If you find yourself in a frightening proximity to a debt pit, creditors call every day, the main thing is not to panic. Any debts can be paid off.
Instructions
Step 1
Make a financial plan for several months. You must be clear about the amount of income and expenses. Think about what you can save on, what you can give up for a while. Get rid of bad habits. Quite a lot of money is spent on cigarettes, alcohol, unhealthy sweets and hamburgers. Use the released amounts to cover debts.
Step 2
Find additional sources of income. If you know English perfectly, take up tutoring. If you knit well, make clothes for sale. Take a second job. Yes, you have to work a lot, but you can get even with the debt faster.
Step 3
Think about what you don't need of things. If you don't really watch TV, sell it. Is a bike gathering dust in the garage, which you have ridden a couple of times and abandoned? Put it up for sale. When there are no debts and financial problems, you can buy whatever you want. In the meantime, the primary task is to get out of the debt hole.
Step 4
If you owe the bank, pay more than the established minimum loan payment. Determine the amount that you are able to give in excess of the assigned amount and pay it regardless of the circumstances. Neither the wedding of your best friend, nor the lack of a new fur coat - no reason to pay less. The higher the installment on the loan, the less the overpayment will end up and you will quickly get rid of the debt. However, be sure to find out if the bank has penalties for early repayment of the loan.
Step 5
If there are several loans, pay first the one on which you have to pay the most interest. Close it as early as possible. Then the cost of servicing the loan will be reduced, and you will save money to pay off the remaining debts. Just do not forget to pay at least the minimum installments for the rest of the loans. After all, banks have not yet canceled the penalty for late payment.
