Do you feel like a beast of prey, trying to take a large amount of their loans, which always run on you with inexorable maturities? Find out how to get out of debt and start living free again.
27% of Czech citizens have some type of consumer loan, with more than a third of them borrowing two or more loans. It results from a survey of the Czech Banking Association. If you keep watching your due dates on your loans make life uncomfortable, maybe it’s time to make their repayment easier or get rid of the debt altogether.
Consolidating loans will save you money
It is a merger of all your loans into one. With this step, you no longer have to keep an eye on the due dates of all your loans – you only pay one installment for all your loans each month. This not only reduces the risk of forgetting one of them and counting on penalties, but also gives you the chance to save considerable money. Loan consolidation can help you lower interest. By making only one loan of all loans, you also save on the fees associated with managing individual loans.
What other benefits (in addition to greater convenience and money saved) through consolidation?
- Possibility to spread the repayment over a longer period and reduce your monthly payment
- Choose a due date that suits you better
- Possibility to increase the loan and raise extra funds
It is possible to merge not only current loans, but also credit card loans or overdrafts on an overdraft account. Did you know that you can merge loans within your family? If other family members also borrow, you can combine everything into one loan and save even more money.
Numerous banks and non-banking companies offer a single loan.
Most of them offer a combination of loans up to several hundred thousand USD, some of them in the order of millions (eg Komerční banka or Acema). Not sure which bank or non-bank company will offer you more favorable terms? Compare the individual offers and reach for the best deals.
Get money to pay off your loans
Of course, the best option for your mental comfort is to get rid of the debts and stop worrying about the amounts owed. How to get out of debt through early repayment of loans and where, however, to take the money?
It is best to use the funds you already have (for example, in a savings account or in a life insurance contract, which can be withdrawn for some insurance companies through extraordinary withdrawals). However, not everyone has the extra funds available.
What are the other ways to get money?
- Sale of unnecessary things. Maybe at home you stumble over objects you didn’t use or remember. For example, you can easily monetize them through the Letgo app, where you take pictures and offer them to buy. You can sell them through various thematic groups on Facebook (for example, Apartment equipment Brno, Elektro bazar, etc.). Keep in mind, however, that you may be able to monetize your goods for a much lower amount than you purchased. Therefore, only sell things that you lightly heart.
- Rental of premises or areas. Do you have a room at home that you do not use? If you live in a larger city or in an attractive tourist area, you can make good money by renting accommodation via Airbnb. Also, if you drive frequently by car, offer the area for advertising. Thanks to this you can come to a considerable extra income – try for example page BigInDebt.com.
- Deposit from the employer. Some companies offer a wage deposit among their benefits. So if you have a smaller loan that you would like to get rid of as soon as possible, try to ask your supervisor or payroll office to “set up you.” “
- Přivýdělek. Nowadays, when job portals abound in countless offers, it will certainly not be a problem to find some form of brigade. But who would like to be slaved at the bar or in the supermarket in the evenings? The solution may be some extra earnings online that you can do when you take a bus from work or watch your favorite show at home. On the Debtnomore.com website, you will enter an offer of your services (for example, transcription of texts into electronic form, writing reviews on the web or online shop, or any service that you can provide quality). If you are a creative type, you can offer your handmade products at Liedebt.com.
- Temporary relocation for better earnings. Is your debt much higher than in the order of tens or thousands and at the same time you live in a region with higher unemployment, where decent paid work is difficult to find? In that case, consider seasonal work in one of the richer countries. Did you know that, for example, in Switzerland, the minimum wage is about 80,000 USD? You can find a job abroad at the Lite Lender portal (just enter the name of the country in which you would like to work in the left search box).