When there is too much of Debt and few or no resources of paying back what should one do?

It would be better to manage with our income that is earned by us. We need proper planning to manage our funds. Spending more than we what we earn will land us in problems. We should think more than twice on how we are going to meet the expenses or our repaying capacity.

 Thanks for the referral Mr.Dharmena.

Jokes apart, if he dont have any resources to pay back, then he should try to talk and be in contact with the lenders. He should not avoid their calls and hide from them, this makes them loose their confidence and trust on him/her.

Keep the debts withing the boundries of your cash flow. Some Americans do maintain a habit of accruing credit card debt only up to 30% of their monthly wages. Always take debt keeping an eye on your cash income. Contingencies need be met through investments in stocks.

when stranded with little money and lots of debt to pay, the most important thing is to maintain cordial and good relation with creditors and try and negotiate a 'period of moratorium'...........once the 'creditor banging the door' fear gets of the back, one can properly plan for a solution.

Majority in case of high debt, people are deciding to sucide, mentally unbalanced, negative thinking, run away from native place, attarct toward dirty work etc. But, i wolud like to share that in that case people should not loose his efforts and confidence, to make plan with patiently how to repay the debt, i agree that it will very difficult in this situation but it is also possible...

Save every month minimum 20% of your salary. Loan repayment should be within this 20%. Save for a year and then spend only 10% for your needs from this savings.

Normally is such a situation, people tend to avoid banks. First thing is to go to the bank, discuss with them and get all the loans restructered. An open talk with the banker will help a lot in such a situation. After re-scheduling, maintain financial discipline and pay back the loans. Till the loans are cleared, do not venture into new projects.

Whether you are deeply in debt or need to return money to a friend and unable to. never ever escape and run away or stop taking calls. Instead show your genuiness by arranging to meet your creditors in your office and give them written gurantees after explaining your situation in detail. Work out a credit payment plan that will entail some monthly payment to each and every credit however small the amount may be. That way either your creditors will agree to your proposal or take action against you legally. The chances of the former happening are quite high if you have managed to impress them with your genuiness.