So what to do if you have a lot of debts and you do not have enough money to repay them. So we are proposing some plan for you here.
First of all gain the confidence of creditors. Do not hide from creditors! Remember that retribution is unavoidable. But it is not so bad, because the lender is a human being first of all. Come to him and honestly tell him about your financial problems. Let him know that you do not intend to avoid your obligations and really want to return the money. Talk and you may come up with a plan of the way out of a difficult situation.

2. Organize your finance properly. Your numerous debts and loans is vivid evidence that the financial affairs of you are going on a mess! The first thing to do is to take strict control of the income and expenses.

For this sit down and write down on paper (or use a computer program), as you have cash and non-cash money, credit and debts. Do not forget to take into account the daily income and expenses, then you know exactly what for you get money. Such accounts should be maintained at least for a month.

For 30 days analyze your financial life. Especially pay attention to costs. Think about what you can save. Certainly there are expenses which can be avoided.

Than make your budgeting plan for next month. Specify all sources of income, record the planned expenditures (based on data from your bookkeeping for the first month). And, most importantly, stick to the budget, however hard it may be.

Making these things, you restore order in finances and can easily plan the repayment of the loans.

3. Try to increase revenue. This advice is for those who live on one salary. So where is to get the additional funds?

• Ask raise at work. Do not ask for higher wages directly: chiefs do not like to talk about it. Ask your guide what you can do to increase your salary (to take on more responsibilities, more work, etc.)? Such an approach will only raise your credibility.
• find second jobs. For example, write an article about how you got into debt bondage.
4. Get money. Just the thought of a new debt causes you shiver? Cover the loan with a high percentage of the money borrowed is a very wise decision. Of course, if you have someone to borrow them from.

When the financial nightmare is over

Forget about credits!
Especially to purchase those goods and services, without which you can easily live. But if you suddenly need a loan badly, remember that your debts should not exceed the maximum level, and that 15 percent of your annual income. Remember this limit!

Before taking a loan, carefully review the conditions set by the Bank, as well as all the possible commission. Take a sheet of paper and figure out how much a loan really costs you and if you are able to repay it.

Practically all of us still remember the times when it was possible to buy a thing even if one hadn’t got enough funds. Credit was a simple way out. It is little wonder that today many of those who applied for a loan, are searching for how to avoid bankruptcy.

People who happened to get into the situation when their expenses exceed their earnings, definitely must look for ways to avoid bankruptcy.

If facing such difficulties it is smart to use any means to get over it. Use such unique chance as the web technologies. Using them at full capacity might give great results. Working with search engines, forums, social networks,web sites one can learn lots of tips to avoid bankruptcy and a great deal of other relevant info. Also signing up for RSS feed on this blog will assist to keep track of new publications and tips on the topic.

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