1. Try to pay regularly more than the minimum payment
The first with what it is possible to begin struggle against debts, is to refuse habit to pay only the minimum sums on account of a debt. Payment monthly from 2 % to 3 % of your debt only aggravates your position. Besides, it what from you wanted by banks. The longer you will pay the debts, the it is more than money for percent will earn bank and the less money remains at you in a pocket.
Set for itself a problem every month to pay as much as possible.
If your minimum payment makes $100, increase it to $200 or more. Analyse the daily expenditure – and you necessarily will find money. Refrain from dinners in cafe or restaurant, take with itself meal from the house, refuse desserts etc. At each of us there are weaknesses, and you well know the.
2. Collect all debts in a heap
Attentively analyse all credit cards. Special attention give that, at which least interest rate. If you have not reached as much as possible resolved limit on this card, translate on it balance from other cards, at which highest interest rate. Many credit cards will allow you to make it. For you it will be very useful to exchange 18 %-s' rate on 12 %-s'. If your cards of such operations do not carry out, try to talk about it in your bank, there can go to you on a meeting to keep the client.
If your balance is too great to go in on one card with the least interest rate, do the minimum payments on all other cards, except one, with the highest rate. Direct all means for this card and pay it as soon as possible. As soon as the balance on it leaves on a zero, be switched to other card with the same aggressive approach. Such tactics of payment of a debt is called «a snow clod». With reduction of your debt of the sum of payments increase that forces your debts to disappear with the maximum speed.
3. Involve the savings
If you have investment or depositary accounts (and at each present Investor such account should be), take advantage of this money for debt repayment. Certainly, nobody wishes it to do, but sometimes in it there is a common sense.
Even if your debt is under 12 % annual, your investments should earn more than 18 % before payment of taxes to bring a difference to naught. We doubt that your deposits bring to you such percent. And even if bring, your money works for nothing. Pay debts and allow to the savings to grow easy.
4. Borrow on the security of the insurance
If you have insured the life and you already have a certain sum on this insurance, borrow on the security of the policy. You borrow own money. The interest rate of such credit will be much more low, than any commercial rate, and at you possibility will easy pay all debts. If you die before payment of debts, they will be blocked by your insurance which will be paid to your family.
5. Address to friends and relatives
Probably, your relatives and friends could help you with payment of debts. Who on this world loves and respects you more than your relatives? If, of course, you not about whom there is a speech in a saying "Every family has its black sheep" you have considerable chances to obtain the credit with the minimum percent. They can even forgive you the late payment (one or two). And if you wish to support good relations with them, it is better to you to discuss all terms and did and to commit them to paper. It will help to avoid недопонимания both the subsequent insults. And the most important thing – observe all obligations, differently you can remain in loneliness and forget about gifts in the birthdays.
6. Take the credit on the security of the habitation
You have a habitation for which all is paid? Or you have any valuable things, such as antiques, jewelry, securities? If yes, you can quite take the credit on the security of the property. Having gambling-debts under 20 %, your credit on the security of habitation under 12 % much more will facilitate your position.
7. Borrow at the pension scheme
If you participate in any pension scheme or you have a private pension, you can borrow to 50 % from the sum available there. Learn about it from the employer or in a pension fund. If such possibility is, take advantage of it. The interest rate of such credit will be much more low, than the credit card rate. But the most interesting that, by and large, you will pay these percent to yourselves. It also should be specified in addition, but each copeck which you will pay on account of the debt, you will pay into the account of the borrower, instead of into the account of the creditor.
8. Talk to creditors
Well, you have made all that could. Savings have ended, relatives from you have turned away, you do not have habitation, the insurance and a pension scheme. You feel yourselves completely driven into the corner, and money is not present absolutely. What to do? Really bankruptcy – it is the only thing to do from a situation?
No! There is one more possibility to try to keep the reputation. Go to creditors and tell it about the situation. Tell it that if it will not turn out to reconsider a condition of payment of a debt, at you does not remain any variants, except how to declare the bankrupt.
Ask them to give you plan of payment of a debt more accessible to you and try to convince them that you will continue to struggle and do payments. Having appeared before prospect of your bankruptcy, creditors will do the utmost to protect themselves from loss of all.
Believe to us, creditors will make impossible before will write off your debts. As lawyers speak – about all it is possible to agree. At last, to lose to you there is nothing.
There are companies which specialise on granting of the similar help by that who requires it. Try to address to them.
9. Last step – bankruptcy
If any above-named attempt has not brought any results, at you does not remain other exit, except how to declare the bankrupt. We consider that each person has a moral duty to pay the debts. But there are cases when it is simply impossible. In such situations bankruptcy can be a unique overcoming the crisis. But be ready to serious consequences.