There are people who when they are in debt borrow money form one person to pay another. This is the route to landing yourself into more debt thus fail to achieve financial freedom. When it comes to sorting a financial problem, rather than going round it, solve it immediately, Click Here!. But taking a loan to pay another loan has never sorted a financial debt, but instead it delays solving the problem.
The best approach when you are unable to pay someone his debt is to talk to the person. Explain what you are going through and come up with other terms of payment that you are able to afford. By doing this the creditor will see that you are keen in paying though you may be facing difficulties.
The other thing you should never do is run away from paying your debts when you are unable to. This will only result in your creditor taking legal action thus land you into more trouble. The same applies, approach your creditor and request to be given more time to organize yourself and continue paying back your debt once you have sorted out your personal finances.
It may appear tough or embarrassing but always be honest about your personal finances when you are unable to pay you debts. Being frank will help your creditor understand your predicament and maybe reschedule your repayment plan.
Negotiation is the key to resettling your debts whenever you are unable to keep up thus stay on course towards achieving financial freedom. Challenges are bound to come our way but we should never run away from them or delay sorting them out.
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