Economic hard times or the purchase of expensive goods force more and more people to take out a loan. What at first glance looks like money quickly available, can at first glance lead directly into the debt trap. Many sufferers pay with the monthly installments and often fall into arrears. So how can the appropriate loan amount for your own income be determined? To find cheap loans, we recommend our loan calculator.
Important thoughts before borrowing and looking for cheap loans
Anyone who chooses to take out a loan from their bank or other institution should first think about necessity and use in advance. In addition, one should consult a loan calculator to find cheap loans. The most important thing, however, is to calculate how high the amount may be chosen without causing financial difficulties afterwards.
No matter how attractive terms may seem – before this basic issue is resolved, sufferers should not be carried away with quick credit. Even with an offer with 0% interest, the consequences will be significantly more expensive, should the monthly burden can not be paid.
How the personal scope is determined
Who wants to determine his personal scope, should initially calculate the net income of the entire family. From this amount, all fixed costs that are incurred monthly must now be deducted. These include, for example, rent, utilities, all costs for the car, such as gasoline and insurance, purchases or membership fees for clubs. Of the remaining amount, the cost of living will now be deducted.
Banks often set here 750 euros for an individual and 1,000 euros for a couple. Children are estimated at 250 euros per capita. The remaining amount represents the amount of the loan installment, which can be paid monthly. Those affected should always round up the amounts a little. Taking out a loan can have fatal consequences if the amount available on a monthly basis is underpaid.