Tips on how to get out of the debt trap. How to get out of the credit hole? Ways to get rid of credit debt
Find yourself in a difficult financial situation it is not difficult: each missed loan or loan payment is a new step towards a debt hole. Wait for the end or pin hopes on the bankruptcy procedure individuals stupid: the first requires remarkable patience and willingness to communicate with the bank's security department employees and, even less pleasant, with the collectors; second - the presence of a considerable amount, which would be quite enough to pay off obligations to the lender. Besides, credit history of an unscrupulous or irresponsible defaulter will be spoiled for several years in advance - which means that he will no longer be able to rely on the bank's help again.
People who are faced with a problem usually start to panic, making chaotic movements: someone is trying to soap or soft toys, someone is to hastily leave the city or even leave the country. This is not to say that these methods do not bring results at all, but it is much easier and safer for nervous system develop an action plan and try to negotiate with creditors. Let's try to figure out what to do to get out of the debt hole, and how not to collect extra loans again.
How to get out of the debt hole?
The main advice for a person who wants to get out of debt on a loan is not to make too long-term plans and act according to the situation. On the Internet or in stores, you can find enough books with advice for aspiring entrepreneurs - future billionaires; in addition to the general doubtfulness of the recommendations contained in such literature, it should be remembered that they are not adapted to Russian realities.
But do not despair: even a seemingly hopeless debtor can emerge victorious from the situation by looking at the problems from the right side and abandoning deceptive hopes and prejudices. In order to build a process with the least losses for yourself and still get out of the debt trap, you should adhere to the algorithm given below. It is conventionally divided into five steps; some of them, depending on the state of affairs, can be broken down into smaller elements, while others can be skipped.
There is no single "universal and error-free" way to get out of debt trap. There are a lot of people, the circumstances under which they take out loans are no less, and the requirements of creditors differ greatly among themselves. So, if Sberbank or VTB 24 for a long time limited themselves to reminders, and sometimes even allow themselves to call a borrower who missed one or two payments, then smaller and more aggressive financial institutions, not to mention microcredit companies, will definitely remind of themselves - and, as can be seen from the testimonies of their former clients, in the most intrusive and at the same time stupid form.
Important: although in domestic practice there are enough examples of successful "tacit" evasion of loans and borrowings, it is impossible to resort to such methods without a really serious justification. Russian legislation is undergoing permanent, unpredictable and non-analyzable changes, and a person who today does not risk anything except the reputation of the borrower may become involved in a criminal case tomorrow. And taking into account the percentage of acquittals, in this case it would be unreasonable to expect a favorable outcome of the case.
So, you need to get out of the debt hole, communicate with creditors - too, but lurking in anticipation of a miracle is not. Now, having taken these provisions to heart, you can proceed to the first step - understanding the problem.
Analysis of the situation
Before starting to act, the debtor should realize what happened to him and how he came to this. It is not difficult to answer the first question, omitting insignificant details: he found himself in a hole in debt. The second is more of biographical (than practical) interest and is more needed in order to tune a person on the right wave. There can be as many answers as you like, but none of them will be a sufficient argument for the lender and an excuse for the borrower.
The bank is not interested, the person ordered credit card because he wanted to faster, or because of temporary failures in his own business; this is not the subject of the loan agreement. It's simple: borrowed funds were provided by the lender, and the borrower must return them in full and on time.
Now, having finished with reflection, you need to analyze the problem that has arisen, answering the following questions:
- What is the total amount owed? The number of creditors now does not play any role: a person who finds himself in a debt trap for loans and borrowings, through more or less complex calculations, calculates the final value (with all interest, fines and penalties) and writes it down on a piece of paper. It is from this result that one should build on in the future.
- How many creditors are there? Further (on the same sheet), you need to write down in the column all the lenders (from large banks and microfinance organizations to individuals - professional usurers, acquaintances and neighbors). There is no need to make allowances for personal acquaintance or once-friendly communication: most likely, over the past time, the relationship has managed to deteriorate, and although a private person who did not have the foresight to take a receipt from the debtor will not be able to sue, he will have enough ways to ruin the life of others way. To put things in order, creditors should be listed in the order indicated above, from major to minor. The finished list will look approximately as follows:
- Sberbank;
- Uralsib;
- Permdrovbank;
- MFO BeriMoney;
- MFO GiveMoney;
- Semyon Ivanov, private investor;
- Nikanorov Lev Abramovich, colleague;
- Shchekin Nikolai Ivanovich, neighbor in the dacha cooperative.
