The situation when you have to pay off debts is unpleasant in itself. Families collapse due to debts, long-term friendship is interrupted. There are cases when the inability to pay off those who borrowed money on time led people to commit suicide. However, there are several effective steps you can take to get you out of debt.
Time to think
Take a piece of paper and count all your income. You need to take into account the salary and additional income of all family members. On the second sheet, describe all your expenses. To simplify the procedure, mentally divide them into 5 parts: food, mandatory payments (utility services, mobile operators, providers), spending on clothes and shoes, money for personal needs. The fifth part is the amount that you can spend right now to pay off your debts.
On another piece of paper, write down the names of everyone you owe and the amount you owe. Calculate how long it will take you if you give these people only a fifth of your income. If the deadline suits you, then return the money in parts or put it in an envelope so that you can then hand over the entire amount in full. Otherwise, proceed to the next steps.
It's time to act
Reduce costs. When you understand that you owe someone, you simply do not have the moral right to throw money around. Of course, you should not completely give up entertainment, otherwise it is not far from depression. Try replacing a trip to the entertainment center with a walk through the city's historic sites, and an expensive restaurant with a picnic in a nearby park. Review your family's diet. It is possible that you will have to give up your favorite, but expensive products. Do not be discouraged, these are all temporary measures that will allow you to pay off your debts earlier. Look for and start using other ways to save money.
Find ways to earn extra money. You can get a job in a taxi and go online for several hours a day, give paid consultations on the Internet, or help an elderly housemate (renovation, shopping, cleaning). All funds earned in this way, let only for the distribution of debts. Remember that water does not flow under a lying stone. Without leaving your comfort zone and doing nothing, you are unlikely to be able to solve your financial problems.
Stop procrastinating. Nails for a "rainy" day, vacation and so on will only postpone the process of debt repayment. Of course, it is more pleasant to save money for yourself than for someone else, but after all, no one forced you to get into debt. Once again, remember that all restrictions are temporary and soon you will be able to afford much more than now. You just need to be patient a little.
Don't even think about credit. A loan is another debt that you will be required to pay off. And if you can still agree on a deferral with the person who lent you money, then you won't be able to do this with the bank. In addition, any bank will add an overpayment at an interest rate to the amount of money taken.
