Whether for better or worse, debts are universal to which everyone will have to respond at some point. Even so, this does not imply that you have to respond to all the money you ask you, you can always seek to negotiate with the other party to reduce debts, which will help you in the long term to reduce your monthly expenses, apart from benefiting your economy in general.
How to negotiate your debts?
You believe it or not, there are many cases where the financial entity is more concerned with recovering the invested than taking out some profits, so there is always the possibility of, in these cases, negotiating with the bank to reduce the payments that you must make.
Although, as can be assumed, the bank's concern is not universal, much less, but it is necessary to meet certain conditions to be suitable for this. The most recommended, is if you have demonstrated a certain level of responsibility with your debts and accounts with a good credit level, a reduction of your accounts could be accepted if you show decision in your arguments.
Then, there is the totally opposite position, and if you have a great delay in your payments, the Bank calls these payments as “punished portfolios”, making them almost like a loss for the entity. Therefore, they would be much more receptive to negotiations, being able to obtain even better reductions than to expect, but, to be able to fulfill this you have to risk damaging your credit history, which could end up being even worse for you.
If you want to negotiate directly with a debt collector, the situation can be much simpler, because it is common for these people to be much more open to negotiate than an entity that is composed of an elaborate system. So, if you inform yourself of every detail of the debt you can offer counterparts that are more beneficial for you, without the other person seeing significant losses.
How to reduce your monthly expenses?
However minimal, if you achieve a reduction of your debts, it is certain that your economy will have greater stability and, of course, it will bring a reduction in your monthly expenses. But this does not have to stay here, and you can use other tactics that will surely help reduce what you spend month by month:
- Prepare a monthly budget: Natural, the first thing that is recommended to achieve a reduction in monthly expenses would be to create a budget where you have a limit credit goal not to exceed under any circumstance, apart from including approximately all your expenses of the month, so that no one takes you by surprise.
- Pay attention to your expenses ants: although, to save everyone, they directly recommend eliminating ants, these are not necessarily bad, and serve to give you a break of so many debts, so instead of getting rid of them, try to reduce them during the month.
- Better your services better: water, light, the Internet, all those are services for which you pay every second that you use them. So, if you really want to reduce your monthly expenses to save more, start being more moderate with these services and the way you use them not to miss them a single moment of the month.