If you check your bills every time at the end of the month and find out that debts do not decrease. If you feel depressed because of this – know that you are not alone.
The realization that debts are increasing with each passing month more and more can cause stress in an adult. Everyone in this situation wants to know how much time it may take to say goodbye to their debts, or at least to know if he is making mistakes on the way to getting rid of debts. But you can be sure that almost everyone you know has debts. Your neighbors, your colleagues, your favorite executives and celebrities at one point or another had financial problems. Thus, it turns out that people from all walks of life have or have previously had debts.
For many of us, debt has become the norm, and sometimes even a useful tool for getting a home, a car, or even a specialty. But it must always be remembered that financial well-being depends mainly on ourselves. And the first thing to do is to admit to yourself that incessant debts will not lead to anything good.
According to some reports, more than 77% of Russian families have permanent debts. We are talking about various types of official debts: from credit card debt to mortgage.
The average debt of the Russian family
Now, when you know the average debt of each Russian, think about these figures when you again take out a credit card from your wallet or think about buying a new car. Think about the future and how much time you have to pay bills.
As for non-large loans and credit cards, most Russians (more than 60%) of those who have ever used such services admit that they did not have time to make payment on time several times. Therefore, if you are worried that you did not have time to repay the debt on a credit card during the grace period – do not be discouraged, unfortunately, not everything depends only on yourself. Many also admit that it was not once they took one debt to pay off another. You can take a microloan because it is easy to obtain, issue a small loan or refinance the debt in order to get more suitable loan terms.
How to say goodbye to your debts?
Periodically contact your bank to be able to lower the interest rate. If you are a responsible borrower with a good credit history, the bank will most likely not want to lose you as a client and will make concessions. After all, today competition does not stand still, and many lenders offer to switch to them for service, providing more favorable conditions. You can even set yourself a reminder to call the bank every 6 to 12 months to ask for a rate reduction.
Consider options for consolidating and restructuring your debts. First find out the information in your bank, and then ask others. There are different ways to change the conditions for payment of loans. You can, for example, combine several loans into one or increase the duration of a loan, but at the same time reduce the monthly payment. The main thing is to contact your creditor in time if you feel that you will not be able to cope with your financial duties soon.
And remember, people with debts exist in all walks of life and all professions. If you have a debt, then you are normal and you should not worry much about it, thereby spoiling your health. There are solutions to all financial issues. This statement is valid if only because everyone has debts and the problem is widespread, which means there is plenty of information on how to deal with it. The more you know, the easier it will be to cope with debts and to establish control over them.