I have a problem that grows like a snowball. All because of a lack of reason and excessive debt. And so I have a total of 5 installment commitments, 3 loans and 2 installments for a total amount of USD 17,000, where I have to pay back USD 840 in total. This is a problem because I can barely make ends meet. See http://aimag2013.org/direct-consolidation-loan/

Long repayment period


The plan is to take another loan with a long repayment period somewhere, pay off current debts and pay back the same loan so that the installment value does not exceed USD 450. Is my plan for getting out of debt reasonable? And where to look for a good deal for someone like me? 

Free legal advice


This is a plan. I don’t think it would be a silly idea to get some free legal advice. People in your position could rather use this service. Consolidation is an interesting idea, but it requires iron discipline not to spend money on the left and right.  Your situation is difficult, but it is not hopeless.

These are not hundreds of thousands of USD of debt, as some people have, but be vigilant, because such small, relatively trivial debt can quickly turn into large amounts, difficult to bear. No matter what decision you make, don’t give up repayment because it won’t be a good solution for you.

Reduce your current debt


And you have the opportunity to sell something? I do not know any real estate, car or another thing that would help you reduce your current debt, pay off some debts, and leave only those that are relatively simple and easy to pay. Dude, such debt and you say you have a problem?

It’s a pick. People are indebted for several hundred thousand USD and they manage somehow. indeed, it’s not a bit, but it’s not a hopeless situation. In this particular situation, the consolidation loan is justified, because you should improve, but with new debts, you should be careful, because I see that you tend to over-indebtedness. 

Thanks for the info, well, all I can do is wish me luck, because I’m determined to get out of it quickly.  I am not sure if there should be a mechanism by accident that would capture all the precautionary thresholds that are exceeded and after which it will be known that the debtor will not have much chance of repayment.



I know that this is interventionism and the users of this forum do not like interventionism, but in the era of ubiquitous surveillance, it would be basically a simple task.  I don’t know, but the current state is that such a mechanism does not exist and you have to deal with it somehow.

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