Loan sharks are people who illegally run a money lending business . They charge unbelievably high interest rates that may seem almost impossible for anyone to settle. However, I always see a lot of people getting into this kind of horrible debt, and I am sure that it is not a situation anyone would want to be in.
Unfortunately, there are these little things we do that can lead us to uncontrollable expense and snowball of obligation that just gets bigger without us doing anything. So before you get into bigger debt and force you to have your way with loan sharks, it'll be better if you can find a way to cut down on your costs and slowly deal with your debt.
Debt management can be daunting and stressful for anyone, especially with the thought of your debt getting bigger everyday. Yes, your debt gets bigger everyday, they are not just not reflected on a daily basis, but rather monthly. If you are making enough to make ends meet and deal with the interest of your debt, it still isn't enough, because you don't want to be paying interest for years.
If you can deal with the interest just fine, then you just need to find something that can slowly - or immediately - cut the amount that you owe. For example, you are making enough to deal with the $200 monthly interest of your $1,000 loan, all you have to do is to start raising additional cash to gradually reduce that amount.
Believe it or not, your meals are also a good source of money that can pay-off your debt. If, for example, you are eating at your favorite restaurant, twice a day and 5 times a week, for $6 a meal. That's a quick $240 off your debt just by cooking your own food at home.
The simple things that you do, which costs money are the very reason why you'll end up in bigger debt. Make sure that you handle your finances carefully, and slowly build emergency funds so you won't find yourself getting caught in the trap of a never ending debt settlement.