Imagine yourself in a condition in which you have taken a lot of loans from banks and you are unable to return it in the given time. Now, they have doubled the interest rate. You haven’t been able to return the previous loan. How will you manage to return it now? It’s been doubled. Believe me or not, it will give you benefit in the present, but in the future, it won’t be a headache, it will become a migraine. That’s right, you can take aspirin to help your headache, but migraine has no cure. In the same way, loans will become something you have never imagined of.
Following are the ways you can pay them back:
- Pay more than minimum amount: Try to pay more than the minimum amount. I know its hard, you don’t know how to manage everything, how to save money in this era, but it is the only way to get you out of this hell.
- Cut down your expenses: If there’s nothing to buy, there’s nothing to spend on. Yes, lower your expenses as soon as possible. Cut down extra amount of things from the monthly budget. It’s ok if you don’t eat peanut butter for a few months, don’t make pizzas every week, don’t take soft drinks, you would still live, but getting involved with loans and not paying them in time, dude, that can make you a walking corpse.
- Consult with a credit counselor: Obviously your brain is loaded with the debts and loan, you might not be able to think clearly. You’re continuously thinking about the amount of money you have to return. Sometimes in such situations, people focus more on the problem rather than its solution. For that reason, we have consultants. Go to your nearest one and discuss your situation thoroughly. He/ she will give you a plan. Adhere to that and strictly follow it. It will definitely help you out.
- Apply for a second job: Sometimes it’s very difficult to repay loans from a limited amount of money you have as your salary. Even if you cut down your grocery expense, still you need money for bread and butter and for that you need your income. There’s another way to resolve this situation as well. Take another job. Use the salary of the first job as your expenditure and repay your debt using the other one.
- Try to pay back expensive debt first: If you have taken loans from many banks and incorporations, try to return the most expensive one first. Expensive loans have more interest rate on them. The higher the amount of loan is, the higher interest you have to pay. Take it off your back immediately.
- Try to have a consolidation loan: Consolidation means to merge. If you have taken different loans from a same incorporation, try to go for a consolidation loan. In this type of loan, direct lenders will merge all your loans and the overall percentage of interest will decrease, which makes them easier to pay back.