I Have Too Much Debt
Posted on August 11, 2009 at 4:41 am
I agree with Salvador..not unless the consumer, after declaring "I have too much debt," does not really have an idea on what to do with it. What if the consumer has too much debt alright, but is not broke anyway? Or is not receiving any credit calls...meaning he/she has indeed too much debt, but he/she can also manage it.
Would having too much debt then- be considered as a problem?
Posted on August 11, 2009 at 4:47 am
Why Slytherin, didn't anybody tell you that the words "too much" attached to anything is always a bad thing? Therefore the consumer saying that "I have too much debt" although not knowing what to do with it, is a bad thing. It is almost a silent cry for help. A way of the subconscious mind to sound the alarm.
I have a theory that a lot of rich or middle class consumers go through this mind numbing experience and then not knowing what to do with it---just wake up one day--deep in debt that only bankruptcy can solve.
Before it reaches to that point, the consumer realizing that he/she has too much debt should already see or speak with a debt/financial expert.
Slytherin, do you believe that prevention is better than cure?
Posted on August 11, 2009 at 6:34 am
Well, the problem with having too much debt even if you are managing the monthly payments is the fact that life throws curveballs at us all the time. For example, if an emergency comes up- let's say the person loses their job or a medical issue arises, they may no longer be able to manage the debt. If that debt amount is high, they will be forced into a tough situation. That is why fundamentally it is better to have no debt.
So, if you are thinking I have too much debt, I would have to agree with rasputin that the person is consciously acknowledging to his or her self that they need to find help to satisfy the owed amounts.
Posted on August 14, 2009 at 2:19 am
What are the repercussions of having too much debt?
Posted on September 11, 2009 at 2:05 am
If one declares that "I have too much debt" then evidently all their resources would be allocated towards paying off debts instead of saving the money for future use, or in utilizing the funds elsewhere. Also another repercussion for having too much debt is having a bad credit rating.
Posted on September 15, 2009 at 4:43 am
To address the I have too much debt issue...
I believe another repercussion of this is that it greatly limits your borrowing and buying power in the future. It becomes more challenging having to borrow especially if one has had too much debt. As prospective creditors see your credit report they may either deny your loan application or put a higher interest amount on it even if you never really actually owed them.
Posted on September 15, 2009 at 5:17 am
I have too much debt----the secured kind, too! What can i do to get rid of it and keep the property I have?
Posted on September 16, 2009 at 3:41 am
What are the debts that are secured?
Posted on September 16, 2009 at 4:54 am
If that's a mortgage debt, as far as I know--you may be able to create a payment arrangement with your mortgage lender. Some of them actually allow that on payment terms that can work for you both.
Posted on October 6, 2009 at 6:26 am
Julia here, I have a mortgage, yeah, and a car that is up for security.
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