How Can Someone Get Out of the Debt Trap?
@jrlcentral (2605)
Roxas, Philippines
October 20, 2015 9:03pm CST
I've been thinking about this for a long time. Though personally, I am in debt too, but we were able to negotiate with the lending company my account. Thus though I'm in debt, I no longer need to borrow more money just make ends meet.
However, I know some people who keeps borrowing money in order to have money until the next pay day. However, the salary they receive is sometimes not even enough to pay their dues. They ended up borrowing more money.
I kinda, pity these kind of people and I want to give them some tips on how to get out of their debts. I myself is still in the process of paying of my debts, but at least I am now starting to do so. However, they way I did it may not work with them, so I'm asking for other tips.
Thanks
5 people like this
7 responses
@wiLLmaH (8801)
• Singapore, Singapore
21 Oct 15
@jrlcentral At least you already done the first step friend! Go for the Goal!
1 person likes this
@jrlcentral (2605)
• Roxas, Philippines
21 Oct 15
@wiLLmaH Thanks for the encouragement. Now I need to earn more than twice my current salary to pay it within two years, hehe.. I can never get it from my salary... that's why I'm prepping myself to go freelancer again and get both, offline and online jobs.
1 person likes this
@jrlcentral (2605)
• Roxas, Philippines
21 Oct 15
yup.. I need to. I thought that was the first thing that I need to do. Now I need to iron out my plans to pay them...
1 person likes this
@yukimori (10192)
• United States
21 Oct 15
The first commitment they need to make is to not add any new debt to what they have. Cut up the credit cards, don't open new lines of credit.
If their salary doesn't cover what they already owe, they need to increase their earnings. Whether that's by getting a second job, doing tasks online for money, or selling their belongings, they need more income.
In addition to earning more, they need to spend less. They need to start making better choices and say no to things that aren't absolutely necessary. Maybe that means 'drastic' steps like getting rid of their home internet connection and using a free public connection for a while. Maybe it means they make do with local channels instead of having the deluxe cable package. Maybe they need to make their meals at home rather than eating out every day of the week.
But most importantly, they need to be committed to it on their own. If they don't want to do it, there's nothing in the world that can make them do it.
2 people like this
@jrlcentral (2605)
• Roxas, Philippines
21 Oct 15
Wow! I love this comment. I think you nailed it. :D. Thanks.
@jrlcentral (2605)
• Roxas, Philippines
21 Oct 15
@carexing25 hmm.. now this is a very difficult situation. how many are you in the family?
@carexing25 (1822)
• Philippines
21 Oct 15
very helpful tip.. my problem is the social security contributions and health insurance which are automatically deducted from my monthly salary are almost equivalent to half of it.. and one half of the salary goes to our bills and consumption.. and one thing i'm the sole bread winner of the family.. that's why i'm working as hard as i could to sustain the family's needs.
1 person likes this
@jrlcentral (2605)
• Roxas, Philippines
21 Oct 15
Unfortunately the line that separates the needs from wants has become too thin to some people.
1 person likes this
@SIMPLYD (90717)
• Philippines
21 Oct 15
@jrlcentral That is true . Some people just because their neighbor has this and that would also want them in one way or another . 
1 person likes this
@jrlcentral (2605)
• Roxas, Philippines
21 Oct 15
@SIMPLYD sounds like you just described one of our neighbors hehe
1 person likes this
@jrlcentral (2605)
• Roxas, Philippines
21 Oct 15
Yes indeed. Time is money.. this wasting time is just like wasting money
@rahulvsmokiee (3110)
• Thiruvananthapuram, India
21 Oct 15
I personally know some people who do such bad things. They asks debt from people and finally gets toughed to pay off. I feel pity. I live with what i have.
2 people like this
@carexing25 (1822)
• Philippines
21 Oct 15
at this point of my life, i'm one of those and i'm starting to panic since i have no other resources to pay my debts..
1 person likes this
@jrlcentral (2605)
• Roxas, Philippines
21 Oct 15
I think you should read Yuki's suggestions.
1 person likes this
@jrlcentral (2605)
• Roxas, Philippines
21 Oct 15
@carexing25 Do you have a list how much you are spending and how much you are paying for loans and bills already?
@jrlcentral (2605)
• Roxas, Philippines
21 Oct 15
That's a good one. Credit card is one major factor that people gets buried into debts
1 person likes this