- What is the danger of each of the creditors? The slightly daunting question can be reformulated in a different way: to whom in the first place is it necessary to return the borrowed funds? A person who has already found himself in a debt trap should approach the problem from a purely pragmatic side: it is no longer worth counting on the restoration of friendly relations, but it is necessary to strive to resolve the situation out of court. Based on this, lenders should be the first in the list for payment:
- with the most stringent lending conditions - maturity dates, penalties and fines;
- with a long period of delay - in other words, those to whom the debtor applied before the others;
- promising - in which a person who is in a hole in debt expects to receive loans in the future.
- What are the current capabilities of the debtor? It is clear that all income (if any) is spent on utility bills, food and other urgent needs. However, before you fold your hands and finally fall into despair, you need to at least write down the items of income and expenses - this will help in one of the next stages.
- How many people are able to allocate to pay off debt (debts) right now? This question is directly related to the previous one - and for the reasons indicated earlier, it may remain unanswered at the "preparatory" stage.
- Who has the ability to help pay off debts? Only people who are ready to act free of charge and without any motivation should be considered, since the repayment of the obligations of a private person from the practical point of view is not interesting to anyone, which means that it is not necessary. It is not worth counting on - only if the debtor does not have an exceptional gift of persuasion or cannot offer a noteworthy business project in exchange for a service. The persons who can be contacted should be listed on a separate list, just like creditors.
- Is it possible to get legal aid? When answering this question, only trustworthy organizations or private lawyers with a sufficient number of positive references should be considered. Since a person in a debt trap has little or no money by default, the services should be either free or at a minimal cost. In no case should you borrow another amount to get advice from an advertised company: either fraudsters or incompetent lawyers can work there - the money will be wasted, and the debtor will have to pay creditors several thousand rubles more.
Advice: so as not to get confused, records can be kept in in electronic format- in a text document or table. The last option, for example, using the Microsoft Excel editor, is the most convenient, since it allows not only supplementing the document and making edits to it, but also making calculations using the capabilities software... Another advantage of the spreadsheet is the flexibility of settings: the user can make an unlimited number of notes on one sheet or create a multi-page document.
Dialogues with lenders
Now, having carried out the initial analysis of the situation, you can proceed to the next stage - the preparation and conduct of negotiations with creditors. With the exception of emergencies, hiding from lenders, be it banks, microcredit companies or individuals, is not necessary: this will only lead to complications with law enforcement agencies, but will not help to correct the situation in any way.
Important: one should not be afraid of creditors either. The vast majority of them in their activities adhere to the norms of the law, and getting their money back is more important for them than for the borrower - to repay the debt. In Russian reality, the treatment of statement of claim going to court is fraught with numerous difficulties, wasted time and the cost of lawyers, and therefore even banks are practiced only when a significant amount of debt on a loan is reached. The opportunity to come to an agreement is almost always preserved - you just need to get together and start acting.
It is necessary to build a dialogue with the creditor based on his status, the amount of the debt and other attendant circumstances. Conventionally, the same three categories of lenders can be distinguished: banks, micro financial institutions and common people. In order not to improvise along the way, you should prepare a conversation scheme with each of them in advance - or use ready-made options, slightly modifying them in accordance with their own needs.
When you first talk to a lending bank, you should:
With a payment schedule in hand, a person trying to get out of a debt hole can safely take action. If the bank still filed a claim with the court, the process will be delayed and, most likely, the debtor will have to deal with Federal Service bailiffs.
In this case, you need to pay attention to the order of execution of the decision: the court order, due to the ease of obtaining - the favorite means of creditors, has two drawbacks. First, it can only be obtained with respect to small amount debt; secondly, it is automatically canceled when the borrower submits a protest - and so on until a new consideration, an infinite number of times. If the bailiffs act on more weighty grounds, the debtor will not only be forced to pay, but will also be left without valuable property that goes under arrest.
