Do you have trouble paying a debt ? It is not a subject that can be treated lightly, and it is that you put your credit history at risk and with it the possibility of accessing better credits in the future.
That regardless of how your personal finances and your personal budget are affected. If you are one of those who have just noticed that they cannot deal with the debt or debt they have, here you will learn how to solve it.
Take courage, approach the bank
You were brave to ask for a loan , it’s time to be responsible and approach the bank to tell you that you have trouble dealing with payments.
You may be ashamed to do so, but it is more embarrassing to wait for notifications to arrive home for defaults. The bank is not interested in having legal problems with you, so be assured that it will offer you alternatives.
Reschedule your credit payment
Reprogramming can be done when the payment date has not yet arrived or when the delay is too early, that is, you have no days late or the fee is just expiring. Banks will advise you to go for it if for example you cannot pay on the date, but a few days or a few weeks later. This is always better than refinancing.
Refinance your debt Does it suit you?
If you delayed your payments, even for a month, your immediate option is to request to refinance your debt . The problem with requesting this is that your credit rating will change negatively and will remain so for the next 6 months. Do you see how it is better to prevent, requesting a reprogramming?
Against the above options, there is also the option of buying debt. This alternative is recommended if you have different payment commitments and you have trouble dealing with them. That way, the bank to whom you request debt consolidation can unify them. That way you will only pay a bank the total sum of what you owe to the other entities. It is much more practical and reduces commission and interest costs . Of course, before opting for the purchase of debt, compare the different offers that banks propose.
If you have not fallen for this yet, but you fear that it may happen to you, I recommend you start creating your savings fund . This will allow to face any unforeseen economic situation, be it a debt or an emergency.
In addition, before applying for a loan and starting to use your credit cards , you should make a personal budget so that you understand how sensible it is to do so. Debts do not make you a better person or help you grow financially, it is better to only ask for loans when there is no other alternative and it is an emergency or a necessary expense.