Well i really dont know where to start.recently married around 6 months ago..it was a forced marriage..now i have put myself in such heavy debt that i am left with nothing at all each month and still bills to pay..i have 2 credit cards over limit..totaling up to $ 11,444
And a car loan $46 000..im currently earnin only $2400 a month..- am stuck and have no idea what to do..still staying with parents cos im not settled yet..,i live in UAE…help me please…
How can i progress in life with all these debts..? And im married…need to find a solution to
Get my life in track..should i sell the car,where do i start.heeeelp!!!
What should i do to get myself back in track
Wow. The forced marriage aside, the path out of debt is both basic, and hard.
I would suspect in reading between the lines of your message that the relationship isn’t the most desired situation. I am sure it brings you some emotional stress and I’m worried about that.
It is not unusual for stress and worry to result in growing debt. People around the world unconsciously seek soothing comfort through shopping and the distraction of spending money. I’m not saying that’s what what you’ve done, but you need to be aware and watch out for such new debt.
The way out for you, as long as you can meet your monthly minimum obligations is going to be to not incur any new debt and slowly dig yourself out. The good news is you are working and you do have income coming in.
The debt snowball method to reduce debt works in any currency, including in the UAE. By tackling the smallest debt first and freeing up additional money you can then apply it towards the next largest debt, accelerating your payoff.
If you could sell the car and pay off the car loan from the sale, that is certainly an option to strongly consider. If you need a car, find a less expensive one. After all, it is just transportation and does not need to be more than reliable.
I’m curious, who knows about your situation, your parents, your husband? What advice have they offered?
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.