Almost every modern person sooner or later has to deal with credit debt. A loan is certainly a convenient thing, but the amount that the bank eventually has to overpay is very significant. However, the sooner you repay the loan, the lower the amount of interest paid to the bank will be.
Instructions
Step 1
The only legal way to get rid of a loan is to pay off the entire amount of the debt as soon as possible. In addition, in this case, you will significantly reduce the amount that you will have to pay to the bank under the loan agreement, since interest on the debt is charged for each month of using the loan.
Step 2
In order to pay off the loan as quickly as possible, you will need an additional amount of money. For example, if you took out a loan for a period of two years and pay the bank three thousand rubles a month (excluding interest), then in order to fully repay the debt in a year, you will need to pay six thousand rubles a month.
Step 3
The easiest way to find money to pay off a loan is to reallocate your monthly expenses (of course, if there is such an opportunity). Avoid unnecessary expenses like going to the movies or attending a soccer game.
Step 4
In addition to your main job, you can get a part-time job, devoting 2-3 hours a day or weekends to it. Deliver newspapers, hand out flyers, or work as a freelance loader, and you can pay off your loan much faster by earning extra income.
Step 5
There is another way, which is to pay off one loan at the expense of another. It is worth using it if you find out about a much better loan offer than the one you used. For example, the rate on your loan is twenty-five percent per annum, and the interest rate announced by another bank is fifteen percent per annum. The monthly payments that you will pay in the second case will be significantly lower than those that you have to pay.
