People who fall into a deadlock because of debt default often have negative thoughts, depression, and want to give up this life because of a mental crisis. There are even people who fall into depression, go crazy because of the overwhelming debt of themselves and their families. Calmly thinking, seeking help, trying to work is the best solution for those who are burdened with a large amount of debt to do right now.
9 Tips for people stuck because of debt default to overcome difficulties soon
In life, no one wants to be in debt, but it may be because of miscalculation, greed, and lack of understanding that many people fall into debt piled up, unable to pay. For example, some people go bankrupt because of losing money in securities trading, some people go bankrupt because of business losses, with a debt of hundreds of billions of dollars. But there are also people who, because of personal play, fall into a debt situation with no way out.
The common psychology of defaulters is deadlock, despair, stress, panic, not knowing what to do. Therefore, the psychology of these people is extremely negative, tends to run away, and does not want to communicate with others. With debts beyond their means and no help, there are even many people who choose to commit suicide to escape everything. In fact, there are many cases of this happening, even happening every day.
So what should people who are stuck because of debt default do to overcome difficulties?
Make a list of debts
Most defaulters don’t just borrow from one place, but many. Making a list of “creditors” is something that people stuck in default should do immediately. This can help in planning a debt repayment plan, avoiding being pressured by many people at once and falling into a confusing and difficult situation to handle.
For example, go through the list and consider which items need to be paid off immediately, which can be relaxed. For example, bank loans, black credit loans are always the ones that should be paid first because the longer they wait, the larger the arising. Even many people only borrow black credit with the amount of 20 million, but have to pay up to 100 million because of late payment, the amount of interest arises too quickly.
While loans with low interest rates, loans from family or relatives may be delayed, or even negotiate with creditors to apply for a visa, paying later than expected. Making a list of debts will help you verify this problem, instead of waiting for someone to claim it, it will make the person who is already stuck because of default even more confused and easily fall into a situation of large debts that “earn” interest. Interest rates are too high, causing more debt.
Actively negotiate with “creditors”
In fact, when a person has lent you money, it means that they have confidence in you (except for black credit services), even the bank must consider the conditions to dare to lend you money. So in the moment of bad luck, bad luck, you can completely show your responsibility again by actively negotiating with the “creditor” instead of waiting for them to know first and come claim.
Of course, when you hear that you are bankrupt, a lot of people will panic and want to get their money back quickly. However, the feelings of the “creditors” when hearing your own announcement of default will be different from what they hear from others and have to come to you for confirmation. Your escape now will only cause your credibility to be increasingly lost, while also not being able to settle the debt.
Try actively negotiating with creditors, such as a commitment to when you can repay the loan, how long it will take, or mortgage remaining assets. In addition, if you have an experience, a skill that can help the “creditor”, you can also voluntarily donate to increase trust.
In fact, except for banks or black credit funds, the negotiation with individuals and individual partners will be much better. However, most people who are stuck because of default often choose to run away rather than directly confront and actively contact the creditor first.
Deadlocked by default – Sell what can be sold
Of course, this is obvious that the person stuck because of default can partially solve the important debts in the immediate future. With very large debts, houses, cars, jewelry, and phones should all be sold early to get money to pay off the debt. Or this can also become a mortgage, recovered from the authority such as a bank if you are unable to pay.
In addition, now the service of buying second-hand goods is also very developed. You can sell clothes, bags, shoes intact and can also get a good amount of money. If you often use branded goods, this is the time for you to take advantage and “recover” the money that you spent on shopping and shopping when you had a surplus.
Actively seek help
Instead of being afraid, running away, panicking, you should calmly think and seek help. Who can help you now? It is family. Of course your parents or siblings may yell at you a lot, even scold, spank, but they will always help you as much as possible. Parents can even accept to sell their house, sell their land, sell all they have or work part-time even though they are sick just to help their children get out of debt.
In case the family is also in difficulty and cannot help, you can ask for the support of friends, who you have helped. If you are a person who has lived his life wholeheartedly, wholeheartedly with friends, then surely when you need someone, there are always people who are always ready to help even when you are stuck because of debt default and have nothing left in your hand.
Another case, the person who can help you is… your creditor. No one can expect you to pay off a debt more than a creditor. You can also work directly for these people to pay off debt gradually, deducted directly from salary. Of course, this is not always the case with the desired outcome.
People who are in a deadlock situation because of default cannot look to black credit, lenders with exorbitant interest rates to offset other debts. Because these units often lend without conditions, but the interest is extremely high, “earning mother interest” in a very short time. In particular, these units also often ask for very harsh debts, which can be dangerous to your life if you can’t pay the debt.
It is important that even if your family pays off your debt, you should not take it, but consider it as a debt transfer. Instead of paying others, it is necessary to make efforts to earn money to pay back to the family, absolutely should not let the mistake happen again.
Work and never stop working
Working and not stopping is really one of the most useful pieces of advice from people who are stuck in bankruptcy. Only working can help you have money to pay off your debt and pay monthly interest. Not only that, working to forget time also makes you forget some of the pressures and crises you are carrying from the huge amount of debt. When there is money, the spirit is also gradually relieved.
Many people are always trying to find high-paying jobs to get money quickly, especially those who have defaulted on business loans and worked as directors. This makes many people who are burdened with a large debt each month become “picky” about work, unable to find a suitable job, causing the debts to persist. This is absolutely not advisable.
