How to manage your debt in 2019

When you have to manage your debt, it is important that you first of all find out how much debt you have and which creditors you owe.

Once you have created an overview of your debt, you can better lay down a repayment plan so that you can determine when you are debt free.

In addition, it is important that you also check whether you actually pay off all your debts or if you have defaulted debts. It can quickly become very expensive not to pay off the debt on time, as interest expenses, reminder fees etc. just become larger and larger.

Get an overview of your debts

Get an overview of your debts

Also read How to find your debt items

Take a collection loan

If you have loans from several different lenders, you can advantageously take out a collective loan. A collective loan means that you collect your debt somewhere. By gathering your loans in one place, you will typically experience huge savings financially. In addition, you only pay off one loan each month, which gives a much better overview and fewer concerns.

Below you can see an example of a couple who applied for a loan from Good Finance. They had a lot less expensive loans, which they chose to collect at one bank.

  1. More small expensive loans: SEK 185,000
  2. OPEN: 20%
  3. Maturity: 10 years
  4. Total amount to be paid: approx.
  5. Collective loan: SEK 185,000
  6. OPEN: 7.95%
  7. Maturity: 10 years
  8. Total amount to be paid: DKK 260,000
  9. Savings: About SEK 140,000

As the above example shows, there can be a lot of money to save if one collects his loans in one place. You typically get a better interest rate while not paying various fees to several creditors.

Do you want to receive tips and tricks to find the cheapest loan?

Sign up and receive our newsletter, as well as marketing financial products and related services.

Consider an interest check

Consider an interest check

Many Danes have a loan that they pay off automatically every month via the online bank or PBS. In Denmark, we are also a very loyal people, which is basically very positive. But that also means that we trust a little too much that we have always got the best price on our loan from our bank.

Therefore, many people forget to check whether they can actually get a better interest rate on their existing loans. If you do not regularly make an interest check, it could potentially mean that you miss out on huge savings.

Read also Read also: How to save money on your loan

An interest check simply means examining whether you can get your current loan cheaper from another bank. If you find that another bank can offer you a better rate on your loan, you can choose to do two things:

  1. 1. You accept the loan offer from the new bank
  2. 2. You use the offer from the new bank to negotiate a better rate with your current bank.

Make an interest check easy and safe

Make an interest check easy and safe

To check if you pay too high a rate for your current loan, use Good Finance to help you collect and compare personal loan offers from up to 7 different banks. Simply complete a single loan application through our website. It is completely free and non-binding to apply.

Once you have received your offers, you can quickly see if you can get a better interest rate and thus save money on your current loan. As you said, you can choose to accept the best loan offer, or use it to negotiate with your current bank.

When we say you can save money, it’s not just something we say. Our figures show that in 2018 we saved our users over DKK 50 million. So use 5-10 minutes to see how much you can save.

Loan money for refinancing Fill only one loan application and receive offers from several banks. Free and no obligation application now

Leave a Reply

Your email address will not be published. Required fields are marked *