We have already talked about the advantages and disadvantages of a credit card and it's common knowledge that, when misused, a credit card is a real snowball of problems, leading to over-indebtedness for its user.
And what to do when you reach a point where your debts are already too high? How to manage anxiety and regain the much-desired financial stability?
• Look for a part-time
Finding a second job that you can combine with your main job will help you have extra income that can be fully channeled into paying off your debt.
Despite having to sacrifice your self-time and sometimes even your rest hours, it will prove to be productive as you will be able to get rid of debt in much less time.
• Sell what you don't need
Almost all of us have a device at home that we don't use, something that is lying in the garage... This is the ideal time to analyze what you really need and sell what you don't really need.
In addition to second-hand stores, there are many platforms to sell directly to third parties, such as OLX or Vinted, if we are talking about clothes.
• If possible, make payments higher than the minimum amount stipulated
We know that for those who are in debt, paying two installments can seem daunting, but this is really the best way to get rid of debt in less time.
Pelo menos duas vezes por ano, na altura de receber os subsídios de férias e de natal, procure abater um bocadinho mais que o habitual.
• Peça ajuda a familiares
Se houver essa possibilidade, talvez seja uma boa ideia recorrer à sua família mais próxima e pedir ajuda.
This does not invalidate the fact that you must establish rules for those who will lend you the money and the same applies to you, who must establish how and when you will pay off the amount borrowed.
• Consolidate your debts in a single monthly payment
Combining all the debts into one is, in fact, one of the best ways to lower your monthly bill. This is because by consolidating credits you will, as a rule, get a much lower interest rate than you currently have.
We leave you with the example of António who, at a difficult time in his life, let himself be carried away by the ease and immediacy of credit cards, contracting debts totaling 700€ per month.
Earning little more than the minimum wage, António was finding himself trapped and the difficulty in paying his credits was increasing more and more.
With our help, António managed to consolidate all his credits into one and lower the monthly payment to 450€, a more comfortable amount that will allow him to pay off his debt and live more peacefully.
If this is also your case and it is becoming difficult to respond to outstanding payments, contact us so we can find a tailored solution for you, just like we did with António!