Financial advice, please!

No one else is saying it, but I will. If you are unable to pay your debts, bankruptcy is a legal option.

Of course this will destroy your credit for a while. But sometimes it is the best option. And if you are going to go down this route anyway, it is better to do it sooner... take the hit, and then get on with your life. There is life after bankruptcy.

Of course, it you have the realistic ability to pay your debts in the foreseeable future, you should. But there are times when bankruptcy is the correct way forward. It is certainly better than being in the claws of debt collectors and sharks.

True; even businesses do it.

@chai2



If the individual is of low income, then public assistance might take care.

If the individual suffered a loss (a husband or wife) and got in debt, then next time don't rent silly limousines, buy the cheapest coffin (don't rent a luxury one to be exchanged later), avoid funeral services, reject maintenance of the burial place, and from 10 to 20 thousand bucks the burial will cost no more than 3 thousand dollars. The integrity of a dead person is respected just by burial underground in a coffin or a bag. The rest is just pretentious.

If the individual got in debt because medical bills, well, you want to stay alive... it will cost you... it is painful to see it this crude way... but this is the way it is.

But, if the individual got in debt because bought things like crazy, dresses, 50" TV for the bathroom, a new car, expensive parties for the children and so forth, and now is in trouble because the money must be paid back to the loaner, then... sacrifice my dear, sacrifice... stop buying and start paying...

To get out of debt fast you can take stock, Get a better credit card deal, try to get high scores and also check your credit scores.