How to pay my Bank debts?

If this is your case and you need information on how to pay overdue debts, take 5 minutes to read this article. Here you will have the answer to what are probably your main questions: How to get out of debt ?, How do I pay my debts if I earn less than $ 10,000 pesos?

It is more common than you think to fall into a snowball of debt, this happens when you end up taking out a card to pay another and so on. If this is your problem and it already got out of hand, the best thing you can do is ask for help.

What is the best way to pay debts?

What is the best way to pay debts?

Settling a large debt (by large I mean greater than $ 35,000 pesos) requires three things:

  1. Adequate advice
  2. A realistic plan that fits your possibilities.
  3. Discipline.

Remember : what you least need right now is a loan to pay debts, why? because your problem would disappear momentarily, but in the medium term it would continue to grow.

Why do you need advice?

  1. Desperation can make us make wrong decisions, which can range from asking for a loan, to finishing off our house or car in order to pay off the debt.
  2. Handling calls and collection threats is complicated, but with legal advice and support it will be much easier.
  3. Because you need to know the current, real and complete status of your financial situation, only then can you begin a plan to liquidate.
  4. Thanks to this advice you will be able to settle your debts with your own resources, little by little and without needing to make your problem bigger.

How to make a plan to pay debts?

Once you received advice and you know your situation clearly, it is time to plan. You will need to consider your income and expenses, in order to determine the monthly amount you can save and allocate to the payment of your debt.

But with what I earn it is not enough for me

But with what I earn it is not enough for me

I know, the “does not reach me” is the main argument of many, and as I know that for more things that I tell you I will not convince you, I looked for a real case of a client of Solve your Debt so you can see that That you can, you can.

We are going to call our client “Maria”. She owed $ 47,502.00 on a bank card, earned $ 8,000 per month and the minimum payment on her credit card was almost $ 3,000. Between payment of rent, food, children’s school and other expenses, it was impossible to cover that amount (which also was of no use because the interests of his debt would continue to grow) so he approached us.

With the program his story changed

With the program his story changed

Currently, he saves $ 1,283 pesos each month in an account in his name , less than half of the minimum payment on his card. This amount represents 16% of our client’s income, so it is not difficult to meet her monthly deposit. In her account she will continue to save until she has collected enough to settle her debt.

Our negotiators got a 68% discount on their debt, so they will pay only $ 15,200.64. Today, Maria has been in the Resolve Your Debt program for 6 months, and the date on which we will settle her debt is getting closer and closer.

Do you want another example? Okay

Luis is another of our clients. He arrived at the repair company with a debt of $ 110,580. The minimum payment on your card was $ 5,529.00 and your income was $ 10,000. You imagine? Allocating more than half of your income to paying your card was impossible.

Thanks to our negotiators, the final amount you will have to pay is $ 33,174, and your monthly contribution is now $ 2,630. This amount is less than 30% of the income that experts recommend allocating to the payment of debts, so Luis, without major problem, will be able to definitively settle his debt in a term slightly greater than one year.

As you can tell, getting out of debt is not always easy, but it is surely possible. Do not let more time pass, do not look for magical solutions or put yourself at risk of losing your assets. Seek help and recover tranquility, in Solve your Debt we know how to help you.

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