How to manage informal debts Credit card debt to be effective!

  • Requesting a reduction in interest or refinancing is one way to help reduce the interest burden that must be paid each day. Less each month as well.
  • The most important forgiveness is “to do”. The more you do, the faster you do. We will be able to pay off debt more quickly. If we can pass through this monsoon life We will be able to resist debt for the rest of our lives.

The problem of debt,  is the most troubling financial problem. And it is the problem that Thai people should find the most Because when we want something more Or that on the day that we lack money What most people decide to do is not to cut off buying luxury products. Or even more determined to work more diligently to earn more money

But what most people do is often go to the way that is often used to “create debt” and then realize that it is debt. Because the loan time is like to think that “A loan is a loan.” That way, forgetting to pay back with interest. Than knowing it again, the debt has increased a lot. Especially the informal debt at 3-5% interest per month (or equal to 36-60% per year) or will be a credit card that is used Or cash out to use but still not going to pay back. A simple method if we want to solve all these debts We can start from.

1. Be conscious and understand yourself first.

1. Be conscious and understand yourself first.

Debt escape, also known as pouring Does not help solve any problems at all Only to let the debt grow and continue We must stop and come back to face the truth. Quit as additional debt But sitting down to write down the debt + the burden of interest that they have to bear all And then chase one by one

2. Refinance

2. Refinance

Another method that can help us reduce the interest burden each month is to reduce interest. Which is how we go to find other borrowing sources that reduce our interest burden from the present Especially the informal debt and credit card debt Or a lot of cash cards Which the interest burden is high, ranging from 28% to 60% per year. We may have to find a new loan source that will help reduce the interest burden.

Really for people who don’t have support Or collateral assets may try “Personal loans” that do not require sponsors or assets to support, can request a loan of up to 5 times the salary of us.

For example, has a  loan which has an initial interest rate of 9.99% per year during the first 3 months or 10.99% interest in the first 12 months and then gradually increases according to the conditions. But overall, it was said that the bank’s normal interest rate reached 3%, plus the interest paid was less than the informal debt. With cash card debt seen at all The advantage of personal loans is that we can determine the amount of time that we can pay in installments in a fixed amount each month. Enabling us to better manage money in the future as well. The more we reduce interest expenses We have more money to pay for the principal. It’s easy.

 

3. Reduce expenses

3. Reduce expenses

The moment we are about to release the debt We may not be able to live on the same trip. There must be a reduction in expenses in order to get the money to close the debt faster. The more we save here, the more quickly we close the debt.

4. Find more income

4. Find more income

Having said that, saving is a very good thing. But saving can only be done at a certain level. Because we still have to eat But if you want to release the debt quickly Finding additional income is the best and most effective way. We may start from working part-time, Saturday, Sunday or making OT at the beginning. And then continue to look for diligent ways to continue Or is there anything that we can do to supplement our career together? This one must look at the aptitude of ourselves.

5. Selling some assets first

5. Selling some assets first

It’s a way that Phi Thui would recommend doing if not too difficult. Some assets have depreciation at all times. Called value, but will only decrease But if we decide to sell it now and then take the money off the debt first Equals that we have saved the interest expense from another way too

The most important forgiveness is “to do”. The more you do, the faster you do. We can only pay off more quickly and the place for “Do not discourage” is strictly prohibited! If we can pass through this monsoon life We will be able to resist debt for the rest of our lives.

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