Let’s assume that you sit and count on debt financing and think about whether debt restructuring would be a feasible alternative for you and your finances. A common myth today is that many people believe that it is easy to both apply for and actually get approved / granted for debt relief.
It is certainly true that both the application for and the number of debt restructuring granted have increased over the years, but this is because more people discover that they can qualify for debt restructuring, rather than it becoming easier to get their application granted.
The application process and investigation when applying for debt
Restructuring is very in-depth and you have to explain in detail where, when and how your debts have arisen and why you have not been able to pay them. You must be prepared to describe in detail how you managed your finances and what you spent money on.
Both the money you borrowed and the money you had in income as a whole. Despite this, most people get rejected for their application and it can mean that with even greater grief, you just realize that you have to manage without integrity without debt restructuring.
For all these reasons mentioned, we strongly advise against applying for debt restructuring before exhausting just any opportunity to self-organize your finances by applying for debt financing instead and by arranging your finances on your own.
In debt financing
You apply for a larger loan to pay off previous loans and credits, thus lowering your monthly costs for loans and credits for a sound financial situation going forward. Many people are looking for loans to self-settle their debts far too late and it is really worth remembering that if you have already started to get a debt balance with the Crown Prosecutor’s Office or payment notes, your chances of finding a good loan suitable for the purpose will be drastically reduced.
Before that, it is of course important that you have calculated how much loan you need and how much you can manage to pay on a loan each month. It is a good idea to make a budget to figure out how much you can manage to pay off per month. Also, if you have very poor finances, you should not borrow more than you need to settle your expensive debts.
At the same time, taking steps to get more money is important
Although it is easy to relax when you have accumulated your debts. Maybe you need to think about what made you end up in this situation? If the answer to that question is “clockwise” and the problems are solved, you can relax for real but if you think you need to do more to get a good economy in the long run, don’t give up in the first place.
There are many ways to get better finances and it is important to remind yourself that it is about a good balance between income and expected expenditure that creates a healthy and good private economy.
Sure, there are different ways to get quick money, but also be careful about planning for the future.