Living in debt is not easy. Imagine the anguish of having your name on the delinquent list and sleeping knowing that paying off debt has become a virtually impossible task! The important thing is to face the situation and get rid of debt as soon as possible.
However, if you have more than one account to pay off, it is important to prioritize what should be paid first. Check out!
The Debts You Must Pay First
The first step is to prioritize debt:
- Essential accounts;
- Debt with higher interest rates;
- The debt that has a good as collateral;
- The debt that can make your name dirty;
- The largest debt;
- Debt with an essential service.
Of course, each one must observe their situation to follow their own prioritization.
The definition of debt involves spending that exceeds personal or family income. To reduce expenses in areas such as leisure and food.
In addition, the idea is to recover the financial balance as soon as possible, and for this, it is important to establish a debt settlement plan. By balance is meant not having more than 30% of your net monthly budget committed to the payment of benefits.
Don’t forget to pay the bills
Not everyone gets negative because they failed to pay an account for a lack of resources. There are cases where the consumer simply forgets about the debt and ends up spending the money, they can not settle this debt.
However, a very effective way to prevent this from happening is to leave as many accounts as possible on direct debit, but there are also other tips that can help:
- Put all your accounts in an electronic calendar that syncs with your phone. This will alert you and ensure that payment is made to maturity.
- use spreadsheets and write down what has already been paid.
- use the automatic debit option.
- share responsibility with someone else. It is possible that in a given month you will have unforeseen events and end up leaving one account or another unpaid. If someone else helps you with this control, it will be easier not to fall into default.
- pay the bills as soon as you receive it. This prevents money from being spent and accounts being left open.