The procedure for communicating with a microcredit company is similar to that presented above, but there are a few exceptions:
- Taking into account the specifics of the MFI's work, the degree of respect in a conversation with its representatives can be reduced until the communication becomes constructive. Do not be shy - as has already been noted more than once, the need to improve relations is more felt by the usurer than the borrower.
- If the creditor decided to involve in the case collection agency(usually your own subsidiary), you need to remind him of the current legal restrictions on their activities, emphasizing that you are not going to tolerate illegal actions.
- Quite often, a microcredit company offers to take from it or from partners new loan to pay off the old one. This should not be done, unless the debtor has a desire to acquire additional obligations, which will be more difficult to fulfill than the original ones. It is better to insist on drawing up a payment schedule or to invite the moneylender to file a statement of claim in court; in 99% of cases this will not be done, and the debtor will finally achieve fair repayment terms.
The way of building a dialogue with an individual lender depends on his status and previous relationship with the debtor. In general, for productive communication with the lender, it is enough to observe the following algorithm:
- Find the right person and, admitting that he was wrong, offer him to solve the matter peacefully. In this case, it already makes sense to tell the lender about the troubles that happened: perhaps he, having penetrated, will forgive part of the amount or offer more profitable terms payments. Do not skimp on details: the clearer the situation is for the lender, the more likely it is to meet the borrower halfway. However, you need to be careful: being too carried away by the details, a person who is already in a hole in debt runs the risk of being left without sympathy or being classified as a liar. Then, of course, he will have to pay money immediately and in full.
- If the funds were issued against receipt, ask the lender to show the document and clarify the readiness to destroy it after the debt is paid. However, even if the money was provided without paperwork, you should not neglect your obligations - at least in order to maintain good relations with the creditor.
- Having once again emphasized your respect for the lender, invite him to draw up a debt repayment schedule if it is not possible to return the entire amount at once. The repayment plan can be done both in the form of a spreadsheet (its advantages were described earlier), and on paper. There is no need to certify the document with a notary, although, by agreement, the lender and the borrower can take this step.
Having solved the organizational issues, you can start making payments - and where to find funds for this will be discussed in the next section.
Control of expenses and income
To give money away, you need to take it from somewhere. A person who decides to get out of a debt trap should compose full list their income: official ( wage, pension, others social payments) and informal - for example, from the sale of handmade souvenirs or the provision of minor repair, cleaning and other services.
Important: in order to plan payments for the accumulated debts, there is no need to communicate with the Federal tax service- which means that in the list all sources of budget replenishment should be listed as honestly as possible, anyway no one will know about them, except for the debtor and his proxies. Also, do not be afraid to show the sheet with the calculations to creditors: they are interested in the debtor's fulfillment of their obligations, and not in the efficiency of tax collection.
The next step is compiling a list of monthly expenses; they can be divided into several categories:
- Payment of utilities, rent or rental housing. Funds for this item must be allocated immediately, without trying to save on the obvious necessary costs- otherwise, a person who finds himself in a hole in debt will not only be unable to get out of it, but will sink even deeper, this time contacting the management company.
- Necessary expenses. You still have to buy medicines, household chemicals, hygiene and cosmetics, and it is highly discouraged to save on them, at least on the first point. Debt on loans is, of course, unpleasant, but it is not fatal, but from improperly selected analogs of expensive medicines, a person can lose the opportunity to independently solve their problems.
- Urgent spending. If the last jacket has deteriorated or a labor tool has broken, you will inevitably have to go to the store for a new item. The costs are significant, but usually one-off - so you can live with them.
- Money to pay off loan obligations. The required amount must be set aside immediately - otherwise, most likely, by the time of the next payment, nothing will remain on the debtor's account.
The unaffected funds need to be distributed “for life”, using, for example, the “five envelopes” method. The amount is equally divided into four envelopes, each for one week of the calendar month, and the remainder goes for the few remaining days according to the scheme "28 + 1, 2, 3". Every seven days, you should spend funds from only one envelope, without looking into the rest. If at the end of " reporting period"There is some amount left, it can be used for:
- entertainment and recreation;
- investing in your own future: buying valuable papers or placing funds on a deposit;
- increasing the amount of subsequent payment for one or more debts.
