I am indebted or how to get out of debt

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I am in debt. I’m looking for a last resort. Such and similar entries can often be found on Internet forums. People, indebtedly beyond debt, were not aware that there would be a stage of repayment of liabilities.

At the time of the conclusion of the loan agreements they had a different financial situation than when they lost their jobs, went to a disability pension, etc. Instead of negotiating new repayment terms with the banks, they started using payday loans.

Today payday loans reign


Because at some time, as a result of restrictions imposed by the PFSA, banks stopped lending. The boom of easily accessible but expensive payday loans began. Enters to probably all major cities, today welcome ads for such loans. And Poles moved in crowds to credit bureaus, taking payday loans to repay the loan installments.

When the repayment deadline expires, along with the loan, the next one is taken in this way falling into spirals of debt. And you won’t look back, and 1000 USD make 10,000 USD. And then seeking help and lamentation.

I have always said that both loans and loans have to be taken care of. One should not over-indebted and the payday payday cannot be a kind of prosthesis intended to replace the money earned for loan installment.

To exit the credit spiral


Analyze your debt with a piece of paper in your hand, rank according to your criteria, e.g. from
the lowest amount to be repaid

Get an extra amount in a month and pay one loan higher than it is
installment. After repayment of this loan, we pay the next one, allocating a higher amount that remains after us
repayment of previous loan.

We can negotiate debt restructuring with banks. But beware, the Bank will want us talk only when there is no backlog. So if you anticipate problems, write to Bank If you have payday loans and there is not enough money to pay back, you can pay off part of the capital and extend the remainder
for the next month And so on until full repayment.

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