Hi,
Hoping you can help me. I have a couple of very small debts from friends and family and looking for the best strategy to pay them. I am currently using around 56% of my salary to pay back these loans but it seems it’s taking forever to get them to zero.
If you had to choose between friends and family, who would you pay off first? This is important for me because I am afraid I may lose an income source and may fail to repay back in time so would like to pay off folks ASAP. If I lose an income source, at least I can be debt free. Also, I could instead stop paying these debts and invest/start a business instead and start paying back from that. What are your thoughts? Thanks
Missing a lot of context on the amount of debt you owe to each. Do you owe similar amounts? Are they in a similar financial situation? If one of them is in a situation where they need it, I would focus there first. Otherwise I’d probably prioritize paying friends back first. If of of the debts is significantly smaller I may also pay it off first just to reduce the stress of having multiple people I owe money.
I would probably not try to start a business now in the hopes of using that income to pay your debts. If the business doesn’t work out, you’re not just defaulting on a loan but potentially ruining a relationship with friends and family. At worst, you could broach the subject with the people you owe money to in order to see their comfort level of you trying a new endeavor like that.
Those are my thoughts without additional context regarding the amount, who specifically had loaned the money, when, and for what purpose.
If your debts are taking up 56% of your income they are not small. They may be small in amount but in relation to your income they are a lot.
I personally would pay back friends first and family second. I’ve never loaned out money to anyone that I wasn’t ok never getting back. I would talk with your family about this so they know you are prioritizing paying your debts and are paying friends first and then the family.
Starting a business and or investing involves a lot of risk that could put you in debt even further. If it were me I’d work as much as I could to pay off the debts as fast as possible and decrease my spending to the bare minimum. My.02
You’re going to have to give us some actual numbers, because a lot of this isn’t making sense.
You have a “a couple of very small debts from friends and family.” In the comments you mention that one of these debts is 600 euro to a friend. So I’m reading this as “a few ~600 euro debts,” totaling no more than a couple thousand euro. But you’re currently using 56% of your salary to pay them back, and don’t seem to be making much progress. If you make even 1,000 euro/month, 56% of your salary would pay of your debts in a few months, certainly less than a year. So either your friends/family are loan sharks charging you insane interest rates, or you’re making almost no money.
So just so we can get a clear picture and give you the best advice, how much do you owe, total? How much interest is being charged? About when do they expect to be paid? And how much do you bring home every month?
I’m a bit confused as you say if you lose an income source you’re debt free. Does that mean these loans are income contingent loans? Or if you lose an income source you’ll default on them? If you are worried about repaying the debts, I would recommend going to the group you think has deeper pockets (friends or family) let them know your concerns and see if they would restructure the terms. Might make you feel better about your situation because 56% debt repayment is pretty darn high level.
Hi everyone ! can anyone recommend where I can purchase Veritas Farms CBD Topical Full Spectrum Orange Creme Lip Balm 25mg?
Good Afternoon everyone , can anyone suggest where I can buy Medterra CBD Tincture Cbg CBD Isolate 1 1 Ratio 1000mg 2000mg?
Can someone recommend Suspender Belts and Garters? Thanks xox
сайт геймплей собрал разные летсплей по играм
Check out featured full-length Granny Porn videos