The debtor , or the borrower, is now every second or third resident and we all know people from a circle of acquaintances or friends who have at least one credit obligation. And because this credit industry is so huge, people often have different problems that we will look at today.
Too small income
One of the biggest debtor problems is that the monthly income is too small and that makes it difficult to pay all the loan payments, as well as find additional money for survival and not to mention entertainment. The amount of money that comes in is usually as large as the salary for people, and if this salary is not high enough, it is usually very difficult to create a balanced budget and spend less than is earned.
Spending too much
Spending and its amount is also a big problem, because, though, the income for people is not always too small, but the monthly spending on different goods and services is so big that money does not stay at the end of the month and is difficult even from this money to repay loans. But if you have a large enough income, it is always possible to reduce your spending by moving to another home, reducing your utility bills, reducing your spending on entertainment, or even food, so it’s important to start making monthly budgets and slow down your spending slowly.
High Credit Interest
Taking short-term credits, as fast loans or credit cards are often unaware of the high interest payments on these loans and the need to start repaying these loans is a big surprise as interest rates have risen much higher than initially thought. When you take a loan, you always have to make sure the GPL rate of the loan, but if you understand it after receiving the loan, then the only option is to refinance the loan with another creditor who offers less interest.
Having loans to non-bank creditors and not paying them back, you will be subject to a credit interest rate, often up to 2% per day and thus, the total amount of credit increases so quickly that it is no longer possible to repay. Penalty interest is a very serious problem because it is precisely because of these today that people usually fall into debt that can no longer get out of it, no matter how much money a person would pay back, but he is unable to pay so much to cover the penalty interest.
The guarantor, or guarantor, is another problem that people face, because arbitrarily agreeing to be a member of a family or a guarantor of a acquaintance can easily get into an unpleasant situation. As a guarantor, at the time when the principal of the credit will not be able to repay the loan, it will be recovered from you, despite the fact that the product taken on credit does not belong to you at all. Therefore, you should never agree to be a loan guarantor, but if it is done it is too late because you will have to repay the loan anyway.
Loans that are too big
Credit and over-borrowing have always been and will be a big problem, as people are unconsciously receiving these loans without thinking about the future and how these loans can be repaid. If your monthly credit commitments make up more than 20% of your monthly income, then you are likely to have taken too many credits and you should start saving more to pay off more, but if you have to leave more than 50% of your credit payments There is a high probability that you are already close to bankruptcy because you will no longer be able to continue paying these loans at the lowest wage reduction.
Too many different credits
Another problem with debt is that too many loans are received and even if their total amount is not so high, credit to several credit institutions is exhausting every month and in such a situation it is best to combine credits .