Get rid of debts
A person may be exposed in his life to a financial crisis that makes him borrow in one way or another, such as borrowing money from a bank or any person to pay off his debts, and this is what makes him enter into some labyrinths that impede arranging and organizing his income in order to pay off the accumulated debts and get rid of them as soon as possible and without affecting in any way Big on the rest of the expenses and obligations, and in this article we will mention several ways and tips to pay off these debts and get rid of them.
Ways to get rid of debt The following are points that summarize the most prominent tips and methods used to pay off personal debts:
Method number 1 to Get Rid of Debt
Determining the creditors and the required amount of debt: This is done by making a list of the debt that summarizes (the name of the creditor, the amount of the full debt, the monthly installment for payment, the last date of payment).
Paying the monthly bills on time: because the delay in paying the monthly dues will make it very difficult to pay later, taking into account the benefits arising from that.
Create a special calendar to notify the dates of bill payments: through this calendar, information related to each bill (payment date and value) can be included.
Paying the lowest value dues (at least): In the event of failure to pay all the monthly payments, although this step will not meet the full payment, but it reduces the growing size of the debt.
Determining which payments should be paid in the beginning: Usually, the best thing to pay is credit card debts, because the fines for delaying the payment of debts reach large limits compared to other debts.
Follow the policy of having an emergency fund: because this will provide payments for repayment in the event of default at some time.
Make a monthly budget for expenses: because the purpose of this step is to secure the amount due to cover the purchase of monthly basic needs, and the longer the planning is somewhat long-term, the more possible the person will take the appropriate reaction towards any future setback in the debt payment process.