The second solution to debts

Let me just give background information to those who are reading my blog for the first time. The topic of discussion here is how to manage debts arising from student loan, car loan, mortgage, and family expenses. In my last post, I said the first solution is to sell the car and buy a cheaper used car. You cannot spend more than 15% of your take home pay on vehicle. I used a worker on an annual salary of $50,000 with a $30,000 car loan. Someone on this income shouldn't buy a car of more than $8,000 and should pay it cash. After solving the problem of car, the second issue to tackle is the mortgage. The reason for the choice is that student loan is a constant which must be paid. There are two options as regards the mortgage problem. One option is to look for another job to increase your income so you can continue paying the mortgage. The second option is to sell it to another person or to return it to the seller so you can get out of the mortgage debt immediately. In the second case, you need to live with your parents until you can save enough money to make a bigger down payment. While saving money for the down payment, you should be paying the student loan. You must pay all the student loan before getting into the mortgage again.      The problem is not a difficult one if one is committed changing his or her lifestyle. The solutions I have been providing here are exactly what I would do in the same situation.
     I will give more tips in my next posts.