Not always debt is bad. If you apply for a loan at the bank
for something productive, such as buying assets to support business activities
(for example: production machinery, means of transportation), this can actually
provide benefits for you, because it can provide you with income.
However, it is also important for you to think about how to
refund money before taking a credit offer from a bank. The method of refunding
money here includes calculating the estimated willingness of money to pay in
installments every month, calculating the amount of the interest rate
determined by the bank, including fees charged by creditors when granting
credit each month.
Paying obligations on time is very important to maintain
your reputation in the eyes of creditors. Especially now that there is a
Financial Information Service System (SLIK). Through SLIK, financial
institutions will submit debtor reports in a complete, accurate, up-to-date,
complete and timely manner so that it is hoped that the quality of debtor
information can be maintained. This means that if you have arrears at any
financial institution, you will definitely be found out and it will be
difficult for you to get credit facilities at any financial institution,
whether in banking, multifinance companies or pawnshops.
What if one day you are hit by a disaster that makes it
difficult to pay off debts?
Maybe there are times when you are hit by a disaster so that
it is difficult to pay off debts due to unexpected events,
Don't get pensive and only think about how to pay off debt
but don't make any effort.
Don't panic first, try to follow these steps:
Consult with creditors
Tell your financial condition to the bank or financial
institution that gave you a loan, that because of the disaster you are
experiencing, your financial health is declining. You can also apply for a
credit restructuring by extending the time period so that the installments will
be smaller than before or other "reliefs". The creditor will
re-analyze your finances, remember, because restructuring is a request, it is
the bank that has the right and is selective in determining the grant.
Don't hesitate to sell assets to pay off or cover debts
When your financial condition is declining, the most
important thing is to prepare your mind and realize that a 'storm' is hitting
your finances. When you are mentally prepared, you will think clearly and
wisely to find a way out of your problem. Including sacrificing your assets to
maintain your good name and reputation in financial institutions. There is
nothing wrong with losing your favorite asset when conditions are down as long
as the debt is paid off and your good name is maintained, rather than delaying
selling assets so that you are subject to fines. As a result, your name is
included in the "blacklist" at financial service institutions.
Prioritize Your Debt
Basically, there are two best methods you can use to pay off
your debt. Especially if you have more than 1 (one) debt, this method can help
you:
1. Prioritize paying off the debt with the smallest value.
For example, you have debt to buy a mobile phone for Rp. 5 million and a
motorcycle for Rp. 12 million. If your income is limited, then you can
prioritize paying off your cellphone first before starting to repay your
motorbike.
2. Prioritize paying off debts with greater interest. For
example, in the same case, that is, you have debt to buy a mobile phone for Rp.
5 million and a motorcycle for Rp. 12 million. The minimum monthly installment
for cellphones is Rp. 250,000 and motorbikes is Rp. 600. Mobile installment
interest is 3.5% per month, while motorbikes are 2% per month. If you have
excess money, pay off your cellphone first because the interest is higher.
Tips for managing debt wisely
If you are currently getting a credit facility from a
financial service institution, it's a good idea to pay attention to the
following tips:
1. Rearrange your monthly expenses
When you get a loan, new monthly obligations will arise
beyond the needs you normally spend. Set aside your income first to pay off all
your debts first, okay! Then the rest is used for needs and then if there is
still left over, then it is saved.
2. Save money!
Who wants to be in debt for a long time? I don't want it...
During the loan installment period, it's a good idea to save more. Fasting
first from changing new gadgets or traveling to neighboring countries. By being
frugal, besides being able to pay your obligations on time, you can also set
aside your money to invest so that you can pay off your debt before it's due.
3. Manage your extra income to pay off debt
If you get an annual incentive from the company, Hari Raya
Allowance (THR), leave allowance, use it immediately to pay off your loan.
If all of the above is applied and you manage to pay off all
your credit in full, then a bank or other financial institution will definitely
not hesitate to give you a loan when you need it. Handle your money wisely.
Smart management, prosperous future!
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