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When using loans from banks on a regular basis, without realizing it, someone can become a debt that has accumulated. This of course becomes an undesirable thing especially when the borrower begins to feel unable to pay off the debt. When you start getting into debt it’s good if you start looking for ways that can be done to overcome these debts. Check out the points below to find out how to deal with debts that accumulate in full:


Why Debt Can Build Up?


Why Debt Can Build Up?


There are two main reasons that are often the cause until the debt piles up. Let’s read the full two points below:

  • Negligence in Paying on Time
    Using a credit card or loan from the bank to meet emergency needs can indeed help you. On the other hand, loan payments from the bank must also be carried out regularly to avoid debts that are increasingly accumulating. Even though banks usually send bills regularly, there are still debtors who fail to pay on time because they are too busy with their daily activities. Delays in paying bills in a timely manner can make debt pile up, of course accompanied by late fines and interest that keeps going.
  • Lack of Understanding Paying Ability
    For those who like to shop often the lack of understanding of the ability to pay can result in them getting caught up in credit card debt. When shopping and deciding to use installments to pay, it’s good to see how much your monthly income is and whether you can set aside a percentage to be directly used for installments. Those who usually apply for loans or use a credit card without considering the ability to pay can be in arrears and accumulate debts until they are not paid off.

5 Ways That Can Be Done to Overcome Stacking Debt


5 Ways That Can Be Done to Overcome Stacking Debt

1. Stop Paying with Minimum Payment
The first step that is often done by those who have accumulated debt is to start paying with a minimum payment . This is usually done because they are afraid that they will be chased by a debt collector . Actually paying with a minimum payment is not the right way because you still cannot avoid interest that keeps running behind credit card bill payments. This only makes the debtor hoard debt without overcoming their debt and does not resolve it. (Find out the credit card payment simulation with minimum payment here)

2. Start Paying from Debt with Higher Interest Rates
If you still have the remaining savings or emergency funds, you can start giving priority to debt with higher interest rates. Although it seems difficult at the beginning, but when you have succeeded in paying off debt with a higher interest rate you will usually be lighter to pay off the remaining debt with a lower interest rate.

3. Start Looking for Alternative Monthly Income
The next step to overcome the accumulated debt is to start looking for additional income alternatives to be able to pay it off. The most common way to increase income is to become an online taxi driver . You can also take advantage of online buying and selling sites and selling products that can make you extra money.   The alternative monthly income that you can do is to take advantage of the annual bonus or THR obtained during the feast. The additional funds that you get each year should be prioritized directly to overcome your debt.

4. Tighten the Budget
While starting to try to pay off debt from the highest interest rates and trying to find a monthly income alternative, you can start tightening your budget to deal with the accumulated debt. The more you cut monthly expenses, the more funds can be allocated to pay off debt. A misunderstanding that often occurs is by directly cutting expenses on a large scale until you feel shocked and unfamiliar. The right step is to start from minor expenses, such as stopping trading with sports club membership, cable tv, or buying drinks at well-known coffee shops. From here you can begin to slowly cut other expenses and tighten your budget.

5. Consult with More Experienced Parties
Another solution that can be utilized is by consulting with more experienced parties. Consultants who are more experienced in managing debt usually understand what strategies you should do to overcome the accumulated debt. This of course will be done by looking at your financial condition and ability to pay. By taking the right steps, you can be freed faster from debt with total debt, which of course can be lower. Why so? Usually a consultant from a debt management company can negotiate with the bank so that you get a lower cut or interest rate with an extended tenor. One of the consulting services from experienced teams that you can use is from Orlando international.

Orlando International is the first technology-based professional services company in Indonesia, which provides a debt management program. This program is designed so that consumers who are in debt, have the ability to control their finances again. Orlando Indonesia helps clients through debt management programs, specifically designed to suit different needs for each client. This program is a combination of education on various opportunities to increase income and reduce expenditure, as well as conduct negotiation processes on existing bank debt requirements to reach the amount of payment that is in accordance with the ability. The Orlando Indonesia headquarters was established in Jakarta in 2015 by a founding team that has collective experience in the financial sector including debt settlement for more than two decades. Orlando made Indonesia as the center of operations as well as a blueprint for the company’s development plan to other ASEAN countries. Since July 2016, Orlando Indonesia has become the first company in Asia to be accredited by the International Association of Professional Debt Arbitrators (IAPDA).

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