How to get out of debt

Each of us is threatened by the spiral of debt. All it takes is an accident, illness, job loss or one wrong decision about taking a loan and we can lose liquidity. To repay previous loans and credits we have to take new ones and we fall into a spiral of debt. The way out of this under-gate situation is debt relief. Below are five simple steps on the path to debt relief and debt relief:

Don’t wait


Look for a solution sooner as soon as the first symptoms of the problem appear. For a long time you may think that you have control over the situation. You will still try to maintain the status quo, pretend that nothing has changed.

However, more and more time will be needed to find a bank or lender who agrees to grant you a loan on increasingly harsh terms. During this time, your salary will not rise, and may even decrease. Don’t let the fear of your creditors completely paralyze your actions, seek advice beforehand.

Make a savings and repayment plan


You lose weight when you burn more calories than you eat. Similarly with expenses: you save when you spend less than you earn. To regain control of your budget, plan for savings and try to record expenses. To start with, try to save small amounts, but do it systematically, without cheating or rounding.

On a daily basis, most of us will not feel that they have a smaller budget and savings will increase. In addition, it is good to make an examination of conscience. There is no better motivation to quit smoking than money saved. Buying a piggy bank and throwing in the money we have saved there will show how much you can save in this way.

Get expert advice

90% success in debt relief is your attitude. The remaining 10% is financial knowledge. Almost everything has been written and said about getting out of debt: dozens of books, hundreds of articles, thousands of websites have been written on this topic, and a multitude of conferences have been held on the topic. Access to information is universal, so there is no excuse why you should not use this knowledge. Analyze and compare available information, if financial jargon is incomprehensible to you, do not be afraid to ask for expert help.



Do not avoid contacting the bank, make sure to always answer prompts and telephones. As soon as trouble occurs, inform the bank about them. Debt relief may consist in converting installments into decreasing ones, extending the repayment period or the so-called “Credit vacation”, which is a grace period of several months in loan repayment.

You can also change the loan to a better one, e.g. at another bank. You just have to be a real diplomat and negotiator. There is no difference what the amount is, whether mortgage or ordinary. If you lack competence or just courage, ask a company specializing in negotiations to do it on your behalf.