Been there. Here is what I did.
First - don't panic. I can assure you, no matter how bad it feels, it is not the end of the world for you, nowhere near it, and in fact, in time, you will be much more confident about your own abilities.
Second - Communicate with the people you need to pay back. DO NOT DUCK as that will only worsen things for you. Explain the situation to them earnestly. If you have family, have them involved in the discussions to help you get more time.
Third - Make a repayment plan with schedule and everything before you talk to them. This will show them you are serious about repaying. This also has a higher chance of acceptance if you are able to make some, any, payment immediately too. Having something in writing is recommended.
Fourth - Really tied to the Third - Stretch yourself to do better financially. That is a completely different topic so won't write more on it.
Fifth - Possibly involve a lawyer or debt settlement agency, that would depend on specifics of the situation and the sophistication of your creditors.
Sixth - As a general strategy, I don't recommend borrowing from Peter to pay Paul.
There is a quote 'this, too, shall pass'.
May the force be with you.
See question on Quora
from Yogesh Malik on Quora http://ift.tt/1EN8VtS
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