Tip of the debt
|June 20, 2013||Posted by bella under Finance|
Human life does not seem to be separated from the name of the debt. There are many reasons why people caught up with the name of debt. Certainly at times when people have to pay the debt. If funds are available to pay debt would not be a problem, but if there are no funds to pay for it makes people stressed and distraught. Not to mention if the debt is piling up and the flowers breed.
Overcome debt problems do not need to panic and stress, the most important is our commitment to address the debt problem promptly and thoroughly. But of course it must be followed with the right lifestyle. Mainly relating to the financial.
To overcome the problem of debt there are some steps that can be done include:
1. Changing Lifestyle Financial
The biggest obstacle in order to resolve we are liberated from the clutches of debt is to change our financial lifestyle. Financial lifestyle is a dynamic relationship between the revenue (income) and how we use it (spending). Be aware that financial lifestyle has brought us all this time we are caught in the grip of debt. So be owner’s determination to change your lifestyle. Begin by recognizing the right, whether we are for this pattern of spending more to fulfill our desires?
Be concerned first to better meet our needs rather than our desires. At least until we are liberated from the clutches of this debt later. Make a financial plan lifestyle changes that focus on the efficiency of the monthly budget. I recommend to be made in writing.
2. Recognizing the current debt structure
To obtain an optimal solution to the problem, the main requirement is that we must know exactly the problems encountered. How much debt is still outstanding? How many monthly expenses that must be available to resolve these debts. Arrange in writing and list the priorities of the smallest amount of debt.
3. Identify current capabilities
From the results of the determination of financial lifestyle change, we know how our ability to set aside our income to be allocated on a plan of repayment of our debt burden. So that we can calculate how much a lack of funds to meet the minimum requirement monthly expenses. When it comes to this step, but the result is we have been able to pay our debt burden of the minimum requirement. Immediately do with disciplinary action according to plan. Keep in mind, that the setting aside of income is an activity that must be done first before we use it further. When still a deficit, continue next step.
4. Debt renegotiation with the Giver
There is always a way to alleviate the debt burden we work through the lender. Talk about the difficulties we face and negotiate the best scheme that could be given the creditor as a solution, both in terms of the rescheduling of repayment of time until the reconsideration of loading rates. When the results of these negotiations have not been able to meet the needs of the debt repayment plan, we can try the next step.
5. Leveraging existing assets
If we still have assets, the easiest way to utilize the assets to reduce or pay off our debt burden is to sell it. But as a consequence, we lose the benefits of the asset. It’s good we are considering to utilize these assets as security / collateral for new debt. For the record, the funds can be generated must be paid all our debts or at least most of them (at least 80 percent of the total burden of debt).
Look for new debt scheme that provides opportunities payback time is fairly long and low interest rates to get the loan amount is large enough, with a lighter burden of repayments. This step is commonly called the takeover of the debt (Debt Take Over). If you can not directly, at this time there is a third party who can help and act on our behalf. This third party which will deal with the bank (or other financial institution). Of course there are fees to be paid for services maintaining it.
6. Maintain and Develop New Financial Lifestyle
We do not easily satisfied at the time of our goal to be free from the clutches of debt is reached. (If you are able to pay the mortgage debt on time means we are free from the grip is not it?). Continue lifestyle is better to achieve our financial goals next. Increase the value of which can be set aside according to ability. We will be amazed of the power to set aside at the beginning of this revenue. Perhaps at some point later, we are surprised to find that we have the financial ability.
There is still potential to develop financial capability we have, by digging again our ability to earn more income (additional income). Continue to explore this potential over the interests we have. We not only be freed from the clutches of debt, it will even be able to pursue our financial goals.