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

  1. Be conscious of debt consolidation. See how many debt sources we have, both principal and interest, when summed up all items.

  2. Distribution of expenses in daily life, what do we have to pay? And other expenses That may occur in each month such as
    • Renting a house
    • Food expenses
    • Utilities, telephone bills
    • car installment or travel expenses
    • Social fees, ordained work, weddings, feasts, friend’s birthday party
    • Medical expenses in case of illness
    • Money for parents at home
    • Little happiness value, such as going to the movies, buying clothes, shoes
    • Emergency money for an uncertain event that may occur
    • Income tax, social security, and Provident Fund

  3. Evaluate payment capability. Income with all expenses deducted and see how much is left. Because it may result in us returning to debt again. Which generally installment payments should not exceed 1 in 3 of revenue.

  4. The right bank with interest and installment periods that are right for us and bank promotions. Which most will approve a maximum of 5 times the income which many people would try to apply for credit from many financial institutions. It's not strange that we will find the best and see where is approved as quickly as possible

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

4. Car installment and travel expense

5,000 Sometimes use BTS or motorcycle taxi

5. Social fees

6. Medical expenses

500 Has company insurance
7. Money for parent

8. Little happiness value

9. Emergency money
3,000 In case the parent is sick
10. Taxes, Social security, and Provident fund

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
4. Car installment, travel expenses
1,080 BTS
5. Social fee
6. Medical expense
500 Has company insurance
7. Money for parent
8. Little happiness things
9. Emergency expense
10. Taxes, Social security, and Provident fund
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

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