Here is the article from Özlem Denizmen…
Today, I dedicated my page to your questions. Credit card, loan debt, decision to buy a house… Let’s focus on the solution, not the problem.
THE SAME SITUATION
QUESTION: I have credit card, loan and additional account debt with different banks. Does it make sense if I put it all together in one bank? Crocus
ANSWER: Talk to your bank, make your account, you can extend your debts to longer terms within the monthly amount you can pay. However, in order not to repeat the same situation or get into more debt, plan well the measures you will take in your life and implement them.
BUYING A HOUSE STEP BY STEP
QUESTION: I’ve lived in the same area for years and loved this place. I want to own a house. I have a 10% deposit. I will take a 10 year loan. Can you guide me? mustafa
ANSWER: Buying a home is one of the most important decisions in our lives. First, you need to think about each step. Let’s plan together to make this decision step by step.
1-Why are you buying this house? As an investment, do you want to sit?
Are you ready to go into debt for 2 to 10 years?
3-It doesn’t end with a 10% deposit. A 20% deposit is required. Will you borrow the remaining down payment? I am against it, paying both the down payment and the monthly loan amount can strain the budget.
Do you have an income guarantee equal to the loan amount from 4 to 10 years?
5-Do you have other big expenses during these 10 years? (Marriage, birth, education…)
6-Do you have other debts that you pay?
7-Houses and projects go nowhere. What matters is your financial peace of mind. Get what fits your needs, within your budget. If necessary, expand and expand when the time comes.
QUESTION: We just got married, I want to buy a car, but my wife says “no need for debt”. We just can’t get along. The price of the car I want to buy is 350,000 lira, I will exchange gold and use the rest for a vehicle loan. Prices continue to rise, but we cannot act. What should we do?
ANSWER: Congratulations, good luck. Research shows that marriages with a common goal are more peaceful and last longer. Do you want to buy a car, but you and your spouse have a common goal? It is not possible to trade gold without the consent of his wife. Husband and wife, sit down and talk. What is your primary need? Target together. Save and invest according to your budget.
MY FAMILY DOES NOT KNOW MY DEBT
QUESTION: I have loans, credit cards and debts to my environment. A total of 130 thousand lire. My family doesn’t know I owe that much. I feel so guilty. My income is barely enough to support the household. I don’t know how to get out of this. I can’t talk about it with my wife, I’m afraid of her reaction. We also have children. What do you recommend? Ayhan
ANSWER: First, every debt is paid, be at peace. We are going through difficult economic times. Here’s what you need to do: List who or whom your debts are owed. Arrange a meeting with them. If it’s a family member, take an elder with you.
If this is your friend, find a mutual third friend. If your debt is with the banks, call the banks one by one, make an appointment and talk about it. Nobody wants your life, the creditors want their money back.
Let them know that you are determined to face the situation rather than run away and pay off that debt quickly. Make a plan and promise yourself to stick to it for ten years if necessary. Make an extra income plan. You can work weekends or evenings. If your spouse is not working, he can work.
Your money must increase. If you have something to sell, you can sell it and pay off the debt. You can pay at least part of it. If you don’t have anything to sell, you can ask the family for help. Your physical and mental health is the most important issue when paying debts. So don’t get into the spiral of feeling bad about yourself. Talk to your spouse, explain the situation clearly. The hidden debt will always be revealed. Speak with sincerity without shame. Don’t blame anyone.
To blame is to waste energy. Husband and wife focus on the solution, not the problem. Try to understand how these debts were formed by looking at each month’s statements. Make a budget and determine if there is any area that can be saved other than basic needs.
Most important of all, I’m sure your family will bond and you will pay off this debt. Like I said, it can take ten years if he wants, as long as you’re determined. And remember, this is a temporary period.
When people go through difficult times, they feel like “it will never end”. But he does not know that like everything else in life, it is a passing period… The important thing is the emotional support that you will receive from those around you, especially your spouse, to get through this period.
HAPPY APRIL 23
I congratulate in advance this beautiful April 23 National Sovereignty and Childhood Day, which the Great Leader Atatürk gave to our children. Our children are the future of our country. It is the responsibility of each of us to introduce our children to the concept of money in order to raise them as strong and well-equipped individuals. Children understand money!