Having many debts is not great to begin with. But it gets worse when circumstances put you in a position where you are unable to repay them – an unexpected event like a job loss, a medical emergency or one big expense can suddenly make it hard to make ends meet.
If you find yourself in a situation where repayment of debts is becoming unmanageable for you, what do you do?
Fortunately there are solutions to help. To start with, you can negotiate your repayment structure with your bank. It may seem intimidating to approach your bank with this request. However, from the bank’s perspective it’s better for them to help you and settle with you rather than have you defaulting. The process of negotiating with your bank may take multiple phone calls, visits and paperwork, but it’s important to deal with it proactively. Taking action now can save you a lot of stress and money in the long run.