Tips to keep your debt and not fall into default
If you are about to stop paying your credits and need advice to keep your debt, here we tell you how to move on.
When we take a loan online or any other type of financing, we think that from now on there will be times that will allow us to even pay it in advance.
But what happens when we lose a part of our family income because our salary was lowered, the couple lost their jobs, they changed the payment format and now they will only pay us for commissions or any other circumstance that affects our income?
Before you stop paying, we give you these tips that will surely help you find another alternative before giving up.
Tips not to fall into default
Make a budget
If you are experiencing any problem for the timely payment of your debts, take out pencil and paper and start making accounts. Identify what are the areas of opportunity you have to reduce expenses and put the batteries as soon as possible to replenish that missing to your income.
While you substitute that income that you have stopped receiving, eat at home, do not pay taxis, avoid outings with friends and all those expenses that can be considered a privilege for this time of austerity.
Reach an agreement with your creditors
If from the beginning you are realizing that the cut in your expenses will not be enough for you and the other hand you also don’t find a way to replace that missing one in your income, approach your creditors to tell them about your situation. and reach an agreement. There are institutions which example you for a period of payment of your credit as part of unemployment insurance.
Take into account, above all, that you will set a good precedent if it is you who look for them before you start hiding them.
Now, if you have a healthy credit history, before you start messing it up with delays, apply for a loan that helps you consolidate debts and so stay paying only one credit at a lower rate. But remember, before requesting a new loan, make accounts if even with this financial restructuring you will be able to cover the payment.
If you reached this point without any of the above options being an alternative to help you get out of the problem you are in, you can organize a sale of the things you no longer use, such as putting your car on sale to get rid of the debts. As they say out there, there are times when “goods help repair evils.”