You will need
- - information about your income and expenses for the month;
- - information about loans;
If you got loans, and funds for their redemption are not enough, then the first thing to do is to alert the Bank about the situation. Lenders are always interested in the fact that the debts were closed. Request an appointment with the Manager and talk to him. Tell us, what is the cause of your problem. Offer a way out of the debt crisis, may the lender will tell you the best solution. Do not hide from him the important things, tell it like it is actually. It is possible that the Bank will go to meet you and I agree on installments.
After you negotiate with a lender, shall describe on paper all your monthly expenses and income. Then you will see how we spent the funds received. Give up something, because in your interest to quickly repay the loan and get out of the debt pit.
Try to increase their income. When it comes to business, find the optimal solution to increase profits. Develop an action plan, only then will you be able to get out of the debt pit. If you get a certain amount of wages, its size does not change, then you need to properly ask for its improvement. Contact your supervisor with a request to give you a job, after completing which it is possible to increase your earnings. You can volunteer for a part-time (if the company where you work requires additional working units).
If you have multiple loans, first pay off a large debt. This is the optimal solution, as the interest rates are large enough. Then pay your loans for small amounts. If the interest on all debts is almost the same, then again it is better to pay off small amounts, and then a major. But most importantly – all the paint and calculate, then only you will be able to get out of the debt pit.
When you have repaid all the loans, then think about how to never not to mess with them. But if you take to borrow money from the Bank you need, then know that the loan amount shall not exceed 15% of your annual income. Then you will not fit again into debt, and funds for repayment of the loan will be used for the purpose – for the payment of the debt.