You have taken a loan, and now it looms over you? The money was spent for its intended purpose, but you have no idea how to return it now, because you always lack it. How can you quickly pay off the loan and sleep peacefully again?
Sometimes we take not a single but even a few loans
In this case, the payment process is better to start with debt revision. Revise interest rates, terms, penalties and then prioritize. Some people repay not the loans for which they have to pay the biggest interest or heavy fines, but … random ones. It is amazing that some people cannot count their money.
Assess your possibilities
Analyze and write down the results, you have to know exactly how much money you have, how much you spend a month on the most necessary things, what expenses you cannot avoid (treatment, etc.).
Based on this, plan your expenses and try to stick to the schedule, at least until you pay off the debt.
Remember that you should not deprive yourself of the essentials, however, you can refrain from the purchase of a tablet PC or the tenth dress in this season.
While you are not able to repay your loans quickly, emotional purchases are your greatest and most terrible enemy.
Plan the sum that you can save
The fact that you should give away your money forever causes some people to turn a blind eye on their debts from time to time. The money is going the wrong way because of the pretexts such as “I want to treat myself”, “only today “, and “how long can I restrict myself?”.
Do not forget about your loan even for a day, because the interest grows daily. So gather your willpower and determine the percentage of your income that can be used for debt repayment regularly (1-2 times a month, depending on how often you get paid).
Find additional sources of income
Ask for a little more work or take a part-time job which you can easily give up later (private lessons, consultations, Internet work: copywriting, social networking, etc.). Give all the money earned there to repay the loan as fast as possible.
This includes unexpected money gifts, the return of the old debts, bonuses, etc. In other words, the sources you did not expect.
Learn how to save
It is time to know what sales and discount cards are, which banks take a smaller fee for services, etc. Eat out less, do not to buy useless little things (a book to read in the bus, a chewing gum, coffee from a vending machine) – and you will see how much money you have spared. Surely, this will allow you to understand the laws of money circulation, and it will be easier and faster to pay back your loans.
Refinancing
People who take a loan are very valuable to banks. Therefore, banks offer different loan services. For example, your bank repays the loan from another bank, and you become their debtor. It may also offer to combine several loans in one. In case of changes in general market interest rate, the bank may sometimes even reconsider the amount of your debt and your interest.
However, remember that “comfortable” is not always “profitable.” So talk to the employees of the bank, they may also have some special programs, or consider your request individually.
Do not take larger loans to pay off the smaller ones. This common practice leads to the fact that your debts will grow exponentially, and it will be even harder to pay off the loan quickly!
Government grants
We do not know our rights, and this is a disaster. In some cases, we can rely on governmental assistance, which offers us additional resources or helps save significantly (tax refunds, tax holidays, free medicines for children, etc.).
Consult with experts, learn the area of your interest, perhaps there is something that will help you quickly pay off the debt.
Close the loan
Once you’ve made the final payment, you need to be sure to get the proper paper from the bank certifying that you owe nothing more to the bank. Sometimes unpleasant incidents happen: a cent remains on the account, interest grows, the bank charges a fee for cash and settlement services, and as a result, you get a minus balance.
