When caught in debt, the first step that is usually taken is to manage finances so that they can be allocated to pay the remaining outstanding loans. This is usually done when after receiving a monthly salary. Many ask what percentage of salary should be allocated in order to be able to pay debts, but actually there is no definite standard, because the needs and urgency of the debt problems that are owned by a person are not the same. Here we provide a number of steps that you can try to manage your salary to overcome your financial problems.
Make a Plan
The best way to manage salaries to pay off debts is still in arrears, of course, by writing a written plan. Collect all the bills that you have, and write about which bills / debts you will take care of first. Calculate carefully the income you get, and how much you have to spend to find out which debt must be managed first. The usefulness of re-registering your bills is so that you know how many bills are and are more aware of not spending more money on other posts.
In addition, take advantage of your knowledge of the total amount that is still in arrears to seek additional income in order to more quickly cover the remaining arrears on the card. Set aside additional income and monthly bonuses (if any) to add debt payment allocations.
Prioritize Bills with Higher Interest with Minimum Payment (for Credit Cards)
One of the things you can do is to make a minimum payment (although this is not recommended), usually 2-4% of the bill is in arrears. Examples that have been discussed in Debt Solutions are as follows:
You have 3 outstanding credit card bills. Let’s just say your monthly income is IDR 5,000,000 and you allocate funds of IDR 3,000,000 to pay off debt.
Based on the credit card you have here is the minimum payment required by the issuing bank:
- Minimum first card payment: IDR 800,000 with an interest rate of 3.25%
- Payment of the minimum second card: IDR 700,000, with an interest rate of 3%
- Payment of the minimum third card: IDR 500,000 with an interest rate of 2.75%
From the information above, it can be seen that the total payment of your minimum card is IDR 2,000,000. The rest of the money that you still have is Rp. 3,000,000, – you have to use to add credit card payments with the largest interest rates, in this case means the first card. So, the total you pay for the first card is IDR 800,000 + IDR 1,000,000, which is IDR 1,800,000. And so on, until your debt in the long term can be repaid.
Close Credit Card (If Debt on Credit Card)
Credit card scissors with the highest interest so you don’t return use it and increasingly hoard the total debt in arrears. Contact the issuing bank to help close the card. You can restructure the loan so that the debt you have can get relief, at the end of the credit restructuring program the card will usually be closed by the bank.
Contact Mediation Services / Negotiators for Help
As mentioned above, you can take part in a credit restructuring program from the bank to get relief. This relief can be in the form of one-time deductions, or extended installments with lower interest rates. Read more about the types of programs from banks that can alleviate debt here.
If you are confused about how to get a credit restructuring program, you can ask for help from mediation services or negotiators. One of the trusted negotiation services that can help you get a break in credit card debt / KTA is PT Parson Adams international Indonesia . As the only company in Asia that gets accreditation in helping to resolve debt problems by IAPDA , Parson Adams is committed to providing the best service and helping you get a discount from the bank that suits your financial condition.
To immediately get help from the Parson Adams team, please immediately click on the image below and fill in the data, so that our team can contact you.