What steps should I follow to get out of a debt? Falling into a debt and possibly appearing in DICOM is never good, so they are always on time to get out of a debt, for which there are different ways and some advice that we give them.
What steps should I follow to get out of a debt?
Very easily you can fall into a debt almost without realizing it, you have to know why you became a debtor and how to get out of debts , for which you must follow certain tips and steps that you can avoid until you are over indebted.
Having debts is not just owing money and it means much more than that. One of the consequences in addition to cutting expenses, not liking and even not going on vacation or buying what they want or need, is not being able to obtain a new consumer, automotive or mortgage loan and in the worst case fall into DICOM Not always getting out of a debt is easy and it’s not just going out, but not going out again.
How to get out of debt, what should I do?
First, we must make a survey of our financial situation, and we do that taking into account the following tips:
Make a list of debts
They must gather all the debts in a list that can be in an excel and in order to make accounts and know what is owed and how much and to whom . In order to account for all aspects of debts, such as whether they owe credit fees, the electricity bill and other services and the credit card. In addition to the term of each debt , payment dates, and the cancellation modality such as: installments, half and half, in block, and others.
Make a list with all the income you have available as: salary, cash savings, term deposits or mutual funds, as well as the tax refund of the Internal Revenue Services (SII) and even if you owe them money, it may be time to also collect your own debts. In the list of income, discard the money to pay expenses such as basic service accounts, cell phone, car benzine, cable TV, Netflix, Spotify, children’s school, health and car insurance and other insurance if any and legal obligations, lease or dividend; while independent workers, should discard the payment of AFP and Isapre, in addition to similar expenses in terms of services and insurance they have.
Know What is the total liquidity
Once both listings are completed, they will know what they owe and what they have to pay what they owe, so by calculation they will know how much money they have to pay debts.
Separate the savings
They must also separate the money from the savings in cash or in time deposit, mutual fund, APV or Account 2). That way they will know what money they have available to pay debts. While many end up resorting to cash and / or bank savings to pay off their debts , unless they can sell a good, property or vehicle that they can sacrifice.
As a debtor , you must know how to communicate this to your creditors , whether they are distant or close, or the bank. Since the more they fall behind, the more the interests of the debt grow and more they should and can even avoid pleasant or angry notices and falling into DICOM .
If they are over- indebted, the best thing is a face-to-face with your creditor (s) and agree on new forms of payment and establish a new payment date and renegotiate the amounts of credit or money owed for whatever reason. While they can pay less significant and conflicting debts .
These steps and tips are the beginning to start paying debts, the end will be when they are paid all and learning how to control unnecessary expenses, pay what they owe in time and form and not fall back into that vicious circle of debts .