Do not Get Caught in a Debt Snare | How to Get Out of Debt | Consolidation

Money problems today are nothing new or extraordinary. Many people struggle with financial problems for many reasons. According to the Association of Polish Banks (, in 2016 over 40% of Polish citizens had a loan. Often, the decision to take a loan is not thought out, and in addition a large part of the population incurs loans “chwilówki” and without database. The lack of credit information requirements when taking loans from parabanks is very tempting. Unfortunately, this approach often results in even greater indebtedness. How not to get into debt? It suffices in many cases to follow a few recommendations and rules.

First – save

The worst approach is to say that you can not afford to save. Small incomes and high expenses discourage you from making a saving decision. You must know that saving is not as difficult as it seems. There are many ideas. Once a month, you can transfer a small amount to your savings account or brokerage account. Postpone the purchase of a new model phone or laptop – think about whether this equipment is really necessary for you. When shopping, always write down on what you have to buy. The list will help you stick to specific products. Thanks to this you can save even a dozen or so zlotys on every shopping. It is also worth combining your expenses related to keeping your home in one account. There are companies that offer both electricity, internet, TV or a telephone subscription, which means that the prices of packages are always lower.

Secondly – payday loans and database loans are a last resort

Secondly - payday loans and database loans are a last resort

This type of loan should be your last resort. You must know that this type of loans is often burdened with a large APY (Real Annual Interest Rate), and also a fast loan repayment period. At the moment when you have no choice, you should read the terms of the contract well. For people heavily indebted, so-called installment loans. Thanks to this, you can pay off your installments in installments, which will be less expensive for your budget. It is also good to know the concept of consolidation loan , which did not help one to get on its feet.

Thirdly – increase your income

Thirdly - increase your income

Additional earnings can significantly improve our budget. There are many ways:

  • Seasonal work, fruit harvest – good for people living in smaller towns and villages
  • Distribution of newspapers and leaflets
  • Working as a copywriter – if you have a light pen and a lot of knowledge on various topics, you can check here
  • Care for children or the elderly
  • Computer graphic designer, blogger, youtuber – do you have knowledge that you can share? Do not hesitate

Getting a loan or a loan is trivial, but not many of us think about the consequences. Of course, if you have an idea for a business or investment, this form of support will be just perfect, but on condition that it will be thought out.