Best way to pay back debts?
Please let this be a judge free zone.
My very good friend is in quite a lot of debt. She won't tell me exactly how much but has hinted it to be around £5000/£6000 But could be more.
Her credit rating is terrible and has been using those awful loan websites that have crazy interest rates and is now in that vicious cycle of never having any money because it gets taken out of her account before she even gets it so borrows more to survive the month...
Her monthly income is around £1,500 and she's in a lot of trouble with some addictions thrown in there as well.
She's such a kind person and doesn't deserve this so I'm trying to help her. What is the best way to pay off your debt without it affecting your credit score too much.
Thanks in advance,
- Girlie ElectricsLv 72 weeks ago
If your friend isn't ready to face her debt liabilities, then there is nothing to be done. When she is ready, a debt charity such as stepchange (might have renamed itself) has hints , advice and tools to help.
- MichaelLv 73 weeks ago
The best way for "your friend" to pay her debts without affecting her credit score is to stop spending more than she makes. Decreasing expenditures and increasing her income will help greatly in this endeavor.
- xfilesfanLv 73 weeks ago
1) Get a second job.
2) Spend less.
3) Stop using substances.
4) Start making payments.
Not sure where you live, but in the U.S., there are financial counselors/debt relief counselors who can help you make a realistic plan to pay off your debt.
- exactdukeLv 73 weeks ago
If she quit spending, this would be an excellent start. Get a 2nd job. But if she refuses to help herself & mend her ways, all the advice in the world won't help. There are always those that cry about their lot in life. But then do zip to fix the problem. Sounds like she is probably one.
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- e.boo.r12Lv 73 weeks ago
She could try robbing a bank.
- Anonymous3 weeks ago
Best way, show up with a check (valid) or cash and pay what you owe.
- roderick_youngLv 73 weeks ago
You can't sustatinably help her unless she is willing to change. The first thing I would do is see if she is willing to work on her addiction(s), which is probably draining her budget, and strictly limiting her ability to earn.