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When people lose track of their payment obligations, they risk falling into the debt trap. With the help of a structured approach and comprehensive budgeting, they can reduce their debts. The prerequisite for this, however, is always that they get an accurate overview of their finances and plan their expenses and debt settlement well.<\/p>\n
Start by listing all debts accurately – sorted by creditors and claims. Also, document all income and expenses and use this as a basis to determine what budget and how much money you have available to reduce debt. In the next step, you can create a debt settlement plan in which you explain exactly how you want to pay off your debts. Present this plan as a proposal to your creditors.<\/p>\n
Who will help me pay my debts?<\/p>\n
Contact a debt counseling center in good time. The advisors are trained and experienced and will work with you to develop a strategy for paying off your debts.<\/p>\n
How can I get rid of my debt quickly?<\/p>\n
This requires a lot of discipline and perseverance. Reduce your expenses as much as possible and try to get additional sources of income to have more money available for debt reduction. Tips for doing this can be found here.<\/p>\n
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To pay off your debts, you need enough money. You can get this by reducing your expenses and\/or increasing your income. However, you need to know beforehand exactly what amount you can spare each month for this purpose at all. Because rent, electricity & co. want to continue to be paid and the refrigerator continues to be filled. You cannot reduce debt without a financial overview.<\/p>\n
If your income is not enough or if you want to pay off your debts even faster, you must either see that you spend less money or take more in. The following overview shows how this works.<\/p>\n
Reduce expenses:<\/p>\n
Increase income:<\/p>\n
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You now have in front of you, in black and white, to which creditor you owe how much, and you know what amount you can raise monthly to pay your debts.<\/p>\n
Next, you need a concrete plan for your debt reduction, especially if you have multiple creditors to serve. It is very important that you take into account all creditors, because only in this way you can completely reduce your debts. This plan includes the following points:<\/p>\n
The debt settlement plan thus forms a proposal to all creditors on how you intend to reduce your debts. On its basis you negotiate with your creditors. If they agree, all you have to do is stick to these arrangements and pay off your debts step by step.<\/p>\n
Let a debt counseling center help you with the creation of the plan. Their employees have experience in this area and will find the right solution for you – and your creditors.<\/p>\n","protected":false},"excerpt":{"rendered":"
When people lose track of their payment obligations, they risk falling into the debt trap. With the help of a structured approach and comprehensive budgeting, they can reduce…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\n