Who else doesn’t know the impact of getting into debt ? Of course it is very unpleasant because in addition to attacking the emotional impact that leads to stress, usually if this debt problem is not immediately resolved it could lead to stress. To be immediately free of debt, you can do various ways to quickly pay off debt. Here are 6 quick ways to pay off the debt that you have to do in order to start a new financial life:
First, take the debt you have and record each nominal. Don’t forget to record each interest charged on the arrears. Give priority to debt with a higher interest rate. If you already know the details of the debt in arrears, you can begin to regulate how much money needs to be allocated to pay off the debt. This is useful so that you know exactly what funds need to be disbursed, without having to be mixed up with savings funds and some better expenses not being cut even though you are in debt. Furthermore, even though we don’t nest this, you can also pay with a minimum payment while saving to pay off debt.
After knowing the amount of debt, interest rates, and the total money allocated to pay the debt, you can start the next step. You have to start dividing the salary per month for savings accounts, debt payments, and expenses which of course must be suppressed. Always set aside savings first so that you still have the money saved in savings, at least 30% of the income per month you get. (Also read: 4 Things to Look For in Choosing a Special Savings Account)
Try to check the items in the house again that might be unused, but still good for resale. Currently there are many sites that you can use to sell used goods to add funds to pay off the remaining debts. Some sites that you can use such as Carousell, OLX, Carmudi, RajaJual, etc. Not only that, you can also look for side jobs to increase your income.
The quick way to pay off debt is to start a frugal lifestyle. After being satisfied with managing income, the most important moment is managing expenditure. If you are able to cut expenses and are willing to reduce your lifestyle, believe the impact of savings will be faster. There is more money left and can be allocated to pay off debt. Actually there are many ways you can do to start a new, more efficient lifestyle, you just need to be creative and sensitive to the opportunities you can take to cut costs more:
One quick way to pay off debts that you can do using emergency funds. If you manage your savings quite regularly, of course you must have set aside an emergency fund every month. As reported by Liputan6.com , financial expert Safir Senduk revealed that you should set aside a minimum of 10% of the salary earned every month. On the other hand, if the risk of work gets bigger such as working as a freelancer, professional, singer, enlarging the reserve fund of 6-9 months of expenditure, but if you are an entrepreneur, at least prepare funds of 9-12 months of expenditure. Emergency funds can be collected using savings plans that automatically do auto debit every month from your transaction account. Another way to collect emergency funds as a way to pay off debts quickly is to collect people who still owe you. Usually the amount of accounts you have can greatly help you to raise funds to pay debts.
People often assume that the fastest way to pay off the most appropriate debt is to use bailouts or use money from family assistance . Simply by using these funds, you can immediately pay off the debt without worrying about being listed on the BI blacklist . Unfortunately, the two methods are not right. If you use a bailout for example, you will continue to have to pay debts to the bailout party without knowing when you can pay off the debt. Not to mention the risk of credit cards that must be held as one of the requirements. Relying on help money from the family is also not right given the moral burden that is borne, especially if it must be troublesome for parents to overcome debt problems.
Therefore, the fastest way to pay off the most appropriate debt is to ask for help from the party experienced. One of the things you can use is a debt management program. A management program like this can be obtained by using a trusted debt management program company so that you can get relief, which can certainly save more time and save more money.
In Indonesia alone, a debt management program can be entrusted to Mike Hammer. PT Mike Hammer International Indonesia is the only trusted credit card and credit negotiation service in Indonesia. Mike Hammer has a clear company profile, professional service, and has become the first Asian company that has been accredited to help resolve debt problems by IAPDA (an international debt settlement services company association). To get a free consultation on getting a credit card & KTA debt relief program, click the picture below.