This Is It That Must Be Done When Debt

Ever heard of a case of someone who is in a credit card / KTA debt and can’t afford it? Or maybe this case is happening to you alone? Problems that revolve around credit card arrears or KTA are often heard, huh. The solution was none other than paying off the remaining unpaid arrears.

Then what if you are not able to pay off and are even being chased by the bank (usually by a debt collector) ? This time we want to summarize a number of things about the ways and things that must be done when they are in credit card debt or KTA. Basically there is no type of debt that cannot be settled. All types of debt must have a way out, maybe the way to be free of debt cannot be fast and in a short time, but believe there is always a way for you to quickly be free and get a new start to your financial life.

 

Impact of Debt on Your Emotional Conditions

It is undeniable if you have debt that is piled up and chased by a debt collector can have an effect on your emotional condition. As reported  , there are some emotional effects caused by debt.

  • Depression and anxiety
  • Blaming other people for the conditions suffered
  • Denying the situation that you are in debt
  • Stress
  • Angry and frustrated
  • Feeling sorry
  • High shame
  • Afraid

Feeling uneasy and haunted by the amount of debt that must be paid will certainly interfere, sooner or later it will affect your physical condition. Therefore, make sure the situation does not prevent you from giving up to find funds in order to pay off the remaining debt. But remember that if you succeed, you are not only free from debt, but also free from the worry that arises from the accumulated debt.

 

Know clearly the current financial conditions

Know clearly the current financial conditions

Understand thoroughly what financial conditions you are facing right now. Find out how much debt is still to be accounted for, along with all interest, fees, and late fees that must be repaid to the bank. Not only debt, you also have to know how much savings and other assets you have left to help pay off the debt. You have to know how much money you have to prepare per month, and how much you can afford to pay each month. Not only that, from here you also have to know how much money you have to save and how much you have to spend to fund monthly expenses for daily needs.

At the beginning of the education series, IG Finance has provided three pillars that can be used as role models so that you are free from debt . Here we provide a summary so you can remember it again:

 

Increase Revenue

Problems that are often faced by those who are in debt usually yes, it is losing its main source of income. Some are fired, some are bankrupt, so it seems there is no source of income to cover the debt. The solution is to find new sources of income, for example by finding new jobs, looking for part-time jobs for additional funds, selling second-hand goods, being sensitive to seasonal business that can be used for additional income.

 

Reducing Expenditures

Reducing Expenditures

After knowing the current financial condition clearly, and how much you have to save, then you already know which posts should be cut so that the main goal can be quickly achieved. You also have to be smarter in shopping so you can have good quality goods at low prices, understand which expenses should be reduced, and which expenses need to be paid. Saving is not easy, but believe this is the fastest way to feel a financial life that is gradually improving.

 

Negotiating Debt

Negotiating Debt

What you need to know of course knows where to look for help to be free from debt bondage. If there is a family that can help it might be better, but if you don’t know, there is actually an option that you can use by negotiating debt. When a debt is negotiated, you can usually get a relief program from the bank, so you can pay off the debt and be free of debt faster.

The relief program can be in the form of deductions for total debt, low-interest installments with an extended tenor, or a combination of both. If you don’t know how, IG Finance can help you. The IG Finance team has experience in negotiating debt so that many customers are free from debt and reach a new beginning for their financial life. If you need IG Finance services to help, you can immediately click on the box at the end of the article to get help from our team.

After knowing thoroughly about what to do when you are in a credit card debt or KTA, we hope you can better understand and know what actions should be taken so you don’t have to linger in debt bondage.

 

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