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Question for the Money Doctors

Question submitted on Sep 24, 2013.

Question

i have a total debt of $14000 and my income is $900 a month and i have to pay all this within 8 months. how do i tackle it. from Zimbabwe

Answer

You don''t indicate whether or not the debt is secured with collateral or if it is unsecured. Additionally, you don''t indicate what your monthly expenses are and whether or not you have time to work a second job.

If you only have eight months to pay the $14,000 in debt, but you only have $900 of monthly income, it is not possible to pay the debt in this time frame.

As I see it you have two choices.

First, get a second job and make more money, although it would probably still be difficult to make enough extra to pay off the debt in the next eight months.

The only other option would be to renogotiate the payment terms with the lender.

Good Luck!


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