Every fourth adult dane has a hard time to get the economy to hang together, and 25% of danes over the age of 18 years are not able to pay an unexpected expense of $ 10,000 dollars out of their own pocket. Are you one of them, you also know that money matters take up much space in everyday life, and concerns arising with, also steal a good part of the night time sleep.

It has been easy just to spiffe the monthly income up with a payday loan, and many danes use it as a stopgap to cover a financial hole. But it’s like pee in the pants, says Susanne Arvad, who is the director and owner of Arvad financial institution that gives the danes the financial advice industry.

I often find that when people have lost the economic overview, so it goes fast downhill, where you even become afraid to open rudekuverterne. It is understandable, if you over 10 years has taken loans of different places, which you are being charged money for each and every month. People are throwing in the towel. Therefore, it is important to create an orderly reduction of debt, so you can see that you might be debt-free for 3-5 years.

the Problem is exactly, if you are taking a loan several different places, so smoking the overview quickly. Rudekuverterne drops in once a month. And it affects both the mood and profits. But there are different ways to take control of your economy back and create light at the end of the tunnel.

Susanne Arvad has f.ex. for that you will first of all examine the possibility to gather all your loans into a single loan – a so-called samlelån – since you both can get a cheaper interest rate and pay fewer fees. In addition, you must only pay off your debt in one place.

– It has a major psychological impact, that you get the total of your loans in one place, since you then also only have one creditor you need to pay for each month. It improves the quality of life, when you can see that you actually can become debt free within a number of years. When people can actually see that they have reduced their debt, it also provides the motivation to make an extra effort.

Considering you to collect all your debts in one samlelån, there are various things you should be aware of. Look first and foremost at the bank’s fees, for here there can really be money saving. Some banks are taking f.ex. a fee for the registration of the loan to direct Debit, and you can also risk having to pay $ 10,000. in the establishment fee for a larger loan at some banks.

Susanne Arvad explains that the first – and biggest – step at all is to recognize that the economy has bolted. And it is a realisation, which you should do as soon as possible.

– It should probably go, there are many who think, but it only goes in the wrong direction, if you do not take control. It is a typical pattern that you then make a new loan to cover the old, and when it must be paid for make people the ostrich and throw rudekuverterne out. You can’t get up early enough to get your economy on the mend, and there is no shame in seeking out help to get a solution, advises Susanne Arvad.

5 steps to get a better view and settled your debt

1. Ask yourself the question, and answer honestly, if you can cope with the economic situation yourself, or you want to help you.

2. Dan a glance, and collect all your debts, so you know what you have to do with.

3. Talk with the creditors and attempt to find a solution. Do it as quickly as possible, and not wait because it is uncomfortable.

4. Compare the possibilities to gather all the debts in a so-called samlelån. It gives you an overview while you will often get a lower interest rate, so your debt becomes cheaper to settle on.

5. Bite the teeth together, and observe the economic agreements you have made with yourself. You fall easily back into old bad habits, so here it’s all about being steadfast.

Susanne Arvad

Independent financial advisor

Born in Aarhus on the 29.5.1969

Living in Copenhagen with Tony

Have 2 adult children and 2 bonusbørn.

the Owner of Arvad financial institution www.arvad-finanshus.dk

Former employee at Danske Bank, Private Banking advisor as well as in Sydbank Switzerland

Senior Relationship Manager