The "DOM" are a French department whose acronym stands for " Departments of Overseas ". Even if this territory is thousands of kilometers from the metropolis, the overseas departments ( Guadeloupe, Martinique , Guyana , Saint-Martin, Wallis and Futuna, Mayotte, etc. ) are subject to the same laws, rights and obligations . In 2014, a typological survey carried out by the IEDOM announced an average household debt of € 41,000 with a considerable increase of 6% compared to the previous year. Faced with these alarming figures , it is legitimate to wonder who is affected by debt and if there are real solutions to overcome this ordeal.
Consolidating your debts: a credible strategy?
By conducting its study in 2014, the IEDOM drew up a portrait of indebted citizens of the overseas departments . Thus, the following points should be remembered:
- The indebted citizen lives mainly alone .
- The indebted citizen generally has no dependents .
- The citizen in debt situation has a monthly remuneration of less than $ 2000.
- A citizen in financial difficulty does not own a property .
Finally, in view of this reading, we can think that the debt targets, essentially, single people with modest incomes. Of course, this is only a typical portrait. Households with children also find themselves caught by the throat, as do seniors and young workers .
How to get out of this impasse ? When you find yourself in an uncomfortable financial situation, you must always start by finding the starting point that has generated this unfortunate sequence of events ( too many credits, too many unnecessary expenses, too expensive insurance… ). Making a complete assessment of your financial situation with resources on one side and expenses on the other is the basis of your management. Why ?
This report will help you take stock of the mandatory charges:
- payment of current credits ,
- payment of energy bills,
- rent payment…
For compulsory charges, a real solution must be found to reduce the amount. There are some more or less feasible such as:
- Financial assistance granted by a loved one.
- Repurchase sales offered by financial organizations.
- The repurchase of credits offered by banking and credit establishments.
The assessment will also relate to the secondary charges that you can limit (for example: reducing your tobacco consumption… ).
What is the consolidation of credits?
This financial transaction is a loan granted by a banking establishment ( EIG Finance, CAFPI , Responis, Sofica, Araf , Préfina… ) in order to settle all the loans . The new loan is negotiated with a new rate and a new term. In fact, the monthly payments are reduced. You don't have to be a scientist to understand that decreasing monthly charges increases a consumer's remaining living. In addition, the fact of bringing together all these consumer credits in an exclusive loan allows you to better manage your budget. We would like to warn you about the fact that some credit organizations also offer the repurchase of real estate loans . It is therefore necessary to analyze the market according to its needs before subscribing to this type of offer.
If it is true that the repurchase of credits is a beneficial strategy, one should not fall into the trap of "too much" to profit from its remainder to live at the risk of falling back into overindebtedness. Thus, the consolidation of credits is a financial transaction to be repaid that must be handled with care.