Im in 7000 debt? i cant afford to pay it off i need HELP/ADVICE !!!!!!!!

I look at threads you've started in the past 2-3 months and they are all over the place - it's clear you are desperate for money so trying anything you can.

It won't work. Get a job and pay off your debt.

Many new businesses fail for one reason or another. If you invested more than you could afford, you aren't as good with money as you think. You took a risk and it didn't work - it happens. Anyone who loaned you money to start a small business should have known the money was at risk.

$7k isn't that bad - set up payment plans and get a JOB and pay off your debt before you do anything else. If you have a job, get a second job.

When all you can focus on is debt problems - you aren't in a position to start an online business. I'd usually suggest a service business but you seem to have tried that without success. You can still do that (but not on Fiverr) with freelance sites but not when you come across as desperate or uncertain what you want to do.

Hi Lewis,

What I'd like to do is ask you a couple of questions. You can choose to answer them here or not, that's up to you. The answers though, could start the ball rolling for you.

Your mind is your most powerful resource. You have to decide that you want to get out of debt.

My questions for you are these.

What ideas to raise money - including getting a job - have you written down on a list?

Have you taken action on any of them? If not, why?


Best of Luck,

Ron

Ask your dad for more help.
Be honest with him though. Explain why you need it and don't promise to repay him.

1) Stop spending money you don't have.

2) Get a job. If you already have a job, get another job.

3) Start with the lowest bill and focus on paying that off while making regular payments on all loans. Once the lowest loan is payed off repeat with the second lowest loan, repeat, repeat... do not pass go.

4) Learn from your mistakes. See #1.

You said you "...ended buying lots of equipment and things i didnt really need."

So take inventory of the equipment you did not need.

Is it something you can use in the near future? If the answer is "no" (be honest here!) then liquidate it. Depending on what it is and where you sell the equipment, it might bring you halfway out of debt. Or not. But give serious consideration both to whether you will use it and how to sell it, because the right sales method might bring you a decent amount of money back to beat down that debt.

One person I consider a mentor in my life once told me that if I ever decided to open a restaurant that I should get extremely familiar with the bankruptcy laws and procedures! When I laughed he told me he was serious, not because I could expect to fail but because so many restaurants DO fail until it was the only place he would consider buying restaurant equipment from due to the bargains had!

So while I didn't go into the restaurant business, when I eventually decided to do a vending machine route I bought the bulk of my machines used, and while looking for used equipment I ended up finding a student who bought machines and had built up a route instead of getting a job to pay for college. All used machines, but all saved me both the money for new machines and the payment for delivery and installation as well...not to mention a learning curve!

So what can you liquidate at a reasonable price? And will it make a difference?

If it's pro camera equipment, my advise is to hurry up and sell it for the highest dollar you can get ASAP. I once thought about selling a camera and then waited. The wait cost me over half what I could have gotten had I sold it as soon as I thought about the sale possibility due to technology changes and advancements!

Keep in mind that I am offering this advise in addition to what others have said, not instead of what's been previously said.

Here is something I posted last year most of that still stands.

I would also consider getting in touch with a debt relief charity. Personally I'd recommend Christians Against Poverty. I've seen first hand the work they do and its amazing.

They can contact the credit card companies on your behalf and help stop the interest so you have a chance of then budgeting to challenge the rest of the debt.

7k isn't the worst amount of debt but any debt left will get unmanageable.

Don't ignore it as this will effect your mental and physical health.

Take action

change your name to lewis james pro-am

Hi there, I think this is not the right time to start an online business, I'd get a job, pay off the debt, then start an online business.
2 cents here
which you the best!

$30,000 in debt from school.... so you'll be fine.

Don't know your background, why not try work as a media buyer at a affiliate network. You can make good money that way.

hey there

Do this
1.you have 4or 5 different debts right now
2. can you sell of any of the equipment to raised some cash?
3. if yea.. then sell for what you can get
4.do you have any income? can you do some part time gig temporarily to raised cash
5. do a google search for "debt consolidation" where they will take those 5 loans and combine them into 1 payment thus giving you some breathing room until your situation improves

ok
talk soon
sam f