In 2022, the government announced it was the year of resolving debt problems for Thai people. But while the government continues to find solutions to debt problems We ourselves should find a way to manage debt by ourselves first.
How to settle debt yourself Just start a debt survey to see how you owe it. There are 6 things to explore as follows:
1. Types of debt such as house debt, car debt, motorcycle debt credit card debt credit card debt Installment debt Loan from acquaintances, informal debt
2. Loan collateral or hire purchase assets such as cash, savings lottery tickets, houses, buildings, land, cars
3. Creditors such as banks, financial institutions Credit card companies, cash cards, personal loans leasing company informal creditor or money lenders such as relatives and friends to make it easier to find information about measures to help debtors or looking for information to contact for debt restructuring negotiations due to measures or conditions of assistance Receivables of each financial institution may differ. As for the creditors who are not in the financial institution system It must be recorded in order to avoid forgetting in order to ask for further negotiations or plans to manage the debt.
4. All outstanding debts
5. Interest rate can be seen from the loan agreement or an invoice indicating the interest rate and check to be the same unit so that they can be compared, for example percentage per year.
6. Amount of monthly installments in order to see the burden of debt repayment incurred each month The amount of monthly installments can also be used as a supplement to calculate the amount of emergency savings or to create a plan to use money.
When surveying their own debt, then how much. and what is the nature of the debt Then began to prioritize their debt resolution in order of urgency. There are ways to resolve debts:
1) Short-term debt such as debt with low balance or have high interest These debts may be resolved by choosing to close the debt. to reduce the burden of interest in this part. or selling assets to cover or close debt So that we have encouragement in managing debt as well.
2) Long-term debt such as debts with large balances have a long repayment period Unable to sell assets to cover or close debts, such as car or motorcycle hire purchase debt housing debt should find a way to negotiate with financial institution creditors In order to solve the debt to be effective, such as requesting a reduction in interest, reducing the installments to have the opportunity to pay monthly installments as much as possible or find money to cut off the principal debt to pay off debt faster
Therefore, when taking a self-debt survey and prioritize short-term and long-term debt solutions until knowing how to find a solution to the debt For the purpose is to lead to success in solving all debt problems by yourself.
(Information from: Financial Consumer Protection Center Bank of Thailand)