Making a plan to pay off debt requires conviction, discipline and organization, sticking to it may seem difficult, but knowing that your finances will heal in the end is certainly a worthwhile effort.
Regardless of the size of your debt to make the path to settlement clear and viable, the National Commission for the Protection and Defense of Users of Financial Services (Condusef) proposes the following steps:
Write down all your debts and order them from highest to lowest, because it is advisable to allocate a high amount to the payment of the debt that you will leave behind in the shortest time, in addition to contributing more than the minimum requested to accelerate its settlement.
A budget is a list of income and expenses that helps you identify your ability to pay , which means finding the maximum amount you have of your income to pay your debts.
The payment capacity is obtained by subtracting the expenses from your income, the surplus will be the total that you can allocate to your debts, in case you do the exercise and there is no extra to pay them off, you will have to make adjustments in the expenses or increase the loads of money.
Make the necessary calculations so that according to your payment capacity you define the total money that you will have to cover, considering the interest and the time it will take to do it.
So you can set a viable amount to cover month by month, or in the periodicity that suits you, and visualize a definitive date to pay off the amounts you owe.
No more! Curb your debts, limit your disbursements to what is really necessary and eliminate all the ant expenses that are possible so as not to prolong the settlement of your pending payments.
Do not use your cards, limit yourself to your payment capacity so as not to get into more debt.
There are alternatives that you can process with financial institutions to ease the way. For example:
Debt consolidation: some banks or institutions allow you to transfer all your financial commitments to a single account and work them with a single credit. Do not forget to compare alternatives and review in detail the conditions and the cost of the CAT (Total Annual Cost) to really choose the most convenient option.
Debt restructuring: you can negotiate with the institution that is owed alternatives to ensure the contributions to your debt and settle them in less time:
Extend the term to pay.
Reduce the interest rate.
Establish fixed payments.
The important thing is that you do not let more time go by, do not give more laps, the first step to get out of debt is to plan and with this guide you will undoubtedly be able to get out of debt safely and quickly to little by little lead to savings and even investment .