Thousands of Brazilians already they went into debt to honor their commitments in the midst of a scenario of lack of financial planning and a strong economic crisis. Getting out of a debt is not It is a very easy task, but it is perfectly possible. In this article we will present five Tips for those who want to take action and bid farewell to indebtedness once and for all.
1. Assess your financial condition
I need to face reality. Make a diagnosis of your real financial situation the first step in solving the problem. Put income and expenses side by side, detect the most expensive debts and how much is left over to pay them. Try to cultivate the way of recording all your expenses. So, be easier to find out where they occur unnecessary expenses and making adjustments accordingly. Try to save on essential expenses as well, such as water and electricity. At this time, I need to count on the family’s collaboration. State the situation and make everyone feel motivated to contribute to the solution of the problem. So, be it is easier for everyone to be more understanding about budget cuts.
2.Try to increase revenue
Financial education It is essential to get out of doubt . However, cuts and adjustments are not the only means of combating indebtedness. With an extra income, will you it can guarantee a budget break and settle debts more quickly. If your activity is propitious realization of overtime, make an extra effort, at least provisionally. Another option harness your skills to make money. Teach or consult in an area you are interested in. masters can yield a good amount. It is also possible to work as a freelancer . In fact, there are several online platforms where you can visit. can offer your services. Who knows, break, you don’t you discover that you can make a living doing what you like
3. Use your assets and investments
The moment to get rid of doubts! So, do not think twice before using your investments and extra income to reduce the debit balance, such as holidays, income tax refunds and 13 salary. Hardly meet an investment that pays more than debt consumes interest. With bills up to date, be it is possible to invest in a more sustainable way. If you has something that can be sold, a good opportunity to practice detachment. It is preferable to put your finances on track and ensure that your assets are not squandered in the future.
4. Exchange expensive debt for cheaper debt
Much of what you do are you currently paying debts corresponds to interest. The credit card and the overdraft account for the biggest bites in the budget. Every month you unable to settle the debit balance, life increases more. One way to alleviate this problem and win the lego exchange more expensive debts for cheaper ones. Take a personal loan or payroll loan to clear your debts with your credit card and overdraft a simple way to narrow the hole in the beads. Extreme care must be taken not to fall into revolving credit or overdraft again, as the interest accrual plus the loan installments would be even more disastrous.
5. Set priorities
There are two types of debt that deserve special attention. The most expensive ones, like the credit card, and the ones that can carry a penalty. The case of home financing and the condominium fee is what, if they are not up to date, can result in the loss of the property . Once the budget has been adjusted, define where to start. If necessary, negotiate directly with creditors and submit a proposal, j knowing how much to be able to pay per month to honor the commitment. Although a debt scenario is always problematic, It is possible to reverse the situation by keeping calm and taking the necessary measures. When paying expensive debts, invest in financial education and never lose control of your finances.