If you have seen the luxury trap, then you probably also sat thinking ” how could it go so wrong ” but it is actually not so abnormal that Danes end up in a vicious spiral, where they suddenly cannot repay their loans. The reasons can be many, but it may be that you or your partner have lost the job or because your car has broken down and therefore you have to buy a new one. There can be many reasons, but the primary reason they end up in the luxury trap is that they lose track of their finances. It can mean that you do not open your bills anymore, or simply stop the payments for the different loans because they could not afford food every day.
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If you currently have a lot of loans with different consumer loan sites, then you can advantageously use a payday loan consolidation via www.paydayloanhelpers.com site. It may end up saving you a lot of interest, but continuing the same deposit, thereby getting your debt paid off faster. Or you also get a cheaper loan, so you have more money between your hands again.
It may also be that you have repeatedly taken quick loans that may have been too expensive. Find a quick loan here if you want to compare several different, if you do not get the loan paid back in time, then there will be so many fees and interest that the things you have borrowed money that may have only cost 1000 kroner, suddenly end up with a bill of 5000 or 10,000 kroner. Here you can also contact the different loan sites and tell them that you would like to pay back, but that you do not have the opportunity to repay the whole loan and instead can pay for example half and then they must do without the rest. After all, it is better than they get nothing from you and they also accept in some cases.
Make a debt snowball
Once you’ve paid off a loan, you should continue with the same deposits and just put the money you have overpaid into a new loan, so you make a debt of snow and pay the other loans faster. Start by paying off the loan with the highest annual costs and when this loan is paid off, you take the loan that is most expensive. Before you look around, you are debt free.