How to Manage the Debt?
How is the debt of the flood management?
- Before planning Must try to divide the debt before the debt that we created Can it make money for itself? If able to do We will call those debts “good debt” but if those debts do not generate income We will call those debts “bad debts”.
- When there is a debt, one thing to follow is Interest expense Even if it is debt, the card, cash card, credit card or informal debt This interest burden is very high.
- Another important thing is Trying to earn more Which really is considered the best way to release debt When realizing that we have a lot of debt, it is necessary to be more diligent.
Phi Thui said that everyone must have heard that “The lack of debt is a noble fortune.” But to know that. But the debt is already born Will give up the debt and feel that it is not easy Because the money that was spent was lost with the interest that had to be lost every month And like this, where will the money be used to pay off all debts?
But don’t just stress Whether they have a ten thousand salary Or have ten billion Everyone has all the debt. But what is different is What about debt management?
Come, everyone, Tui, will take everyone as freedom from their own debt .
1. Plan and collect data
Before planning Must try to divide the debt before the debt that we created Can it make money for itself? If able to do We will call those debts “good debt” but if those debts do not generate income We will call those debts “bad debts”.
If the debt created is good debt It’s not a concern. Because that debt will be able to manage itself completely within one day
But if it is a part of bad debt that does not generate income Should immediately take it out of life
Later, we have to know the income and expenses in each month of their own. In the part of the income that is collected But part of the expenditure To divide that which is necessary and unnecessary expenses Then try to cut off unnecessary parts
2. Pay high interest debt first
When all of the bad debts were taken, Debt that should be closed first is not the biggest debt. But the most interest-bearing debt Because of the debt that will make us have more expenses per month It will also hinder the payment of other debts as well.
3. Recover new debt to close the old debt.
When there is a debt, one thing to follow is Interest expense Even if it is debt, the card, cash card, credit card or informal debt This interest burden is very high. May have to try to look for new creditors and then close the high interest debt like this or what they call refinance
Creating a new debt to close the old debt The important thing is that the interest of the new debt must be that But to do this Must have credible credit too
Especially with informal debts Is a life-threatening debt and has a very expensive interest Trying to make the informal debt move into the system Will make the debt faster
4. Maintain financial discipline.
No matter how much debt But more important is credit Good credit is like a credible person. No matter how much debt, less debt Should pay in accordance with the contract period with the lender If you know you can’t pay To negotiate a request to reduce the installment and increase the time out
Another important thing is Trying to earn more Which really is considered the best way to release debt When he realized that we had a lot of debt It is necessary to be more diligent.
Not difficult at all, right? With the way to forgive the elder Thui Try to use as much money as you need to earn more. If starting to feel discouraged Try to think now that there is no debt. That sleep is comfortable with no worries In the future, everyone will definitely be able to return to that point.