Loans are not something negative. On the contrary they are the proof that someone, at some point trusted our ability to pay and lent us money to meet some goal or get out of trouble.
With this optimistic scenario, we can evaluate the concept of debts. The process of how to get out of debt can be reduced to the calculation and adjustment of income and expenses by exercising with seriousness and discipline. Here we share what could be your first steps to get out of the red numbers.
1 . Calculate your total debt
The first step in fixing a problem is to recognize it. Make a thorough sum of what you owe, the concept and the interests that each credit generates.
First fix the debts that generate a greater financial burden. Make a list of deadlines and deadlines.
You must be clear about everything you have been dragging and what are the objectives, so you can make a solid and sensible plan to end this gray panorama.
2. Make an expense calculation
It is time to change habits towards total moderation. This means better control over all expenses. Watch carefully every quetzal you earn and use. Try to decrease in as many concepts as possible. And avoid by all means add another penny to the load.
A good tip is to keep your credit card in a safe place, since by not taking it with you you will avoid being tempted to use it at the slightest provocation. Any extra money you receive, use it to paint the red numbers black.
3. Consider consolidating your debts
There are several options to get rid of many debts, one of them is consolidation, which is nothing more than gathering in a single account, all your red numbers. This has the advantage of the organization, a lower interest payment, a longer term and a thorough cleaning of your credit history.
4. Remove your unnecessary credit cards
This does not necessarily mean that you cancel all your accounts, but that you have them at zero so that another hole in your finances is not opened, at least until you end up with the greater burden. Always leave them stored so that you do not have the risk of using them at the slightest provocation as interests can ruin the entire plan.
If you follow these suggestions, your debts will be history sooner than you think and above all you will learn to manage your finances intelligently for the future, which will help you in all your projects, both personal and professional.