First loan

How to get out of the loan loop is a much more difficult question than how to get into it. Of course, taking one loan will not immediately result in falling into debt and a loan loop. It is not very difficult to obtain the first cash loan, amounting to a few thousand zlotys. It is enough that we have a permanent source of income and average earnings. At the first loan, we do not have any credit history at Retrodatabase, for this reason the bank reviews our application for employment, earnings, or the broadly understood financial situation. This affects our creditworthiness on the first loan.

Next credits

We repay the first loan without any problems in the amount and time specified in the contract. We do not realize yet how easy it is to fall into a loan loop. Getting another loan will also not be difficult. We have a stable job and income, good history at Retrodatabase and creditworthiness. The next installment is already a visible expense, but we continue to deal with it, so we decide on another loan, etc. Gro of you can ask for what? It would be better to ask why and why. Credit is so desirable because in a very simple way, quickly, without sacrifices and contribution of work, we have a pool of money that we would have to work and put off for a long time. When we go to the bank, we receive money practically on the spot. This is the main reason for falling into a loan loop. However, how to get out of the loan loop ?

How to get out of the loan loop – the psyche

First of all, we have to think about our thinking. Secondly, we must want to get out of the loan loop, be ready for changes and sincerely want to change those changes. Everything starts in our head. To start working and get out of the loan loop, we have to consciously change our thinking and behavior. One should forget about further loans, unnecessary expenses, pleasures, and start counting with every penny, saving and regularly paying off debts.

How to get out of the loan loop – consolidation

In order to get out of the loan loop, when the monthly installments outgrow our financial capabilities and we are unable to pay all the receivables on time, there is a consolidation of loans. Through consolidation, we can combine several loans into one. Thanks to this, we can reduce the monthly amount of installments, mainly by extending the loan period.

However, it should be remembered that a smaller monthly commitment is not a signal to take another loan! That is why our change should start with ourselves.