You have debts? You do not have to be stuck in them for many years! Getting out of debt is not always easy, but it is possible. It all depends on our perseverance. What’s more, the state comes to help you.
Health problems, sudden loss of work, difficulties in personal life – there are many reasons for bad financial situation, which in turn may lead to the creation of debts. Of course, there is nothing wrong with owning loans and credits , but we must remember to use them wisely.
Reducing overall costs, looking for additional sources of income is another important matter. What else should we remember then?
Contact a creditor
If we have financial problems and it is likely that we will not pay the installments on time, we should contact the creditor – the lender, the issuer of the invoice for the media, when we are threatened with any penalties for failure to meet the deadline.
Often, we can extend the debt repayment period or extend our loan when the creditor goes along with us. Informing him about the situation will also be read positively – as responsible behavior, and not as burying the head in the sand.
Reduce your expenses
Usually, we lack money because we earn too little or run a lavish lifestyle. When we want to get out of debt easier, we should change our home budget.
It’s best to start planning expenses. For this purpose, we can use special applications for smartphones, thanks to which we are able to create your budget more easily. Of course, we can also use a simple piece of paper.
Reducing spending and saving money does not have to be as difficult as it may seem.
Once we’ve sorted out our costs, we can start putting away the surplus we have and allocating it to pay off our debts.
Of course, it may require sacrifices, but in the long run it is the best solution.
Look for support from others
Debt is often a rather shameful topic, which is why many people threatened with difficult debts are not talking about their relatives. This is a mistake, because then we can feel even more alone, and our negative emotions can make the debt seem impossible to repay.
Being confused with others of your problems can be very helpful – we can tell relatives about what loans we have, how we got into financial trouble, what are our plans, and when we do not have them, we can listen to advice.
When we have difficulties in repaying debt, we can also go to organizations that help debtors. Then we will also be able to receive legal assistance when the creditors start threatening us with debt collection and bailiffs.
The final solution – consumer bankruptcy
For several years, we have been able to benefit from consumer bankruptcy, which consists in reduction or cancellation of obligations of natural persons who do not conduct business.
In order to benefit from such bankruptcy, our financial situation must be a consequence of extraordinary and independent events, for example illness, loss of job or accident.
If we want to take advantage of this form of personal bankruptcy, we should prepare an appropriate letter to the court.
Let us remember that declaring bankruptcy does not mean that our debts are immediately forgiven – we must repay them anyway, for example from our property or payment.
However, this is a convenient way to deal with your creditors.