Debt is an obligation, whether in time or later you have to pay to the person, or the borrower.
If it doesn't pay off immediately, your debt will certainly be more, especially the debt is meant to bloom. other than that if it doesn't pay off, the lender will certainly lose confidence, so the borrower will never lend the money back to you, including when you need it.
To pay off your debt, there are several ways you can try such as earning extra income, ignoring desires and learning frugally. If that way has not been paid off, then some of the following things should be reconsidered :
1. Dig Hole Cover Hole.
This kind of thing is often applied if someone has been hit by a prolonged debt, let alone a large amount of the debt, and does not have enough money to pay it off.
Therefore, try to avoid this extreme method. That way instead of making debt quickly paid off, but it will continue to add to the existing debt. So, what kind of culture is digging a hole in a hole that means borrowing money to pay this debt ...?.
Can be taken as an example, you borrow money from Michael for 100 thousand dollars to pay a debt to Mathius. Of course it certainly does not make sense, because your debt is not reduced but still exists, or even increases, especially if the amount borrowed is greater than the amount that should have been paid.
For that, a better step is to repay it little by little. Then if you experience problems in paying, it's good to let the lender know that you can be given relief in paying off your debt.
2. Lazy Paying.
Realizing something, may require sacrifice. This also applies when paying off debts. If the debt wants to pay off quickly, try sacrificing the assets you have to make money and pay off debts to the full.
Can be taken as an example, for example a house, land, a collection of luxury goods, savings, or investment. Of course selling the results of your own hard work is not easy as many people talk about. But here you are required to do so, so that debt can be paid off quickly.
Certainly, the property you sell can be recovered later. With a note, you must be willing to work even harder to raise money. This desire certainly must be balanced with courage, unyielding attitude and perseverance in trying.
3. Full Payment Always Delayed
As a borrower, you can pay it off in installments. But, try to get the installments paid according to the appropriate amount. If the amount is 100 thousand dollars, then pay 10,000 dollars every month, until it is paid off.
Try to avoid paying in installments in half. It actually makes the debt increase, because the remaining payment in this month will be accumulated to the following month. As a result, payments in the following month were larger than the previous month.
You can imagine if you can't pay, your financial condition will really fall. For that, pay the debt in full. If your money is not enough, try to reduce expenses that can still be delayed.
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4. Request Help
If you need financial help, don't be shy to ask the family. Of course, there will be an unpleasant feeling when you involve the family for their own mistakes. But, actually this method is far better than asking for financial assistance to friends or banks. Because the family does not charge interest or administrative fees when you pay late, you also need not fear the due date for payment.
Even with the family, the debt must still be paid. Because, usually families never charge or remind. For that you must have your own initiative to pay for it. So that the big family still believes when they want to lend back the money to you.
5. Credit Cards Are Not Wise to Use
Credit cards do provide a myriad of benefits, and benefits to the holders. Because in credit cards there are many facilities, ranging from various discounts or discounted prices, cash back, rewards points, to zero percent installments. Of course it must be accompanied by a wise and appropriate method of use. If the use is not wise, it can cause damage to your financial order going forward.
6. Evaluate How to Manage Finance
If you can't change your luxury lifestyle, the difficulty of paying off your debt is very likely to occur. Because debt will still exist, or even increase with that lifestyle.
Before your financial conditions are increasingly uncertain due to repayment of debt, there's nothing wrong with evaluating and making new financial plans, so that your financial growth will improve in the future. Furthermore, know also the cause and effect of the debt still sting, and find a way out to get a healthy financial condition for repayment of your debt.