The World has totally changed and tilted for the past 2 years and it has drastically changed how people lived before and after the pandemic, and now, we are going to the endemic stage. We need to survive and be able to get back to our feet the soonest. But how? With all the accrued financial obligations, how will we be able to overcome this?
This has showed us the value of money, how much savings you have, and what you need to survive. A lot of people lost their jobs and has incurred debt from payment of their rental for home, or home mortgage, car loans, student loans and a lot more. Food was scarce and hard to find. Establishments had to close down due to strict compliance of non-contact to prevent the spread and transmission of the virus.
The big establishments that closed down were able to give some kind of rental freeze to their tenants who have been with them for a long time. Rental freeze to residential was given attention by some of the local government and also included interest free and payment flexibility.
Banks however had to absorb some financial losses especially to their loans for housing and car loans.
1 Find a local bank that can offer high loans with low interest rates. Get referrals from 2 to 3 commercial banks. Each bank will have its own offer and also depends on the capacity of the person especially if they are existing account holders already. The residency status or employment status may affect the range you can loan and the maximum duration also changes.
2 Source out
LENDING firms aside from bank that only focuses on financial services. Aside from banks, third party financial institutions that serve the underclass or those that can’t qualify for a bank loan, is their primary market. This will be very helpful. They can also offer rates much lower than the commercial banks and some can provide long term payments as well.
3 Identify the amount, interest rate, deadline of your payables such as utilities that come with a deadline and disconnection date. Put down all the statements and create a checklist.
4 Check if the utilities offer flexible payments whether it has interest or not.
5 Find an app that will guide you on your payment so you won’t miss a date. This app should be able to sink to your calendar and set off alarms to remind you
6 Analyze properly on how much you need and how long you will be able to pay the said debts.
7 DEBT MANAGEMENT handle with extreme prejudice – If this can’t be managed by you, always seek help or advise from experts to help you on this. Check out the
financial calculatorSome cities with the aide of local government, were able to issue a price freeze and rent payment on hold. Financial assistance were also given to individuals per family.
To make it easier, check out
creditloan.com on how they can help you out with student loans, housing loans, car loans and even other personal loans where you would need financial credit assistance.
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