Usually, the lender offers the debtor the option of early repayment of the loan. There is no need to neglect it: the faster a person can get out of the debt hole, the easier it will be for him to return to normal life.
Finding financial sources
Sources of financing for a person in a difficult life situation and seeking to pay off loans can be:
- Own salary or other income directly dependent on the actions of the debtor.
- Means ready to help family and friends: salaries, pensions, benefits, unofficial income and other savings, as well as, if necessary, liquid property: house, apartment, car, and so on.
- Sponsor's or interested person's money... It is difficult to obtain them, the benefactor does not receive any guarantees, therefore, if the debtor is lucky, one should not forget a good deed: at least it must be drawn up and sent immediately after the problem is solved.
- Involved funds... Of course take new loan for the sake of repayment of the old - far from the best way, but sometimes the only possible one.
Finally, after talking with creditors and finding funds, a person who finds himself in a debt hole can proceed to the most pleasant stage of getting out of it - reckoning.
Drawing up a plan for paying off debts
The plan for the fulfillment of obligations on the loan is drawn up in individually... Both parties should be involved in the process - both the lender and the borrower. Both of them are interested in a favorable outcome of the negotiations, and therefore, in order to get out of the debt hole with the least losses, there is no need to give up the opportunity to take matters into their own hands.
Advice: you can involve a professional in the creation of a payment plan banking or an economist. This will help (at a certain cost to pay for his services) to save time and avoid errors in calculations.
How not to end up in a debt trap again?
In order not to find himself in a difficult situation again, the former debtor needs to adhere to the principle of reasonable economy and not waste money on unnecessary acquisitions. It is much wiser to invest them in promising business projects or keep them in a bank in a deposit account. Then, having the required amount on hand, the person will no longer be forced to take another consumer credit- therefore, it will save itself from the danger of getting into another debt hole.
Summing up
The debtor's first rule is to contact creditors. Refuse to communicate with them and hope for expiration limitation period unconstructive - it is better to take action. To begin with, you should contact the lender and, having explained to him the essence of the problem, offer to determine total amount debt with accrued interest and draw up a payment schedule.
In the future, the borrower should determine a list of monthly income and expenses, taking into account the amount required to fulfill the loan obligations. The contribution schedule is drawn up individually - based on the preferences and requirements of both parties to the contract. In the future, in order not to fall into a debt trap again, you should control your expenses, put aside part of the proceeds on the deposit and not take new loans unless absolutely necessary.
Get rid of debt Is one of the first and important steps towards financial independence. I managed to do it. My method is suitable for those who simply have large debts (exceeding your monthly income by no more than 10-12 times). Thank God, I did not reach huge debts - I began to act on time.
Step 1.
Honestly admit to yourself that it is difficult financial position- it's your fault. Yes - it’s yours. The easiest way is to disclaim responsibility and complain to yourself and everyone around you: “the parents are poor, the country is poor, the salary is small, there is no justice”, and so on. etc. Some even enjoy it. Or repeat "happiness is not in money."
It is difficult to take responsibility for your financial situation. But without this, one cannot get out of the debt trap.
Step 2. Fall in love with money. Thought is material and we, without realizing it, attract to ourselves what we really love. And we push away what we don't love.
Step 3. Write down all your debts - to the bank, friends, relatives. Prioritize and maturity. If there is an opportunity to agree on a deferred payment - use this opportunity. If the deadlines are tight, and you understand that soon you will not be able to pay - take a loan from the bank. If the credit history is still clean, the bank will gladly give you this loan. But take this issue seriously. On the Internet you can find loan calculator and compare the conditions of different banks. Choose the optimal monthly payment in terms of time and amount for you.
Important notes on this point:
- when negotiating a deferred payment, you must know the deadline by which you will definitely be able to repay the debt. You can calculate this with an error of 2-3 months if you read this article to the end and follow the recommendations.
- the amount of the new loan should in no case exceed the amount of today's debts. Better if it is 10 - 20% less. Do not fall into the trap "I will take a loan to pay off debts (for the last time! - honestly) and to buy a vacation voucher, cars, fur coats ...". This is a snowball and you won't be able to get out of it.
