What should I do if I am in debt because of a failed business venture and am blacklisted by the bank

What should I do if I am in debt because of a failed business and am blacklisted by the bank? Entrepreneurship is something that many young people want to try, but the risk of entrepreneurship is very large, and there are actually very few people who can succeed in entrepreneurship. Many people will raise capital and take out loans before starting a business, but there is no money to repay after the business fails, resulting in personal credit problems and being blacklisted by the bank, how to deal with it in this case?

First, sort out the debts first.

Generally speaking, the liabilities of entrepreneurship are multifaceted, such as bank loans, credit card liabilities, private loans, etc. Therefore, the first thing you need to do is to sort out your arrears, first pay off the relatively small number of debts, reduce one creditor, and then count the total remaining debts. Each category is sorted out, and there is basically a debt base in mind.

Secondly, according to these liabilities, the order of repayment is arranged according to the degree of urgency, generally speaking, credit cards, bank loans, and finally online loans.

2. Make a repayment plan.

Once we have sorted out our current debts, we need to make a realistic repayment plan, starting with an estimate of the available funds on hand, paying off a portion of the debt first, and then preferably paying off a portion of the debt on a monthly basis. First of all, it is recommended to apply for the credit card debt installment to reduce a certain pressure, although the handling fee after the installment is very high, but if the credit card is overdue, then the interest rate will be higher and the pressure will be greater, followed by the bank's loan overdue, explain the situation with the bank, maintain a certain amount of repayment every month, show your willingness to repay, if you do not repay the operation, the bank has the right to sue you to the court.

3. Credit is repairable.

There is a misconception about credit investigation that once the credit investigation is blackened, it cannot be recovered, but in fact, this idea is wrong. In fact, the bank's credit can be repaired, but the premise is that after you pay off the debt, cover it with a new consumption record, and the previous consumption record will be kept for 5 years. Therefore, the repair cycle of credit investigation is roughly about 5 years, so first of all, you can reduce the psychological pressure, and the credit investigation can be repaired later, and the transfer can be carried out first.

Fourth, open source and reduce expenditure.

The main problem of debt is the shortage of funds, so the first thing we need to do is to increase our income first, if our business fails, then the first thing to do is to find a stable income, you can find a job first, the reason why it is difficult to find a job is that it is difficult to find a suitable job, but it can be found by lowering a certain standard, and then you can appropriately reduce the quality of life, first save money to pay off the arrears.

In summary, the debt being blacklisted by the bank is temporary, and the solution is to find a way to increase your income and repay as much as possible. Difficulties are always temporary, and it is hoped that the arrears will be paid off as soon as possible.

I think that if you find a stable job, make a certain amount of savings, and start a new business, you won't succeed without failure.

You should go to find a job in a down-to-earth manner, entrepreneurship is not suitable for you at all, or give up, don't think about being a boss anymore, work hard to make money and pay back the bank money first.

The best way now is to open up sources and reduce expenditure, and work hard to make money to pay off debts.