We have described in the previous articles how to make a budget for the city and save some of the money of the whole city. If, even after all kinds of calculations, you come to the conclusion that you cannot provide some of the wealth of the entire city, don’t be alarmed. Think about it now that you know how much you need to increase your income or reduce your expenses. Remember that this problem is not unique to you, and that almost all home buyers have to save money for the down payment in any way possible. The faster you collect your savings, the faster I can get your dream home.
When you feel that you need more information, you can find answers to your questions by visiting the real estate timeline page and seeing all the steps in buying real estate!
Don’t fall into debt!
Remember that you must do your best so as not to fall into debt. Credit cards are very expensive and everyone likes to buy the things they need or want now and pay the price later, but remember that in the end it will cost you money if you get it! Read the following and then mark the one that applies to you. After that, by summarizing the points, you can find out the amount of debt you have. Of course, don’t worry, because it’s too late to correct bad habits.
- Use a credit card to pay for daily expenses
- Use a credit card to pay off other balances
- I will transfer a receipt to avoid credit card debt
- Usually we are close to my credit card limit or even exceed it
- I use my credit card to buy things that I used to buy in cash
- I pay only the minimum installments on my special credit cards
- The whole city is in debt
- I am sending invoices late
- It is connected to Al-Madinun Bil
- I don’t have any savings and use additional income to pay off debts
Al-Safar: Well done! You are under siege in debt. I am sure that I will not fall from now on.
Your situation: You are not in a bad situation, but remember that these situations should be exceptions. Try to prepare a budget so that you don’t fall into the trap of spending more.
Case 3: You are in a dangerous situation and you are in a debt trap. Determine the lymph budget as soon as possible. You need to reduce your expenses to pay off your debts and start saving.
4 or more: You are Madin! No need to panic because now is the time to act. Get help from experts and credit consultants. To do this, you can consult a real estate advisor or use the free resources available at www.nfcc.org.
Note that the method of debt repayment is also important
If you pay more than the minimum payment for the entire city instead of the minimum, you can get rid of your debts faster and save more money in the long run. For example, the amount of debt on a person is 1784 dollars, which is not a large amount in my opinion. I believe that if the city pays the minimum amount of 53 dollars, it will be out of debt within 4 years at most. As soon as he paid an accurate account by mistake and realized that he has to pay the debt for 10 years and until the payment of interest worth 3300 dollars! Since then, paying 62 dollars a month instead of 53 dollars, so I was able to pay off my debt within 3 years and no longer have to pay more than 1000 dollars.
You may also be in a similar situation, so now I am paying more attention to your credit and debts.
Pay attention to the warnings in your credit report
According to the CARD law of 2009, notices must be submitted in late monthly installments and minimum installments at the beginning and middle of credit periods. If you see these warnings, try to solve your problem as soon as possible.
Do you want to get rid of my debt?
In this case, you can hire the free PowerPay tool. This tool performs the necessary calculations and helps you find the best way to pay off your debt. Just remember that you have to stop using credit. Using this tool, whenever you settle one of your debts, you will add the same amount to your other debts. In fact, the money spent on the entire city does not matter, but the way it is spent.
What is the debt management plan?
If you can’t handle your debts, it may be time to consider hiring a debt management plan or DMP.
What does the data management program (DMP) do?
When you enter this program, you will deposit some funds with Al-Shahr Credit Counseling Agency, and this agency will pay off your debts according to the plan you prepared with the counselor. Only hire a DMP to pay off uninsured debts such as credit cards or medical expenses.
Do we benefit from DMP?
In addition to saving my debts, some lenders may reduce the interest rate or waive some fees if you sign up for this program. Of course, it is better to contact your lender to confirm the conditions.
What are the weak points in DMP?
When applying for a loan from new borrowers, they may assume that you cannot handle your debts by yourself (although I note that if this is the case, it is more important for borrowers to seek professional help). During registration in these programs, which usually last for 4 years or more, you will not have to get a new loan. These programs may not be suitable for everyone, but they are too critical for bankruptcy.
Be careful at your disposal
Sometimes, some agencies want to take advantage of the debtors and promise to settle your debts, so they take a lot of my money and disappear. I prefer to work with non-profit agencies that only want to help the faithful and not earn money. For more information about these types of agencies, visit www.nfcc.org.
When you feel that you need more information, you can find answers to your questions by visiting the real estate timeline page and seeing all the steps in buying real estate!