I'm in debt. How do I get out?

I inherited a forty-year-old business entity involved in customs consultancy and brokerage from my father about three years ago, along with a $250,000 business loan. I took an additional loan of $300,000, and for the past four years, I have been paying approximately 15% interest rate per annum. However, this ongoing pandemic has hit me very hard, and I am unable to keep paying back the EMI (Easy Monthly Installments). I am thinking of liquidating some of my assets to get out. What other alternative routes can I take to keep my business afloat that also leads to me becoming debt-free while holding on to my assets in a densely populated country where investment in assets is always lucrative.


I do understand the problem that you are facing. There are several ways to help you out for instance:
1. Pay more than the minimum payment.
If you carry the average credit card balance of $15,609, pay a typical 15% APR, and make the minimum monthly payment of $625, it will take you 13.5 years to pay it off. Whether you’re carrying credit card debt, personal loans, or student loans, one of the best ways to pay them down sooner is to make more than the minimum monthly payment.
2. Try the debt snowball method.
If you are in the mood to pay more than the minimum monthly payments on your credit cards and other debts, consider using the debt snowball method to speed up the process even more and build momentum. As a first step, you will want to list all the debts you owe from smallest to largest. Once the smallest balance is paid off, start putting that extra money toward the next smallest debt until you pay that one off, and so on. Over time, your small balances should disappear one by one, freeing up more dollars to throw at your larger debts and loans.
3. Pick up a side hustle.
With sites like TaskRabbit and, nearly anyone can find some way to earn extra money on the side.
4. Create (and live with) a bare-bones budget.
One tool you can create, and use is a bare-bones budget. A bare-bones budget will look different for everyone, but it should be devoid of any «extras» like going out to eat, cable television, or unnecessary spending. While you are living on a strict budget, you should be able to pay considerably more toward your debts.
5. Sell everything you do not need.
If you are looking for a way to drum up some cash quickly, it might pay to take stock of your belongings first. Why not sell your extra stuff and use the funds to pay down your debts?
Otherwise, you can consider selling your items through a consignment shop, one of the many online resellers out there, or a Facebook yard sale group.
Besides if you do have any questions give me a call:

Answered 4 years ago

Frankly, the answers you received show no understanding of your problem. They are fine for consumer debt, but your issue is business debt.
I don't know where you are that a 15% interest rate is reasonable for this situation...but let's assume it is.
You have a few possible solutions:
First, find a partner who believes in you and your business and can invest through equity rather than debt. This will reduce your monthly costs
Secondly, approach your lender(s) to renegotiate a longer term loan with lower payments. I don't know what your security was against the loans, but if it was the business assets the lenders would prefer repayment rather than taking over your business and maybe getting pennies on their debt.
Reduce the loans through assets sales, as you have suggested.
Whatever path you take, get a good advisor to work with you, as you might be blinded by bring in the business. They can bring an outsider's eye to your problem.
Good luck in your future!

Answered 4 years ago


I'm sorry about the issue, I would suggest following these advice : Pay More Than the Minimum, Spend Less Than You Plan to Spend
Pay Off Your Most Expensive Debts First
Buy a Quality Used Car Rather than a New One
Save on Groceries to Help Pay Off Debt Faster
Get a Second Job and Pay Down Your Debt Aggressively
Get a Consolidation Loan
Speak with a Credit Counsellor - It's Free
Invest Money on Cryptocurrencies

Thank you

Answered 4 years ago

I would most recommend for you to apply for some grants !

Answered 4 years ago

These are some ideas and I hope they are helpful. Thank you.
1. Look for lower interest rate option and pay more than the minimum

2. Save for emergencies and unplanned expenses.

3. Consider hiding your credit cards

4. Make it harder to spend

5. Learn to use credit wisely

Also, there are business fundraisers like has products like t shirts.
There are fundraisers for businesses, and fundraising for start ups.

Answered 4 years ago

Upon reading the situation... it seems like you have an income problem. Try transitioning the business online, that way you will be able to have clientele from the different states and so on... Next would be to see if you can negotiate for a lower APR but, I read that you already have EMI... Therefore you must already be in that kind of program. Check it out anyways... Another thing that could be done is to reduce unnecessary cost... You right now do not have the luxury to spend as you please; so identify where you are. Lastly, BUDGET, BUDGET, BUDGET...

Answered 4 years ago

Do you enjoy what your doing? I know you inherited this business but is it something you want to do or do you feel obligated to keep the business going?

Answering these questions is a good place to start as your WHY needs to be identified and its your WHY that's going to carry you through especially through the difficult times.

If you are passionate about this business and want it to succeed you should look at increasing your income as much as possible and reducing expenses. I know some businesses have sold their offices or cancelled their rentals to save money as they will provide online consultancy going forward.

Paying off debt is always more effective if you approach it from a behavioral point of view. Pay off the smallest debt first and then move to the next smallest and so on. Once the debt is gone, take its payment apply it to the next debt. The payments will get bigger as you go along.

Good luck. Certainly contact me if you need financial coaching. Just focus on what you really want out of life first. Your plan will evolve from there.

Answered 3 years ago

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