- the date of the monthly payment on the loan must be 1-2 days after the salary or advance payment. If you are used to living paycheck to paycheck, it’s easier to pay.
- You take this loan in order to pay off all debts of the current moment, reduce the amount of the monthly payment and postpone the date of the final settlement.
- in the terms of the loan agreement, there must be a clause on the possibility of early repayment of debt without penalties.
Step 4.
Take control of your expenses. Do not deny yourself everything and tremble over every penny. Such savings increase depression and self-pity.
There are many programs for home accounting... But I do not advise you to spend a lot of time searching, installing, studying. If you have minimal experience with Excel, a simple table is enough. My file can be downloaded. The main thing is to learn not to throw away the checks and write down expenses every day for a month. I described how to work with the file in the article.
Priority payments every month - utilities and loans. Within the remaining amount, buy everything as usual ( it comes about food and basic necessities - there is no money for larger purchases).
Step 5.
At the end of the month, allocate 3-4 hours for cost analysis and budgeting for next month... Think about what you can refuse, what you must definitely buy in the next 6-12 months (refrigerator, boots, coat, suit, etc.) and highlight a new column in the expense “for purchase”.
You can make a plan from the first day, but I recommend starting from payday. It's easier to plan this way.
After one or two months, you will find that you are making purchases less and less on the principle “and I'll take this just in case”. And at the same time you do not feel left out, it just turns on sound cost control.
Step 6.
Open a savings account in a bank in 3-4 months. Don't be surprised - it's cumulative. The fact is that you will pay off your debts.
But that's not the point. The main thing is financial independence. Getting rid of debt is just the first step. From this moment you have one more priority monthly payment- "For yourself". Not to be confused with the "buy" column. These are two different things. Usually 10% of income is advised. You can start with 5%. But necessarily every month. What you need to pay attention to when choosing a deposit can be found in my article.
Step 7.
Constantly educate your financial literacy... Books, internet, trainings, webinars, experience of successful people.
This article is based entirely on my personal experience. Two years ago, my debt was 10 times my monthly income. Now there are no debts, and the positive balance is several times (I will not specify how much - this is my commercial secret) more than the monthly income.
Before developing your personal plan on leaving financial crisis, I read a lot of literature. In the next article I will tell you exactly which books helped me.
If you have experience of getting out of debt - share in the comments.
I wish you success and prosperity!
Today it is very easy to get a loan: banks are ready to issue them even without certificates and guarantors. This attracts more and more clients who are ready to take a cash loan. Unfortunately, soon the moment of reckoning comes for their rash actions, and citizens begin to look for everything. possible options to pay off loans. However, it is not at all necessary to go to the bank. The passion to borrow money from friends and acquaintances also does not pass without a trace for family budget... How to get out of debt will be discussed in this article.
Assessing the situation
First of all, when the question of debt arises, it is necessary to correctly assess the current situation. Depending on who you borrowed from - from a bank or from relatives, further actions will depend. For example, in the case of debts to relatives or friends, the problem is much easier to solve. Having applied with a request for a deferred payment, you can find a part-time job and pay off in the near future.
If there is a debt to the creditor, then you must act immediately. For example, having issued a loan, a person relies on his own strengths and capabilities, but Unexpected situations can always happen, and at the most inopportune moment. That is why, faced with financial difficulties, you should immediately contact the bank with a request for a deferred payment. As a rule, credit organizations are accommodating and do not charge a fine for a small delay.
Where to expect help?
Having asked the question "how to get out of debt and loans", the debtor should know that he can always be helped. For example, in the case of a debt to friends or family, you can always turn to someone else for help, re-borrow money and repay the debt. Of course, such a step is a last resort, because in any case it does not solve the problem. You still remain financially dependent.
If the bank is the creditor, then the guarantors can come to the rescue. Most often, financial institutions insure issued loans and issue loans only if the borrower has a guarantor. This, of course, applies to large amounts, not small ones. consumer loans... In this case, the guarantor now acts as the main solvent person and pays off the debt for the main borrower.
In addition to these options, you can often see ads: "I will help you get out of debt." Individuals or microcredit organizations act as assistants here, who, having paid off your debt, will issue a new one, only at huge interest rates. The most real disservice. That is why it is best to avoid such help.
