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One of the financial tabloid in Indonesia, recently made a credit card debt as a title on the front page. If you read the news that featured in it, it was obvious that an increase in the number of credits that  reach 6-7 percent, which previously less than 5 percent. Not only that, in the review also mentioned that the number of delinquent bills increased, from 7 percent to about  approximately 10 percent.

What the article? Some say because of discharge of Bank Regulation premises associated with a credit card. Minimum payment of bills which had been only 5 percent rose to 10 percent. And there is also a saying that economic conditions decrease spurred by the fuel price hike. Fuel price increases will inevitably lead to an increase in the prices of other goods.

Well, if you hear this news, what about you? Are you including those burdened by monthly payments difficulties swollen credit card? Or you are free from this difficulty?  On this occasion I would like to offer practical steps that can be done to get out of debt prolonged.

Develop a debt consolidationd plan
If you are in a position where the required monthly expenditure can not be filled with regular monthly income, steps you can do is to develop a debt management plan. This step can help you get out of debt and the burden remains the family’s financial life with enough despite the limitations. The steps below will not fix your finances in one night, you have to do with a regular and patience.

To develop a debt management plan, follow the steps below:

Find who you know and how many total debt
The first and most important step is to find the know with whom you owe and how the balance of the debt that still remains. There are some things you should include this list as:

• Creditor’s name, address and phone number.
• Collateral when there is
• Balance at end of debt
• The number of remaining payments
• The amount of monthly installments to be paid
• Due date
• The number and date of last payment

Determine how much value you can set aside for payment
Well, now you have the data associated with your debts. Next, is seeking funds to pay the mortgage debt increasingly swollen. Steps you can do is to make a record monthly expenses and find a hole where you can reduce your expenses to increase the number of installments required.

Another step you can do is sell the assets you have. This is of course if your debt is very high and you can be very difficult to pay the mortgage although it was limited to the minimum. Another step that can be done is to increase the monthly income, for example by working part time will more often take the overtime. But who needs to realize is, this step is only temporary. Get out of debt problems that require tight twisting of determination and patience.

Create a plan to resolve the debt problem is
After doing these two steps above, you must now have a clearer picture about the state of your debts, how much to pay each month and how long will it take to pay off all remaining debt. The next step is to determine how much each creditor repayments and how long it takes. Try not to exceed the time period of three (3) years.

Installment payment plan can be done with some payment patterns, let’s say you allocate funds in the same amount for each creditor. Or you can use a pattern in which the largest payment made to the debt with the greatest interest and the largest amount.  Below are examples of payment patterns that can be done to resolve the remaining debt.

It is important for you to pay all the debts you have. Under conditions where you are you are not sufficient to pay the minimum payments you allocate according to your priorities. Our advice, pay the debt with the greatest interest to pay the most, like the second example