Your goal is to pay your debts down. They can be overwhelming. At my worst point I had 15 lines long, which are loans, credit cards, car loans, store cards, and even the government. I did not even own a house at that time. lender would not talk to me about borrowing any more money, or even consolidate my credit, because my budget was in a state of permanent deficit, unless I have something to solve my situation itself. It is long behind me, a debt is no longer an issue. What I am saying here is that the plan will lay out for you it works.
The first step in a situation like I was in, and You May be that you know where you are. Therefore, you must complete a comprehensive budget spreadsheet and net worth balance spreadsheet. Write down how much you owe and how much you pay each month to service each of your debts. Then break your debts into 2 groups. First, list them from highest interest rate to lowest. Then list them izonaj that costs the most money for services every month to the lowest. Now, you have to study this situation for a while and make a budget forecast for the months ahead. You have to understand how all the services these debts and pay them down, bit by bit, so you have some room to manipulate the situation and to draw cash on them going forward. Also you need to stay on a budget and not pay the new debt.
The first step in a situation like I was in, and You May be that you know where you are. Therefore, you must complete a comprehensive budget spreadsheet and net worth balance spreadsheet. Write down how much you owe and how much you pay each month to service each of your debts. Then break your debts into 2 groups. First, list them from highest interest rate to lowest. Then list them izonaj that costs the most money for services every month to the lowest. Now, you have to study this situation for a while and make a budget forecast for the months ahead. You have to understand how all the services these debts and pay them down, bit by bit, so you have some room to manipulate the situation and to draw cash on them going forward. Also you need to stay on a budget and not pay the new debt.
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You can also focus on paying off debts to those who have a higher monthly payment service, such as those that require a 5% balance to be paid each month in comparison to those that require only 3%. the second scenario, which improves cash flow to pay off loans with fixed payments. For example, if you're in the last year of five years credit, You May want to pay it off ASAP rid of paying $ 250 a month on $ 2,500 balance. Using a loan that you made available to other credit instruments, You May be able to pay off the loan that gives you an additional $ 250 a month to focus on paying off high interest debts faster. Or you can start saving all or part of that $ 250 a month.
In any case, you start feeling better. You will have less debt and debt that you will be less expensive. If you choose to save your creditors look better, because you have money for a rainy day and you're improving your cash flow with interest income. One thing that puts it all in perspective is that bankruptcy is about cash flow. You are in bankruptcy when your incoming cash does not pay all the bills. You can create incoming cash from the sale of property and destruction of the balance sheet, but you will still be going into bankruptcy if it does not solve the problem of cash flow. This solves the addressing consumption and debt.
