How to happily resolve debt and never go back into debt again
At the point when people who have debt cannot manage to pay anymore. The solution to look for is to consolidate the debts from all sources that most of which are credit cards with high interest or cash card
Examples of cases where a loan can be requested to close all outstanding debts
For example, Miss. Porjai has an income of 40,000 baht, but it is a credit card debt of 4, totaling 200,000 baht. Need to find a loan to close credit card debt with higher interest. (Interest on credit card debt will have a higher interest rate than the personal loan rate)
After Miss Porjai calculated the total cost of 10 items
Expense Item
|
Baht / Month | Note |
1. Renting
|
- |
Stay with parent
|
2. Food
|
7,000 |
Eat with parent
|
3. Utility bills
|
2,000 | |
4. Car installment and travel expense
|
5,000 |
Sometimes use BTS or motorcycle taxi
|
5. Social fees
|
2,000 | |
6. Medical expenses
|
500 |
Has company insurance
|
7. Money for parent
|
2,000 | |
8. Little happiness value
|
2,000 | |
9. Emergency money
|
3,000 |
In case the parent is sick
|
10. Taxes, Social security, and Provident fund
|
5,000 | |
Total | 28,500 |
Although Miss Porjai has an income of 40,000 baht, after deducting expenses, there would be only 11,500 baht. Because if Ms. satisfied, must pay the minimum 10% credit card debt, it will be 20,000 baht. Therefore, Miss Porjai should look for a loan that pays no more than 10,000 baht per month and uses a loan repayment period of 24 months to ensure liquidity in each month. Miss Porjai’s life is still able to continue living happily and will not return to debt again.
Another example, the case that the loan cannot be requested for 100% of total debt
Mr. Poroo has an income of 30,000 baht, has a debt of 200,000 baht from 2 credit cards, the first has 120,000 baht for the second, has 80,000 baht and a total of 200,000 baht.
Expense items | Baht/Month | Note |
1. Renting
|
5,000 |
Stay with parent
|
2. Food
|
3,200 |
Eat with parent
|
3. Utility bills
|
800 | |
4. Car installment, travel expenses
|
1,080 | BTS |
5. Social fee
|
1,000 | |
6. Medical expense
|
500 |
Has company insurance
|
7. Money for parent
|
1,000 | |
8. Little happiness things
|
1,000 | |
9. Emergency expense
|
1,000 | |
10. Taxes, Social security, and Provident fund
|
3,000 | |
Total | 17,580 |
Because Mr. Poroo has an income of 30,000 baht per month, therefore can request a loan of 150,000 baht. The bank, therefore, recommends that Mr. Poroo pays off the first credit card with an outstanding balance of 120,000 baht and the remaining 30,000 baht pay for the second credit card so that there is a minimum balance of 50,000 baht. Which will make Mr. Poroo able to pay a minimum of 10% at 5,000 baht. Therefore, Mr. Poroo will still have enough margin to pay around 5,000 baht in installments. Therefore, Mr. Poroo will pay a 4-year installment period of approximately 4,500 baht per month to achieve flexibility in life. Because if choosing to close the debt as quickly as possible, Mr. Poroo may become in debt again. Because of good debt resolution may not be the goal to release all debts as soon as possible. But is a debt remedy that allows life to move forward steadily and will not return to debt again. If not, sure which way we should choose, try to consult SCB for advice at any time.
Interested in debt consolidation with SCB Speedy Loan, can easily apply from the link below
https://www.scb.co.th/th/personal-banking/loans/personal-loans/speedy-loan.html
Or read more information at https://www.scb.co.th/th/personal-banking/promotions/loans/speedy-loan-all.html