Action plan
First of all, you need to get rid of small loans. So, having paid off small debts, it will be easier to focus on larger ones. To make it easier to make decisions, you need to put things in order in financial affairs. It is precisely because complete chaos reigns in home accounting, and credit arrears appear. Thus, having taken control of all your income and expenses, it will be possible to further navigate in which direction to move. If the income level allows you to pay the bills on time, but some budget items do not allow you to do this, then it would be best to temporarily or completely remove them from the list of necessary ones.
Further, having understood their financial possibilities, you can proceed to action. In a situation where there is clearly not enough money, and credit limit exceeded, you should look for new sources of income. This may be an additional part-time job or a new type of business, or you will need to take overtime. But in no case should you issue a new cash loan.
Having distributed the money for a month, you can move on to planning the next one. So you will see where there are still problems, which means that you can move on to solving them.
Ways to pay off debt
Most The best way how to become a debt-free person is to abandon them in the future. That is, after paying off all debts, you should avoid the temptation to buy any thing on credit.
Having a debt to the bank, you can ask it to lower the interest rate or achieve restructuring. At first glance, this seems too complicated, because financial organizations do not intend to just lose their profits. But in fact, creditors are interested in at least returning the money issued: this is better than declaring the debtor bankrupt and losing all their funds. That is why, by contacting the manager with a request to change payments, you can get a chance to pay off debts in a form that is more convenient for you.
If this method did not help, then the insolvent citizen may ask for an extension. During the time that the bank or creditor will devote to not paying the debt, the debtor must put his financial situation in order.
How to quickly get out of debt
If there is no opportunity or desire to wait long and constantly worry about your financial situation, then there are two options. In the first case, sell mortgaged property and pay off the debt. Then the lender will immediately write it off, and the borrower will have no credit obligations. If a cash loan was taken not from a credit institution, but from friends or acquaintances, then you can also sell some valuable thing. The proceeds will be used to repay the loan.
The second answer to the question "how to get out of debt" is to declare yourself bankrupt. This is an extreme measure leading to the fact that in the near future a person will no longer be able to take out loans. The court recognizes the insolvent citizen as bankrupt and writes off his debt to the bank.
How to get out of credit debt
In the event that the borrower does not want to appear on the black list with banking organizations, you can try a few more solutions to the problem. For example, some people apply for several loans at once. In this situation, a good solution would be to ask for deferred payments in banks with lower interest rates. Thus, having paid off with the proceeds the entire debt to the organization with high interest rates, the borrower releases himself from more urgent obligations. After that, the rest of the loans should be repaid in order (also in full). When there is only one debt left, it will be possible to pay it off as usual, or, if circumstances permit, to close it completely.
Magic to help
Finding themselves in a difficult financial situation, people begin to look for unconventional ways to solve the problem. For example, those who believe in magic try to read the conspiracy. Getting out of debt in this way is unlikely to succeed, but it will help instill confidence in yourself and give hope. Folk omens concerning Money can also help. There is a superstition that you cannot take out the garbage from the house at night, otherwise money will cease to be found. Perhaps someone tested this method on himself, he really helped and gave an answer to the question of how to get out of debt. However, the whole point here is not magic, but a revision of a person's attitude to their income and expenses. Financial discipline and increased efficiency can work miracles.
Many citizens who take out loans do not even read the terms of the agreement. But in vain! There are several ways to save money and not pay too much. For example, with early repayment, you can save more than one thousand rubles, but when using bank cards on the contrary, spend extra money.
Some debtors sometimes even hope for a miracle. There is an opinion that there are rich Muscovites who help to get out of debt. Of course, in theory, you can imagine a situation where a kind uncle decides to pay off your loan. However, what will he demand in return? Get into new debt? Or work for him at the enterprise? Before looking for information about such options for solving a problem, think: do you need it? As practice shows, it is better not to believe rumors and various fables, but to try to pay off your debts on your own.
