Here’s how you can make a plan to get out of debt and regain peace of mind, even if you don’t have any money

When a person experiences adverse and unexpected situations, such as losing a job or the arrival of an illness that entails medical expenses, he or she may become embroiled in debt that gradually becomes an overwhelming problem. pay off their debts…

This complicated situation can be turned around by creating an effective plan that both provides relief and corrects the financial course. The idea of ​​this is to be able to live without debt, especially if it becomes unaffordable over time.

There are ways to tackle this. financial problem according to each case. If you want to pay off your debts, but the money coming in isn’t enough, there are some expert tips that can help you meet your obligations.

The government of Mexico explains that it is ideal that debts do not exceed 30% of periodic income. This is because if they are below that percentage, the risk of falling into default situations decreases and debt capacity is healthy.

The best plan to combat debt

Bank of America assures that this is the best time to evaluate and draw up a plan This is when the combined debt is already building up and there is no option to pay more than the monthly minimum on the credit card as this will only result in paying more interest.

To be at the forefront of solving this financial problem, it is essential that you have exact knowledge of the debt. You can then list all debts by creditor, plus the balance, interest rate and current due date, giving you the freedom to prioritize and determine the best strategy.

What does it mean to have a damaged wallet?

Credit Maestro recommends a number of things, such as: organize expenses so that the monthly budget is more comfortable. Moreover, she advises that the plan must be aborted for months and amounts, to be sure how long it will take to get out of debt.

Find other income It is another option to take into account if, despite all efforts, the money is not enough at the end of the month. This extra income can be a new job, but also selling a product or asset.

There are ways to negotiating with financial institutionsTherefore, they usually offer ways to renegotiate loans to avoid defaulting. If the situation becomes more untenable, this may be considered ask for a loan Like those on the payroll, even though it may not seem like a good idea, doing so can allow you to pay all your debts (including interest) and end up with just one debt.

(JO)