Payday loan problems

ciscokid

Blobby8 wrote: »

I got myself into around £10k of unsecured debt in the nineties through overspending after I had to take a salary drop. I liquified as many assets as possible to reduce the debts and then lived as frugally as possible until I cleared all my debts apart from my mortgage.
After that I decided I did'nt like being in debt and threw every spare £ at my mortgage, I have never borrowed another penny since then and I never will. If I cant pay for it I dont have it.
You have significant problems and need to sort yourself out, it is entirely up to you.
My way will not suit everyone - your way will ruin anyone.

I don't know what it means to "liquify assets"....can you please elaborate?

PsiDOC

Liquify assets = sell everything you can or don't need that is of some value.

@ OP. Payday loans are simply a rip off. Get rid of the debt ASAP. Pay it off bay any means possible, even if it's a credit card. The worst credit card interest charges are massively less than any short term loan sharks like PayDay Loans.

Psi

ciscokid

So what about when you have no assets?

Blobby8_2

You just miss that bit out i.e. go to :-
"lived as frugally as possible until I cleared all my debts apart from my mortgage."