What financial steps should I take after repayment of loans?

Nowadays, the inability to repay loans is quite a problem that many people struggle with, and that is why there is a lot of talk about getting out of debt. It is good to have helpful advice for people struggling with credit, but it has to be understood that it does not end there. If you have paid off your debts, this does not mean that your financial situation has suddenly become stable and you can live without worrying about the future. Once you are caught in a credit trap, there is a very good chance that it will happen again, unless you make certain financial steps after the loan is repaid, nothing much will change. Here are the financial steps to take after you have cleared all your debts.


1. Understand the root of the problem

repayment loans

Not getting into debt again is as difficult as getting rid of them, so before you even start doing any practical work on your finances, think how did you get to that situation at all? For many, the answer may seem simple, such as having to take out loans that could not be reimbursed because of unexpected expenses, but this is not a complete answer. The need for and the taking out of credit are just a consequence of many causes. These reasons may include, for example, failure to make savings, inability to deal with credit-free problems, reckless treatment of credit, etc. Only when you have understood your guilt in a particular situation will it be possible to make a difference and make sure that you never get into financial difficulties in the future, or at least you can deal with them more wisely.


2. Don’t go back to your previous habits

2. Don

Once you have succeeded in paying off your debts, you certainly know what it means to save and give up various wishes. In principle, this means that you have proven to yourself that you can live a different life and that your financial problems have always been the result of frivolousness and not too little income. Usually, after getting out of debt, people think that one can finally breathe in and resume life according to old principles and habits, but it is not. This is the way back to debt. After the repayment of the loans, savings must also be made. Perhaps the new austerity plan may not have to be so drastic and you can spend a little more than you had when you were in debt, but under no circumstances do you want to put all your money back on unnecessary things and live from pay to pay.


3. Set new financial goals

3. Set new financial goals

The main, or perhaps only, purpose of paying off loans was to repay the loans, but then new goals had to be set. One of the most important is definitely to make provisions for unforeseen situations. As mentioned above, one of the most common reasons for falling into the credit trap is not saving. Many people think that they get into debt because of something unexpected and in urgent need of money, but you wouldn’t have to take out the loans if you had your own money to use for just such situations. The minimum contingency reserve is three of your monthly salary. Only if you have at least a minimum savings fund can you consider reducing your savings, but you should think about the future afterwards. You should definitely set further goals, such as saving money in a private pension fund or making other investments.


4. Learn other ways to find money

4. Learn other ways to find money

Finally, it must be realized that you do not always have to borrow to solve your financial problems. You need to know the different ways to make money, when you need it urgently. Savings cannot always solve everything, so it is very important to think in good time about what you can do if you are in financial difficulties. For example, think you have no talent or knowledge you could make money from? You can also inquire about opportunities for overtime at your workplace. You can also make austerity plans well in advance of those worries when money is really needed and your desires have to be put second. Nowadays, there are really many ways to make money, you just have to think outside the box, not at the first hardship, to run a number of quick loans.

Once your loans are paid off, you can start a beautiful, financially independent life, but you need to know how to do it. The most important thing is to learn from your mistakes and realize that without changing anything, nothing will change by itself. You can never repay your debts and naively hope that all your financial difficulties are over. Unless you carefully overhaul your personal budget and continue to think about your future and financial well-being, there is no great hope that your faults will end.

Real Estate Loans

With a real estate loan, you can buy a house or apartment. These loans are offered by banks, housing associations or other lenders and are often backed by a mortgage on your property. In Real Estate Finance: What is a Real Estate Loan? A real estate loan is used to finance residential real estate or renovate old buildings. The financed real estate serves as collateral for the real estate loan.


Real estate loans – biggest mistakes

Real estate loans - biggest mistakes

Error 1: If I have discovered a property, it goes to my house bank. On the one hand, the owners of the property or plot of land expect you to immediately go with him to the notary companion, if there is a real interest in the purchase. If not, the property is soon gone. If you do not receive a real estate loan after attestation, the contract must be dissolved at your expense.

Even if you receive a loan offer from your bank early before the notarial certification, this does not necessarily have to be particularly profitable. Do not give anything away unnecessarily, a good loan broker usually gets an interesting bid as the bank, as foreign banks offer particularly good conditions for new customers. Mistake 3: I have a real estate loan with no own funds.

Mortgage lending was also carried out by banks without own funds until not so long ago. Since the financial crisis, banks have been forced by law to assume more responsibility themselves. Young researchers with high revenues have the best chance of receiving funding with little or no capital. Even if you have agreed on a low repayment rate with a house bank in order to get the monthly loan rate low, the house bank does not yet have to support this.

Starting in 2016, credit institutions will have to check whether a borrower can repay the money until retirement, or how he would otherwise serve it in old age. As a rule, repayment rates of 1 or 1.5% are no longer possible; Depending on the age of the borrower, loan volume, etc., a house bank can also demand a repayment of 3, 4 or even 5%.

A sufficiently high repayment rate is also in the interest of the borrower – if feasible for him – since it then becomes faster debt-free. After the end of the debit interest obligation, eg after 10 or 15 years fixed interest, the residual debt with high repayment installments is significantly lower than the original loan amount.


Real estate loans in comparison

Real estate loans in comparison

Do you want to know which real estate loans are suitable for financing? Are you interested in calculating different mortgage lending variants with suitable loan calculators? You have already found a cheap real estate loan? The appropriate answers to all inquiries can be found on this or on the respective sub-pages. Which real estate loan is the right one for my project?

Where a real estate loan can be taken up, there are a variety of possibilities. The repayment options are also different. For an overview of all loan forms with a brief description, see Loan Types. These and many other questions can be found under the heading: Loans with constant repayments – so-called annuities – are the most common, but by far not the only possible repayment.

The specific features of each type of loan in terms of repayment are presented. For detailed information, please click on the appropriate keyword. A real estate loan or a loan may have other special features depending on the purpose. For example, home loans can help you figure out how to pay off a mortgage loan early and what you need to be aware of when closing it.

Credit card for your beneficiaries

Upon receiving your shipments with Banco Industrial for more than 6 months, your family members can obtain a classic VISA credit card. Why is a credit card useful? This tool allows them to make their purchases in a safer and more controlled way than cash, and allows some flexibility when they have not yet received the shipping money to pay for their regular expenses, such as groceries and food. Learn about other advantages that your family members can take advantage of.


Ease of payment and withdrawal

credit cards

With more than 1350 service points, your family can find a place that serves them, every day of the year, to make their payment. But there is also the possibility of making the payment through their website. Cash urgency? With the debit card you can get it at the Banco Industrial ATM network.


Accumulation of points

credit cards

This benefit allows your family to access a wide range of prizes to indulge, or to renovate or remodel your home. As they make their purchases they will accumulate more points. Just remind them that a credit card carries the responsibility of paying on their dates.


Additional services

credit cards

A credit card opens the possibility for your beneficiary to participate in promotions and discounts within certain merchants. VISA acceptance also allows you to shop comfortably in thousands of affiliated establishments. On the other hand, the card offers insurance (optional and with cost) that will help take care of your money and the welfare of your family.

Are you interested A credit card will give your family members huge benefits. Select a beneficiary of your nuclear family between the ages of 19 and 65, who knows how to read and write and who has full confidence. To obtain it they need the following: a copy of DPI, a water, electricity or telephone bill, a minimum income of $2,000 per month in remittances and a savings or monetary account at Banco Industrial.