When you think you have touched the bottom here you fall even lower.
This does not want to be a demoralizing article, far from it. It wants to be a lifeline for those who, like many others, are experiencing an uneasy situation with the further concern that their circumstances could worsen further.
One of the worst things that can happen in an already difficult period due to an economic crisis, is the loss of work. Staying at home means kneeling oneself and one’s family. Remember that having debts is depressing but it is a situation from which you can go out with determination and fortitude.
If you are reading this article and are in a situation of economic difficulty, read our tips carefully.
Define a primary budget
First, define a survival budget. Planning expenses will allow you to get to the end of the month without surprises, managing to save what little you need to face any even harsher moments.
Cut everything that is superfluous at the moment. Do it thinking it will come a day in which you can end the sacrifices and resume your life in peace.
In the primary budget enter the necessary expenses : food, rent or mortgage, installment for the car, petrol, transport costs. Also take into account the severance indemnity, any unemployment and extra work. To save money you can delete your landline, pay-TV, various season tickets and leisure time.
Here comes the toughest moment. If the primary budget is not enough to pay the debts it will be necessary to take cover; debts must take precedence over the rest. You can evaluate to sell the car and use public transport or request the suspension of the loan for a few months.
If you are unemployed, avoid using a credit card or using a bank credit, you would accumulate interest that would turn into other debts to be paid. The purpose is to contain expenses without further debts.
Even if it seems impossible to you it’s not like that. There is always a way to cut something. Often this also helps to realize the superfluous.
Let’s take an example: you can shop at discount stores or go hunting for offers. This does not mean turning all the supermarkets in search of the best promotion; when, however, you find an interesting offer, take stock, especially if it is non-perishable products.
This strategy will help you pay your debts even at a time of great difficulty.
Negotiate a repayment plan with your creditors
If you can not pay the debts, negotiate another repayment plan to reduce the interest or lower the installment.
You can also negotiate with the bank, simply contact your institution to make an appointment.
In the case of debts with Fortalia it is possible to obtain the extension on the payment of tax bills bycontacting the appropriate offices.
Paying debts when you are without money, requires effort and willpower, but by planning your income and expenses you can pay off your debts and avoid accumulating others.