Many people are with the dilemma of ending outstanding accounts therefore require strong and smart decisions in the short, medium and long term. The debts must be settled to achieve personal and family financial stability.
Here we explain practical plan to get out of debt:
– Decreasing debts to the financial system. It could support from the same sector and choose the possibility of purchasing portfolio to consolidate financial obligations to banks, particularly in consumer loans which are credits that contribute most to the indebtedness.
– When debts are grouped into one. This allows in many cases seek an interest rate lower, a longer period of repayment of debt and manage a single loan. The result would be a temporary relief from the requirements of personal and household spending because they have more money available to answer for the payment of other obligations.
– Debts are concentrated in payments and school fees. Any funding mechanism should be sought, either by the educational institution or through any financial institution specialized in educational loans, situation that could also alleviate the family cash flows.
– The debt reaches unmanageable limits. You may appeal to the figure of personal insolvency, debtors will or household debt may find ways to refinance debt, payment arrangements and possible relief of judicious processes payment from personal debtors.
– Decrease to almost zero costs of sumptuous services, freezing actions in social clubs, stop holiday spending, social activities, spending on restaurants, entertainment, and more.
– Drastic reduction of household expenses like cell phones, cable television, hobbies and sports that demand large sums of money, unless a professional practice.
– Avoid using credit cards, use of consumer credit quotas as fixed both rotary and fixed consumption and promote the strict use of cash in operations of everyday household expenditure to avoid temptation to spend more.
– Trying to attract new sources of funding, appealing to after-work activities to receive higher pay.
– We should not discard saving tips in public services, leave the car at home and use bicycle or public transportation.