Every day dozens of people come to us with problems to assume their debts of personal loans and credit cards- free credit card consolidation services. This is a situation of high risk since if we fall into defaults will come the commissions and the interests of delay, which can put us in a vicious circle that can cost a lot of effort and money to go out.
It seems difficult, but with willpower and good ideas, you can reduce debts and, in this way, loosen the pressure on our finances, move away from the ghost of default and, in turn, ensure a more comfortable future. Here are 5 tips to lower the debt level:
- Reduce expenses It sounds obvious, but it is not. If we organize our finances, we aim our expenses and income (an Excel can be of great help) and we take stock of what is indispensable and what is dispensable, we will see how we can get a few euros each month to reduce our debt. And in the process, we will be aware of the real impact that impulse buying has on our pocket
- Increase income A weekend job, selling what we do not use or participating in any paid activity can add some valuable euros to our pocket that we can dedicate to paying the happy loan or card debt. It is an extra effort, but it is temporary and will save us paying many interests
- Negotiate a lower interest. It is difficult to get, but if we are good negotiators we can talk to the bank to lower the interest rate of our credit. You have to make the entity see that if you do not access it there is a risk of default, something that does not interest you or them
- Pay a fee greater than the minimum. Many people believe that it is better to pay the lowest monthly payment, but in reality, this amounts to paying much more interest. In the case of credit cards, you can assume not to advance at all in the payment. That is why we recommend doubling or tripling the quota to advance more in the credit settlement and reduce the interest payment
- Pay more often. If instead of paying monthly, we pay biweekly or weekly we will end up with the debt sooner and, what is more important, we will dedicate insurance the money earned with the four previous points to settle the debt instead of spending it on other things
If we follow these five steps with will we can finish as soon as possible with the annoying debts, we will pay less interest and we will be able to enjoy a more comfortable economy in the future.