|
|
Sometimes life brings surprises. If you are finding out that you cannot make payments on one or more of your loans, it is best to take action sooner rather than later. Moving quickly helps you minimise the damage to your finances and the stress of cleaning up something that could continue to get worse, according to www.thebalance.com.
The solution can be simple in some cases. For example, if you can’t afford your car payments, it might be possible to sell the car and switch to a less expensive but safe vehicle — or even do without a car for a while.
Unfortunately, solutions are rarely that easy.
Fortunately, there are strategies you can use to keep things from getting worse.
If you don’t pay
It might help to talk about the worst-case scenario first. If you simply stop paying on a loan, you will eventually default on that loan. The result is that you will owe more money because penalties, fees and interest charges will build up. Your credit scores will fall. It may take several years to recover, but you can rebuild your credit and borrow again — sometimes within just a few years.
When you realise you can’t pay
One hopes that you have got a bit of time before your next payment is due. If that is the case, you can take action before you are late on any payments. At this point, you still have several options.
Pay late: It is best to make your loan payments on time, but if you can’t do that, slightly being late is better than really late. Try to get your payment in within 30 days of its due date.
Consolidate or refinance: You might be better off with a different loan. Especially with toxic loans like credit cards and payday loans, consolidating with a personal loan results in lower interest costs and a lower required payment. Moreover, you have more time to repay. For example, you might get a personal loan that you repay over three to five years. Taking longer to repay might end up costing you more in interest — but it might not. Again, if you are getting out of payday loans you could easily come out ahead. You will need to apply before you start missing payments to get approved for a consolidation loan. Lenders don’t want to grant a loan to somebody who’s already behind. Where should you borrow? Start by applying for unsecured loans with a bank. Apply for these loans at the same time so you minimise damage to your credit and go with the best offer.
infinix the future is now
|
|
发表于 2018-01-02 15:05:48
收藏
Like
Stick Card
Jack
楼主