Those who are in debt and believe that the best solution is to wait for the time to pass can compromise financial health for long years. Debt renegotiation helps to organize finances and make dreams come closer.
One of the worst consequences is the restriction of access to credit and the inclusion of the name in credit protection agencies such as Serasa and SPC. The dirty name decreases the credit score and makes it difficult to release loans, financings and credit.
If you are in debt and do not know what to do, do not be discouraged: there is a debt solution. Check out the tips make renegotiating the debts even without money.
1) Forget the myths
Certainly, you must have already come across the term “expire” debt or debt prescription. The fact that the debt “expires” or prescribes does not mean that the debt is forgotten or erased (as if it would not exist anymore), but that the consumer, if not charged within five years, can not receive a charge .
So, forget the myth: the debt still exists, but it can no longer be charged to justice. And, despite having the name taken from the credit protection registry, banks and financial institutions have access to overdue debts by consulting their name. It is better, then, to renegotiate your debts as soon as possible.
2) Face the problem
Debt is a sign of a headache, is not it? Facing financial problems is the only way to manage your finances and financial health.
No matter the size of your debt and the resources you have today, just an effort to find a solution . Before any attitude, contact the lender to find out where your debt is standing.
It is important that you update and find a way out to repay the debt. Ask:
- how interest is collected;
- days have passed since maturity;
- what are the options for debt renegotiation;
- on discounts, after all, every company prefers to receive some amount to not receive any.
3) Assess your situation
Now that you know how much you owe, it’s time to evaluate your financial situation:
- Is the balance negative ?
- How much do you earn and usually spend per month?
- What accounts do you pay monthly?
- Do you have loans or financing in progress?
The financial check-up is indispensable for you to define how much you can direct per month to the debt settlement. Do not count only on the memory: write it down in a notebook or in the free Spending worksheet of Bom Pra Crédito .
Take the time to identify the habits that may be preventing you from paying bills on time and renegotiating debts, such as installments, overdrafts , credit card revolving credit, among others.
4) Cut Costs
What are the expenses you can reduce or even cut to renegotiate debts ? There are often enough adjustments in financial habits for you to pay outstanding debts.
For example, the custom of using the credit card, splitting most of the purchases and then not being able to pay the full amount of the invoice, or using the overdraft as a vicious circle, which is when the money falls into the account, covers the balance negative, and you reuse the limit.
And the situation gets even worse when spending that goes beyond your budget is unnecessary. Also assess whether you are paying for services you do not use and how to save more on your basic accounts (light and water).
The reduction of energy use is not only good for the pocket, but also for the environment.
5) Look for extra income
What do you do that can make extra money at the end of the month? Any skill you have can help increase your income and make your life easier in the organization of personal finances.
You can also detach from some clothes, objects and furniture and sell to friends or advertise in an e-commerce.
But beware: do not just count on the extra income to renegotiate debts , because you run the risk of not having enough money to pay the settlement on time if you do not get the necessary amount in the month.
Ideally, you should enjoy the “extra” money to add to your monthly budget or store the money for possible emergencies.
6) Exchange your debt
If you have one or more outstanding debts, you can seek a personal loan with lower interest and with installments that fit in your pocket to pay off your debts.
With the money in hand, you are more likely to get discounts on the debt renegotiation agreement. Another advantage is that you do not need to justify the reason for the personal loan application .
In addition to reducing the cost of debt, since you exchange multiple expensive debts for a single cheaper one, arranging finances becomes an easy task as you go on to be committed to paying only one debt in the month.
Do not waste more time: compare loans online and choose the credit that most suits your profile.
7) Pay bills on time
Organizing finances is simpler than it sounds: you just have to keep track of expenses and pay bills on time. If you are thinking of applying for a loan to pay off debts or are tightening the budget to pay your agreement, meeting the payments on the agreed date is paramount for not having to pay interest and unbalance the finances.
Choose a date close to paying your salary or you usually have a more positive balance if you are an entrepreneur .
To keep track of wages, create alerts on your mobile calendar. You can also schedule payments at the bank so you do not risk passing the date. Thus, it is easier to earn high interest rates .
8) Avoid new debts
It is no use to renegotiate a debt and not have money to pay new debts and enter a vicious circle, ie continue with outstanding bills.
At least while you are paying for an agreement or a personal loan, try to keep spending and avoid further debt. Avoid, mainly, new installments.
For a new purchase, if you do not have enough cash on hand to buy cash, consider saving an amount per month until you get the required balance.
At first it may seem a little complicated and even a super challenge, but you will quickly notice that keeping your finances balanced is the best way out for more peace of mind.
9) Make an emergency reservation
Have you ever stopped to think that if you had money set aside for emergencies , would the bills be up to date? The emergency reserve can help you avoid a default.
If you do not have the habit of saving some of your money, start doing this as soon as possible. That’s where the extra money comes in.
If you feel you can not save money from your salary, look for other sources to make this reserve so important to your financial health.
To make it easier, create a goal and gradually set aside money until you reach it. Ideally, you make a reservation of at least six times the amount of your monthly income, which would be the cost to keep up in a six month period. Be firm!
10) Read about Personal Finance
Staying inside the tips for organizing personal finances and how to grow financially can help change the way you approach financial problems and transform your life.
Here at Bom Pra Crédito you find special content that clarifies the main questions about personal finance and help you make the best decision.
Take advantage to read our complete guide on personal loan , to understand once and for all how this mode of credit works.