Life in debt, which has recently been carried away a lot of Russians in the current financial crisis turned into an intolerable burden for many. Use of borrowed money, which is easy enough, upon presentation of minimum package of documents, and sometimes without income, were given loans from banks and credit unions, has become our commonplace. The number of credit offers rolls over, and consumers somewhere misjudging their financial capabilities, somewhere not understanding the nuances of the contract, were quick to issue the credit, but someone and not alone. Naturally, today, the decline in production in many sectors of the economy can not affect the income of the population. Because of the financial crisis of the borrowers facing difficulty in repayment of loans – debt repayment of loans began to grow. The situation is compounded by the fact that in conditions of economic instability and Some banks have gone to increase interest rates on loans already. Add to your understanding with Center For Responsible Lending.
As a result, most people who have outstanding loans to panic, they had a great uncertainty in what to do? As no fall into the credit trap, deprived of money and collateral. Do not pay – does not exit. If in these circumstances there is no way to repay the loan, you should not stop making payments. The crisis will pass, and fines and damaged credit reputation will remain. So the first thing to do in case of difficulties with the repayment of the loan – contact your financial institution and explain the reason for the changed financial position. As a general rule, most banks and credit unions are to meet their clients and suggest a scheme of debt restructuring. Their intention is even worse customer to repay loans. Therefore, they follow the path of individual work with each borrower, because the bank also needs to fulfill its obligations to depositors, and thus receive interest on loans, and not to take the collateral.