Falling into the debt trap is easier than ever today.
A lot of people fall into debt trap through no fault of their own, almost overnight.
Sudden unexpected living conditions, such as unemployment or a long illness, suddenly put these people in financial need.
Current payment obligations can no longer be met with the remaining income or assets.
Who has private debts in Germany?
Often “single” and “single” women and men with low net income have debts. If the planned repayment of liabilities comes to a standstill, this can have very unpleasant consequences for the debtor.
Who are the most common creditors in debt?
Banks, debt collection agencies, telephone companies, tax office, online mail order companies and landlords.
Do these creditors still have outstanding monetary claims on you as a debtor? Then it is best to seek debt counseling.
How do I get out of debt quickly? (Deleverage)
People who are over-indebted are looking for debt rescheduling or a debt counseling center.
Debt counseling helps debtors regain an overview of the financial situation. The online debt counseling center supports debtors in their debt settlement.
Even if debt counseling or the local consumer advice center has helped you, you may need to change your habits.
Finally out of the debt trap – tips for debtors
In order to get back on your feet financially, the following debt tips are important.
- Compare your income and expenses every month. Make sure that income is always higher than expenditure.
- Avoid over-indebtedness by questioning your consumer desires, do not live by their circumstances.
- This requires self-discipline, patience and habit changes. Change your lifestyle as a debtor.
- Keep a budget book that lists all income and expenses.
You are fully responsible for your life and your finances. Seek support as soon as possible to get out of the debt swamp!