Nowadays, many people take loans that go for various purposes: some need money to develop their business, and others - to buy some thing. And it happens that there are so many debts that a person cannot pay them off. But you should not get depressed, because there is a way out of any situation, even if it seems hopeless.
It is necessary
- - information about your income and expenses for the month;
- - information about loans;
- - calculator.
Instructions
Step 1
If you have collected loans, and there are not enough funds to repay them, then the first thing to do is to warn the bank about the current situation. Lenders are always interested in having debts closed. Make an appointment with the leader, talk to him. Tell us what is the cause of your problem. Offer a way out of the debt crisis, perhaps, and the lender will show you the best solution. Do not hide important things from him, explain everything as it really is. It is possible that the bank will meet you and agree to an installment plan.
Step 2
After you agree with the lender, write down all your monthly expenses and income on paper. Then you will see what the funds received are spent on. Give up something, because it is in your interests to pay off the loan faster and get out of the debt hole.
Step 3
Try to increase your income. When it comes to business, then find the best solution to increase profits. Develop a plan of action, only then can you get out of the debt hole. If you receive a certain amount of salary, its size does not change, then you need to competently ask for its increase. Contact your manager with a request to give you such a task, by completing which it is possible to increase your earnings. You can offer your candidacy for a part-time job (if the company where you work requires additional work units).
Step 4
If you have multiple loans, pay off the large debt first. This is the optimal solution, since the percentages on it are quite large. Then pay off loans in small amounts. If the interest on all debts is practically the same, then first it is better to pay off small amounts, and then large ones. But the most important thing is to paint and calculate everything, only then can you get out of the debt hole.
Step 5
When you have repaid all the loans, then think about never messing with them again. But if you need to borrow money from a bank for you, then know that the loan amount should not exceed 15% of your annual income. Then you will not get into a debt hole again, and the funds to repay the loan will be used for their intended purpose - to pay off the debt.