Let's summarize
The reasons that lead us to a debt trap can be very different. Sometimes the really only chance to get out of difficult situation is the design bank loan... Then, to insure yourself, you should turn to the help of guarantors. Thoughtless and unreasonable registration of loans may soon turn into a problem, and then it will be necessary to solve another question: how to get out of debt? Prayer will help little in this situation. One can only strengthen the belief in a speedy solution of the problem, but in reality, only attraction is required additional income and cost savings. In order not to become hostage to eternal obligations, it is necessary to stop using easy loans.
Andrey Lipov
A debt hole is one of the worst things that can happen to a person. Obligations to creditors hang around your neck like a stone, do not allow you to rise, straighten up, breathe with your full financially independent breast. Interest, penalties, fines are dripping every day. The stranglehold is tightening all the time. Instead of the usual thoughts about vacation, car, housing, the only dream that a person has is the dream of freedom. You need to get out of debt at any cost. Fortunately, this dream is achievable.
The problem with the credit stranglehold is that it lies very softly and imperceptibly on the neck. We take out a mortgage, then we want to upgrade the car, and together with a car loan without proof of income, we agree to receive a credit card in addition to three more in our wallet. And so it turns out imperceptibly that loan payments take up such a huge part of the monthly budget that it becomes impossible to tolerate it. In this case, we recommend that you think about one or more of the following ways to get out of debt.
1. Try to use early repayment
The fact is that banks are specifically trying to make you stretch out the agony. Still would! You pay them interest every month. If you pay earlier than the deadline, firstly, you will reduce the amount of the monthly payment, and secondly, if in this way you manage to reduce the loan term, you will save tens of thousands (and in the case of a mortgage, hundreds of thousands!) Rubles simply by reducing the number of monthly payments.
It goes without saying that you should not rush thoughtlessly to extinguish ahead of schedule. First, find out how much you have left to pay at all. Then you definitely need to re-read loan agreement... What penalties does the bank assume for such an operation? Remember, this is not beneficial to him, so he will hinder you. Therefore, it is necessary to calculate which amount of early repayment will be beneficial for you, and which will not be enough.
2. Do not put money in the bank, it is better to repay the loan
This tip is closely related to the previous one. Its essence is as follows: what's the point in waiting for interest from one bank if you yourself pay interest to another bank? Think about it: what is the bank doing with the money that you brought it to deposit? Yes, he just gives them out in the form of loans to other people! There are banks that only do this. Do you really think that in this situation the bank will issue deposits at a loss ?!
So, if your goal is to buy a good car in a year and you save money for a deposit, while repaying a consumer loan for equipment, you should consider the following option: withdraw all savings and throw them into early repayment. The amount of monthly payments freed up in this way will be used for "car" savings. As a result, there may be much more of them if you continued to save and pay at the same time.
Again, the advice is not always fair. It all depends on the terms of the loan and the deposits available to you. Such a scheme may be psychologically uncomfortable, but the goal of getting out of debt requires decisive action.
3. Get to know the methods of avalanche and refinancing
If you are in debt on multiple credit cards, a consumer loan, or whatever, you just need to optimize payments throughout that household. You want to get out of debt faster, right?
Arrange all credits in ascending order interest rate... Think about whether you can refinance, that is, transfer debt with a higher rate to debt with a lower one? For example, repay an expensive consumer loan ahead of schedule by credit card with a lower rate? The goal is to make sure that the largest amount of borrowed money falls on credit instrument with a lower rate.
After you refinance, start aggressively repaying your remaining loans, starting with the most expensive. That is, try to pay off the debt ahead of schedule with the highest rate, and for all the rest, pay only minimum payments... Thus, you will reduce the amount of your payments like an avalanche.
Be careful. When sorting loans, use not nominal, but real (effective) lending rates to take into account all possible sanctions of banks for such actions. But despite the obstacles, this method will still be beneficial for you.
4. Borrow from friends and family
Your loved ones can borrow money for you and not demand any interest. But you have to use that money for one of the above techniques.
It is clear that this question is highly dependent on your ethical beliefs and relationships with family or friends. Remember, no debt hole not worth your relationship with loved ones. Never jeopardize this relationship, no matter how bad you feel. Because if you happen to sink to the very bottom and fall through it, only they will help you.
Be that as it may, good relationships with people can be a source of interest-free loans for you. If you are unsure of yourself, conclude written contract with the one who gives you money. Use them wisely. Calculate so that you repay this new loan while saving on repayments on other loans.
