Everyone sometimes needs more money than they have. And in this case, they must be borrowed, and the easiest option is fast credit. But even such a simple action must be done correctly. Otherwise, you can fall into a hole of debt, from which it will be very difficult for you to get out. We offer you some tips to help you avoid this and get a loan properly.
Don’t take out a loan for things you can’t live without
The first and most important rule of the borrower is not to borrow money unnecessarily. What’s more, it’s a serious need, not a temporary wish list in the spirit of “the new iPhone is out, I have to buy it!”. A loan is a tool created not for pampering, but for help in a hopeless situation. In addition, mindlessly going into debt for necessities can eventually lead to a debt trap.
Do not take out a loan if the monthly payment exceeds the balance of the money after mandatory expenses
Let’s assume you have enough money to secure a loan. Will they be enough to provide for themselves and their families? Think about it: credit money will run out quickly. It will take several years to pay off. And at that time you also have to eat, pay for an apartment and a shared apartment, go to and from work, buy clothes instead of damaged ones, etc.
Therefore, do not forget to calculate whether you have enough money to ensure a normal life. Experts recommend not taking out a loan if you have to pay more than 30% of your monthly income for it. But this will not work for all borrowers.
Ideally, you should calculate how much money you need to provide for everyday life. Expenses will definitely have to include rent, food, travel and other mandatory items in the family budget. It is also necessary to leave at least 10% of the income for unforeseen expenses. And what remains after all mandatory expenses can be considered the maximum amount of the monthly loan payment. And focus on it already.
Source: speshenkredit.com
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