Financial literacy: how to get rid of debt on loans?
So it happens that the availability of creditproducts plays a cruel joke with those people who do not know how to spend money and plan spending. The consequences are debts, negative credit history, frustrated nerves and the question: "How to get rid of debts?" However, from any situation there is a way out. Let's consider the procedure for re-crediting.
First, make a list of your obligations: to whom, how much and when to return. The "total" item is likely to be appalling, but the first step has already been taken.
How to get rid of credit debts, if there are a lot of them? Start to repay the debts correctly. If there are a lot of loans, first of all you need to calculate the most "expensive" of them (with a high interest rate).
At the same time, one should not allow delinquencies for the remaining ones, at this time low-cost credit cards can be paid with minimal payments.
If there is a low-interest credit card, repay it with debts with higher interest.
As soon as the most expensive loans were paid off,start on a maximum to extinguish one "small" debts. You will see that the number of loans is decreasing, which will positively affect the mood to win over the remaining obligations.
If possible, try to pay the amountmore than the minimum payment for credit cards, because they accrue interest on it every day. Do not stretch the repayment of the credit card with the least payments, since they fully include commissions and interest. The main debt in the monthly minimum payment is a meager share, which prolongs the time of using money and increases the overpayment of the borrower.
If you see that you can not manage without delays,inform the bank. Attempts to hide and disappear are useless, since you will have to get rid of debts only to you and no one else. Today, many banks are meeting the borrower, if he pre-warns about the situation and does not refuse to pay their debts. This procedure is called a debt restructuring - a reduction in the amount of monthly payments due to an increase in the loan period or interest rates.
The next answer to the question of how to get rid of debts is to put your budget in order. The main principle of personal finance management is less spending, more income.
First, start recording your costs. Create an excel table in the excel program and daily contribute each ruble spent dividing the expenses into groups (for example, "products", "clothes", "entertainment", "children", "mobile communications", "gadgets", "rent" etc.) . A few days after the start of the financial diary, there will be a desire not to spend too much. Count how much money a month goes for each item, and what is its share in total expenses. Think about whether they could be reduced, identify reserves for savings.
Avoid casual and unplanned purchases. Think for a couple of weeks, let the emotions calm down. If a well-considered decision is taken that a thing is still needed, compare prices, read reviews and buy.
Increase your income: find a second job or a part-time job, do your job on the current job so that you increase your salary, grab for difficult projects, be active and hardworking.
Sell unnecessary or unnecessary things.
After making the last debt in the bankruble in no case no longer take loans, as getting rid of debts is a long and difficult thing, and the joy of buying lasts less than the payment schedule.
Yes, loans are needed. You can save for large purchases until old age, but you want to live now. The loan is justified if it is aimed at long-term improvement of the financial situation or the acquisition of vital property. For example, a mortgage instead of monthly rental payments and a car loan for the work and daily transportation of the family.
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