Always considering the interest and charges charged on it. If you do not know this information, contact the lender.<\/p>\n<\/div>
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Also, this scheme needs to contain all your fixed and variable expenses. All of this will help you calculate the outstanding balance and thus, present a viable proposal for settle debt<\/strong>.<\/p>\n<\/div>\n
2- Pay off debt: put a limit on monthly installments<\/strong><\/h2>\n<\/div>\n
Pay off debt: put a limit on monthly installments (Image: Pixabay)<\/figcaption><\/figure>\n<\/div>\n
After the step above, you can understand more about your monthly income. Thus, it is possible to study how much of it can be displaced to pay the debt. So, this is the time to set your installment limit.<\/p>\n<\/div>
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Only in this way, you will be able to make a good proposal to the bank. Don't forget that it needs to be interesting for both parties. Otherwise, it will be very difficult to get approved.<\/p>\n<\/div>
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Therefore, set a monthly limit consistent with your reality. Don't make any commitments that you can't keep. Believe me, this will bring you even more trouble. Not to mention it won't save you money.<\/p>\n<\/div>
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So, invest some time doing this schematization. So you pay everything with peace of mind. This while working on achieving your financial health.<\/p>\n<\/div>
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Also, use this moment to understand where you can save. There are some points that will help you reach that conclusion, check it out.<\/p>\n<\/div>
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List all your debts, even those that are not overdue. Credit card account, financing, loan and so on;<\/li> Study where you can cut the budget. The interesting thing is that you only keep the essential expenses;<\/li> Analyze the possibilities of getting some extra income.<\/li><\/ul>\n<\/div>\n
3- Always give priority to the most expensive debts<\/strong><\/h2>\n<\/div>\n
Always prioritize the most expensive debts (Image: Alterdata)<\/figcaption><\/figure>\n<\/div>\n
Interest rates should always be your biggest concern. That's why you need to pay more attention to the most expensive debts. They will do you huge damage.<\/p>\n<\/div>
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So separate all your biggest debts. Then contact the lenders. It's time to negotiate payment. Don't make any deals that put your assets at risk.<\/p>\n<\/div>
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So, talk to the parties involved until you find a deal that works for everyone. It's a bit of a laborious task, but it's well worth the effort. That way, you can quickly get rid of the most problematic debts.<\/p>\n<\/div>
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4- Submit a proposal to the creditor<\/strong><\/h2>\n<\/div>\n
Bid a proposal to the lender (Image: GEO Software)<\/figcaption><\/figure>\n<\/div>\n
Don't just wait for the bank to contact you about the debt. The interesting thing is to look for the institution as soon as possible. This shows the creditor that there is a great willingness to settle debt<\/strong>.<\/p>\n<\/div>\n
In addition, this first contact should already come with a thoughtful proposal. Thus, it is possible to signal the most viable payment alternative for you.<\/p>\n<\/div>
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Show the bank the value of the installment that fits within your budget. These are actions that make you gain more credibility. This can even help you get good discounts and lower interest rates.<\/p>\n<\/div>
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Therefore, remember that you will only be able to do all of this with a lot of planning. Therefore, by no means ignore the first tip. It is key to success.<\/p>\n<\/div>