You can’t predict the future. Any random situation (job loss, sudden renovation, health problems, etc.) is enough to undermine our financial situation. It is getting harder and harder for us to get a bank loan, which is why we decide on payday loans online more often. An assessment at for a critique

What to do if the monthly installments exceed our income? How to get out of the debt loop so you don’t have major problems? Certainly, these and many other questions are being asked by people who are struggling with a difficult financial situation.

Where to get money to pay back the debt

To help you a bit with this issue in our guide, we present the most important rules for getting out of debt and explain why you should take a quick online loan to pay off debts.

First of all, we should start by counting all our debts and determining how much we can repay every month to get rid of them. The second element of getting out of debt is the answer to the question of where to get money to pay off debt. In this situation, the only reasonable solution is debt consolidation thanks to an online loan, which is much easier to get than a standard loan.

Entry in the National Debt Register. Do all debtors go to Credit Checker?

Under Polish law, any debtor can be entered into the Credit Checker, which brings many difficulties. Because in the future we may have trouble getting a loan or even taking a phone subscription.

It is extremely important that we get to Credit Checker regardless of the amount of debt, it can even be USD 10, and bad history is only removed after 5 years of repayment.

Effective ways to get out of the debt loop

There are many ways to deal with debts. It is worth getting acquainted with the most popular debt recovery tactics:

1 – Contact with the creditor

If you cannot pay the debt within the specified time limit, contact the creditor. During the conversation with him, you have the chance to negotiate to change the terms of debt repayment. Before you decide on any action, first determine what options you have. Burying your head in the sand is the worst option for growing debts. The borrower also wants the debtor to pay off his liability, which is why he is often open to negotiations.

2 – Extension of the repayment date

It is worth trying to negotiate an extension of the repayment date of the next installment of the loan or postponing it by e.g. 14 or 30 days. Often, Lenders allow rescheduling for an additional fee. The length of the extension of the debt repayment time depends on the amount of credit taken and the current situation of the debtor.

Perhaps the lender will offer you the option of extending the installment payment or dividing the payment into smaller installments. There is no certainty that this will happen, but it is always worth a try.

3 – Repayment of the most urgent obligations, especially bailiffs

Debt that is expired and seized by a bailiff can be a serious problem. First of all, it is worth focusing on bailiff execution. The aim should be to terminate or suspend bailiff proceedings.

4 – Consolidation, i.e. refinancing of debts

A debt loop is created when we pay off the other with one liability. Then there is a situation in which monthly installments exceed our income by ten times and we do not know how to deal with it. The only sensible and rational commitment in this situation is debt consolidation, which is extra cash to pay all debts. All existing loans are repaid by another lender, and instead of 15 different commitments, we get one installment that we can safely payback.

It also happens that the amount from consolidation allows you to get additional free funds that we can allocate for any purpose. The difference is often huge. In addition, it is worth emphasizing that due to plans to enact a new anti-usury act, access to loans and other financial instruments may be restricted. That is why it is worth starting as soon as possible.

5 – Control your expenses and set your budget

Debts can negatively affect financial decisions. Keeping out of your home budget helps you get out of the debt loop. Thanks to planning expenses for the future, it is easier to find funds for repayment of liabilities.

6 – Increasing earnings

Increasing earnings is a good long-term strategy. The more you earn, the easier you will pay your debts. Changing jobs, raising professional qualifications is a universal way to exit the spiral of debt.