Of course, it also does not mean that the person stuck because of debt has to choose a job even if it is low salary, as long as there is money. In fact, this is not the time when you can choose, the sooner you have money, the less pressure you have, so choose a job that is suitable for your capacity and effort.
For example, if you choose an office job with a salary of only 7 million, do the best work on the company, do not bring it home. After work, continue to do other jobs, such as serving or running grab. If you have a little capital, try selling more products online, you can take advantage of your free time and earn a very stable income.
Only doing 3-4 such jobs at the same time can help you get out of the deadlock because of default quickly. Take advantage of all your abilities, strengths and advantages to make money at this time. Of course, if you do a job but have potential, such as sales, if you work hard, your salary will be 5 million, but the commission you receive a month can be hundreds of millions. Depending on the nature of work and capacity to adjust accordingly.
Deadlock due to debt default – Minimize all expenses
Saving is always a top priority and to do this you need to minimize all unnecessary spending. This may be the “sorry life” stage, but only one third of the way to repay the debt you will start to find life much easier, the new stage is really difficult and suffocating, especially with people who already had a prosperous life but unexpectedly defaulted on debt.
Some expenses you can minimize such as moving from large motel rooms to smaller rooms, limiting the use of electrical appliances, not buying new clothes.. For example, to find cheap motel rooms, you should look to suburban areas. cities, places far from the city, rooms without windows, without furniture will be cheaper. Instead of eating out, it’s also very economical to buy food and cook it every day.
You can also ask to share with friends, acquaintances or choose dormitories to stay because they are quite cheap, especially for people who often work a lot and only need to stay at home to sleep. Besides, the cost of coffee, drinking with friends can also be limited. Surely, if they are a good friend, they will certainly understand your situation, without blame, but even more concerned because they know your life is difficult, stuck because of debt default, so you can’t gather regularly.
Stay away from all red and black games
One piece of advice for those who are in a deadlock because of extremely important debt default is to stay away from red and black games such as gambling, money fainting, virtual money, lottery.. This can be the cause of many problems. the person who has lost the debt or is the cause of the debt piled up on the debt with no way out.
In fact, when many people are at a dead end, the red and black game is like a last ray of hope that can make them believe that they can pay off their debt “if they are lucky”. Unfortunately, the god of fortune did not smile on them. The amount of debt is only increasing, hope is extinguished, so many people can only think of death because they are too poor.
There is also a tendency for players to win in the early games or gambling games, but later on, they lose more, but it stimulates greed that makes these people unable to stop. Therefore, it is best to stay away from the red-and-black game at all costs, even if you are a person who is stuck because of debt default or a person with financial abundance.
Advice for people stuck because of default – don’t neglect your health
If you are healthy, you can make money, if you are healthy, you can work, always keep this in mind. No matter how much work, no matter how busy, still need to make time to eat, sleep. The spirit is already depressed and desperate, if the health is not stable at this time, it will be very quickly exhausted and exhausted. And of course, this also means that the time to pay off debt is even longer.
Eating and sleeping are the two most important things that you need to keep in mind. Make sure to eat 3 meals a day, sleep for 7 to 8 hours (or it can be shortened but within the allowable range of the body). Instead of eating out in a hurry, lacking nutrients that are harmful to the stomach, you can choose to cook with you. No need to be too fussy, just eating vegetables, eating eggs is simple but still has the necessary substances for health.
Tobacco and alcohol are the things that people stuck because of debt should stay away from the top because it is both costly and harmful to health. Besides, do not forget to wake up early to practice sports every day, both to improve health and good for the spirit. Just getting up early to jog a few laps and breathing in the fresh air will make you feel more relaxed and comfortable.
Physical and mental are always closely related to each other, this means that if the spirit is low, the physical body cannot be full of energy and vice versa. Thus, along with taking care of physical health, people stuck because of debt should also improve their mental health to move towards a more relaxed mind, not under the pressure of debt, too heavy money.
In fact, anyone who is in debt always feels tired, stressed, mentally stagnant, desperate, always living in anxiety. Therefore, many people have suffered from depression, anxiety disorders, and even some people have mental disorders just because of excessive debt. The long-term stress that cannot find a way out is the reason why many people choose to commit suicide.
Share with close friends, lovers or family about your problems, money obsessions, current debts. If you feel you can’t talk to anyone, choose how to write. Sometimes just a word of comfort from a stranger, a word of encouragement from a family saying that they will be able to do it again is a quick boost of spirit, a feeling of motivation to try.
If you feel exhausted, take a day off, reward yourself with a delicious dish that has not been eaten for a long time to recharge. If you don’t know where to go, don’t know who to talk to, you can go to the park for a walk and breathe in the fresh air of nature, which can soothe a tired and hurt heart.
Psychotherapy is also a solution that should be taken if you have ever had thoughts of wanting to die or have tried to implement death to prevent these negative behaviors from actually happening. If you are afraid to meet face-to-face or can’t afford the cost, you can choose online consultation, talk remotely with a therapist to correct these misperceptions and behaviors in a more correct direction.
No one wants to fall into a deadlock situation because of default, but the important thing is that after each fall, you can learn something to not repeat the same mistake. Thoughtful, serious thinking, thorough research when it comes to business investment or in any matter in life will be really necessary to avoid this risk as much as possible.