How to cope with debt after Christmas

How to cope with debt after Christmas

How to deal with debt after Christmas is a question that comes at this time of year . Expenses for gifts to family and friends, different dinners and meals; Night out and the occasional trip can end the account in the red. However, there are different ways to survive these expenses and debts heading into January.

Anticipating the January slope

Christmas is a time of joy, of being with the family, in which a lot of money is spent. On average, Spaniards leave 554 euros for these parties , according to the Cetelem Observatory. Which is a heavy expense for the start of the new year. There are those who come to ask for financing, especially when it comes to facing gifts. To avoid drowning in loan installments, it is possible to resort to certain tricks.

How to cope with debt after Christmas

To begin with, in case it is not possible to take care of the installments, it is possible to resort to a partial or total lack of a personal loan . This allows you to pay only the interest or stop paying the installments during an agreed period of time. In this way, you can face the most urgent expenses and put the rest aside.

However, it should be considered that requesting a grace period lengthens the loan payment time ; so it is necessary to think it through before resorting to this option. To a large extent, managing personal finances is finding the perfect balance between expenses and income, just as companies do to avoid filing for bankruptcy.

Expand quotas

Another option is to increase the repayment term, with which an instant lowering of the monthly fee is achieved . The contract with the borrowing entity will change to adapt to the new circumstances. Therefore, the debtor pays less and will not have stops in the reimbursement as in the previous case. This is an appropriate measure when you cannot meet the monthly payments that were being paid.

Perhaps an unforeseen expense has been incurred, which can always be addressed in better circumstances by lowering the amount to be paid each month. Something that should be taken into account when making this decision is the interest on the loan. These will increase as the refund is extended , which will increase the amount of money to be returned. So you have to think it through before making this decision.

In short, to know how to deal with debt after Christmas , you must study the available options very well. It is essential to try not to spend a lot and always seek a balance during all the parties. However, you can also resort to a lack of the loan that is being paid or to extend its repayment over time. Another option is to request a quick loan, it is Ideal Loans you can compare the best options on the market.

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