According to Burns (2016) ‘Chapter 16 – Maturity - The Exit’, when an individual person is struggling to pay their debts, his or her options include:

When an individual is struggling to pay their debts, their options typically include:

1. Negotiating with Creditors: Individuals can reach out to their creditors to negotiate a more manageable payment plan or to reduce the amount owed.

2. Debt Consolidation: This involves combining multiple debts into a single loan with a lower interest rate, making it easier to manage.

3. Credit Counseling: Seeking advice from a credit counseling agency can provide individuals with strategies and assistance in managing their debts and finances.

4. Bankruptcy: As a last resort, individuals may consider filing for bankruptcy, which can alleviate some debts but also has long-term financial consequences.

5. Creating a Budget: Developing a realistic budget can help individuals track their spending and allocate funds towards debt repayment.

6. Increasing Income: Exploring methods to increase income, such as taking on additional work or selling assets, can help in debt repayment efforts.

7. Seeking Support: In some cases, discussing financial struggles with family and friends can provide emotional support and potential financial assistance.

These options can help individuals navigate their financial difficulties and work toward a more stable situation.