain your situation, and let them know you're actively working on repayment. Debt can be stressful, so minimizing it is wise, especially for non-essential purchases beyond your means.
Actually im really into this condition on which it is really that suffering into tons of loans or simply debts. Recovery is really hard specially if you do have that single income source and there's no way that you could really be able to enhance it out on a short time or finding another income source. This is why it would really be that just that depending on how well you would really be managing your funds.
Basing up into the things you had mentioned about management on which one should really be that solved out first then it would be that wise on getting those bigger ones first so that on the time that you do able to solve out the biggest then you would be going into the next one, and since you are wary that you are able to clear out that one then it would be just give out that kind of perseverance on doing into the next.
Im actually in the middle of resolving out by debt issues, yes it isnt simple but doesnt mean that it would really be that impossible. It is really jus that there are really instances or situations in life on
which you dont able to expect on which it could derailed you up along the way.