How to avoid late payment

1. Whether you are at risk of defaulting

To do so, calculating your level of debt means the sum of all your credit payments should not exceed 30% of your income. If what you pay for your loan is more than that percentage. Then you’re in trouble … Don’t hesitate to take action soon if you are at risk of losing your job or you know you will lose it.

2. Save

A good contingency plan, to the unexpected, is available monthly at least 10% of your income in savings (current account). That cushion allowed you at least a margin of one month for every year worked.

3. Negotiate

If you see the storm coming, talk to your bank. The healthiest before an impending drop in your income: reduce the monthly payment by lengthening the life of the loan. This can take you to pay up to 50% more, if you choose to double the lifespan of your credit. The healthiest thing is to use this resource as a temporary measure, and when conditions permit, return to the original plan of debt.

4. Contractual and insurance waiting period

By signing the hired by a mortgage or personal loan should be revised if it contains vesting periods. This means the time that we stop paying the debt without interest or penalties are added. It is important to note that these deadlines do not mean the end of the debt, but only a postponement.

Not being referred to the waiting period, even if they are, should pay extra for insurance on debt: under certain conditions, such insurance guarantee us fulfilling our obligations when circumstances we play against.