Most people choose to pay their debts in installments instead of paying in full, but is this really a good option from an economic point of view? What do experts say?
Normally when we talk about debt installments, we think that this is the best option for those looking for financial organization, however, this is not true, because when you pay off a debt in installments, you are just prolonging it.
And that's why our financial tip today involves more, in terms of financial organization, for those who want to extend a loan or a portion of some material good.
It is important to make the following clear: normally when a debt is negotiated, a new payment agreement is made, divided into installments agreed upon during the negotiation. Therefore, in this case, the payment of the first installment, in most cases, removes the name from the lists.
How to pay off debts faster?
Guys, there is no other solution to pay off debts in installments. Get organized by making lists. They are essential for you to reorganize your budget.
Without it, you should use and abuse these lists and you can be sure: everything will become much easier! See below some lists that you can make to start negotiating debts and rebalancing your finances:
Experts recommend that we list everything we owe on credit cards, overdrafts, installment plans, bills, loans and financing, etc.
- Make a table with your monthly budget, that is, everything that comes in and goes out of your bank account every month. Here we teach you how to make a simple family budget.
- Make a list of cuts that can be made to your budget with the help of the whole family.
- List ideas for generating extra income. What can you do to supplement your budget? Anything goes: making sweets and food to sell, giving private lessons, reselling a product, etc.
Ultimately, the best way if you are in debt is to list everything that can be sold: items that are not used much like that bicycle parked in the yard or the guitar that has not been played for a long time.
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