Example
Your debts are $ 100,000
Your monthly income is $ 2,000
So you will receive the number of months you need to spend on returning debts.
$ 100,000 / $ 2,000 = 50 months
Next, you should evaluate all your property and the sum you received is also divided into your monthly income.
House - | $150,000 |
Car - | $ 20,000 |
Securities - | $ 5,000 |
Total - | $ 175,000 |
175,000 $ / 2,000 $ = 87.5 months
Now compare the first and second. 50 months As you can see, the difference is 37.5 months. Now let's multiply this number by 3 and get the time for full repayment. Why at 3? It's simple - according to statistics, only a third of the salary a person can pay to pay off debts. 37.5 months * 3 = 112.5 months (9 years and 4 months). Sometimes the decision can be unexpected. For example, you can take a personal loan at low interest rates and pay off your debt, which has become prohibitive. This tactic will allow you to gain time and improve the quality of your life.
I can recommend you to the website of http://rodgie.com/loan-applications.html, where Vi can fill out an application for a Personal Loan.
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