5. Sell your property
As a last resort, start selling things and directing money to early repayment... Precisely for early ones, because if you are so pinned that you will be forced to compensate the bank for the interest by selling things, there is little that will save you.
There is an institution of personal bankruptcy abroad, but here, unfortunately, this is not applicable. Instead, we have a court that will describe all of your property at a price much less than what you could have bailed out on Avito. And the bank will take these things from you not even at the expense of interest, but at the expense of penalties and fines that it will manage to charge you.
Therefore, you must act in advance. Sacrifice material comforts to get out of the debt loop. Psychologically, it is very difficult to part with your favorite car or dacha. But understand, if you are threatened with falling into a spiral of penalties for non-payment, the outcome of this spiral is only one - you will still lose your things. Only in the first case will you be able to return them much faster.
How to get out of debt is your main concern
The first and absolutely necessary step to financial independence is to get rid of the liabilities that drag you to the bottom. Your allies: sober mind and correct calculation.
We are all subject to emotions and desires. We take loans privately without thinking about what they threaten us with. It's safe to the point. But when this line is passed, the task of getting out of debt should become your main goal.
Your friends will find this information useful. Share with them!
Debt is the reason why you can't save money and plan for the future. When you owe someone, then all efforts are made to pay off the debt and continue to live in peace. Debts do not allow to develop, dream, lead to depression and scandals. But it’s not so bad, of course, if you didn’t delay the return of the Sicilian mafia’s money. There is an algorithm thanks to which you will get out of debt and improve your financial situation. It remains only to read.
Think where the debt came from
This is the first question you have to answer yourself. Perhaps the crisis was caused by your inability to save and rationally distribute funds. Being a lover of walking properly, you spend your finances without thinking about tomorrow, driving yourself into bondage.
But the crisis can not always be caused by waste. Sometimes the reason may be a low salary, payment medical services or other urgent investments. Understanding where everything goes financial flow, will help in the future to deal with this problem.
Reduce unnecessary waste
Not all spending is as necessary as you think. To understand what you are overpaying for, you need to do the following: calculate how much you pay for housing, utilities and daily meals. Subtract this amount from your salary and calculate how the rest of the money goes. For example, if a lot of money is spent on clothes, a car, or a rented apartment is too expensive, then these items of expenditure can be reduced. You don't have to move to live under the bridge and ride a camel. Just find a more modest accommodation and stop winding circles around the city at night. Romantic, but not affordable.
Organize your debts
Find all the creditors and understand which debts need to be dealt with first. If you owe a debt to banks or other credit institutions then focus on paying them first. Otherwise, a penalty may accumulate on the already available amount, which will increase the already large debts. Agree with minor creditors, such as family members and friends, that you will return the money a little later, because these people can get into your difficult situation.
Determine how much you can allocate to pay off debt
In order not to go hungry and not beg for alms while you pay off debts, you need to identify the optimal amount that you can allocate to settle with creditors. Subtract necessary expenses from your income, such as: food, paying medical bills, paying for housing, travel expenses. What remains after these calculations is the amount that you can. But keep in mind that sometimes there will be unforeseen expenses, and sometimes it is simply necessary to allocate an amount for small pleasures.
Build a debt settlement plan
You must understand which debt you need to pay off first. As we said earlier, some debts can drag on even more, so deal with those that are subject to interest.
Then calculate the amount you will pay monthly. It is best to pay debts in one of your accounts, rather than all of them at a time, so that the amounts of payments are tangible. And it is much easier to pay in this mode. You will understand to whom and how much is left to return, the main thing is to agree with the creditors on the terms of payments.
Calculate the time for which you will pay off your debts. This is necessary in order to build a plan and understand your prospects. Use the debt repayment calculator to determine the optimal amount of time it will take to pay the bill and the amount of the monthly payment. Pay attention to the fact that if you take too long to pay off your debts, then over time they will not decrease, but only grow.
- How to buy games or applications in the App Store without linking a card Payment methods for purchases in the app store
- Calculator for calculating insurance premiums SP for yourself
- There is a problem with the payment of the previous purchase how to remove Updating the payment information in the Apple device
- Invalid credit card number