In recent months, between unforeseen expenses and the vagaries of life, your budget has suffered from an imbalance and debts began to accumulate. Do you want to get out of debt as soon as possible and, if possible, start rebuilding your financial wealth? Do not panic, Comparatorgo unveils help to pay its debts.
What is over-indebtedness?
Over-indebtedness is a situation of financial distress that prevents a person from facing all of his or her debts. This is characterized by the impossibility of covering both its current expenses and the repayment of its debts. You can no longer deal with your bills or your repayment deadlines and can barely survive financially. We then talk about over-indebtedness when the situation is prolonged and ends up seeming insurmountable. In 2016, 349,624 people (up 2.1% over 2015) in Belgium were recorded as over-indebted. But no worries to have, by taking the good habits and by learning to manage well its budget, the over-indebtedness is not inevitable! But help to pay off debts is a necessity.
Evaluate the situation to get out of debt
Before taking any action, first take stock of the situation. Draw a table and insert what you earn in net, your monthly expenses, and finally, all that you need and to whom. This will allow you at first to have an overview that will help you decide the next step. Then, try to take into account all the expenses that could occur in the months to come: the refrigerator which is at the end of its life and that it will be necessary to replace, back to school and all the supplies which it will be necessary to buy, Unplanned repairs on the car. With an idea of future expenses you can more easily draw up an assistance plan to pay your debts as soon as possible.
Now that you have determined who and how much you owe, contact each of your creditors and explain the situation. In some cases, it may be possible to reduce monthly payments or even suspend the repayment of a debt for a limited period. Communicating with your creditors allows you, on the one hand, to create a relationship of trust that will convince them of your honesty about your intention to pay them back, and on the other hand will allow you to find together help to pay your debts and a program spreading your repayments.
Set a budget
Once you have the situation in hand, reorganize your expenses. For each type, set a monthly amount in wide light to be sure to be in the nails. Thus, if you have a little money left at the end of the month, you can either make a larger refund on one of your receivables, or put this little money aside for difficult times. Similarly, get rid of unnecessary expenses such as your cable subscription, the scratch ticket on Friday or your subscription to the gym where you never set foot! Each of these small savings will eventually allow you to have more room for maneuver.
Restricting yourself is not easy. But it is important to continue your efforts to get out of debt. Check your account regularly: check your expenses and compare them with the budget you have determined. Also stay in touch with the financial institution you depend on to keep a good relationship. This will allow you to gradually raise the bar and notice any errors, but also to get out of debt faster.
Use debt mediation
If you are really overwhelmed by the events and do not know where to start or how to implement the above, we advise you to use a debt mediation service. This service is free and allows you to benefit from advice but also an administrative help for your steps. They will also be able to advise you on loans grouping credit allowing you to consolidate and repay in a single monthly payment all your debts.