Loss of control over the amount of loans taken – how to save?
Many people who are struggling with the problem of too many loans are admitted that they had the biggest worries before taking the first one. But when the money came out quickly and quickly in their accounts, they felt a surge of energy and a return of faith that everything would work out. Remembering this feeling, they enlisted the second and then the third, even before they paid for the previous one.
Sometimes you need to quickly buy some household appliances, another time pay an unexpectedly high bill or pay back the previous loan. Meanwhile, the payment is a few days late or we did not get the bonus that we were hoping for. Then many people reach for another loan.
Loans – especially those off-bank – have recently become very easy to obtain products without many unnecessary formalities. The banks themselves are happy to give loans and allow clients who work under a contract to use the overdraft on their account. Debit in the bank, unpaid credit card, three payday loans and many people have a problem with repayment. In addition, installments can have different dates, which makes it easy to forget about one. And it is not enough that it extends the repayment period, it also causes the accrual of penal interest – more and more often quite considerable.
Many installments – how to save?
First of all, before you start borrowing and using debit, you must remember that it should be a total last resort, left for a moment when you can not borrow a small amount from your family or friends or quickly get another way. For example, it is about making an additional paid order.
It’s always worth having some kind of snapper for a rainy day. It is enough to set up small amounts every month to reduce the risk of having to take out a loan.
Milk spilled, what to do?
But when it comes to the fact that a person has taken at least a few loans and can not afford to repay them, he should think about a solution. It is a consolidation of loans . Why is it worth it? For two reasons:
- one installment in a month that needs to be remembered
- you can make an appointment for a specific number of installments and thus reduce the amount repaid monthly. The debt is repaid longer, but lighter.
The person who decided to consolidate loans begins to control his debts more. He does not get lost in the amount and amount of individual installments and is clear when he repays his entire debt. It allows you to quickly re-establish on your own feet, and in the future to think carefully about each loan and where to eventually take it.