Big Life Changes and Finance

You borrow for a certain period of time and during that time there may be many changes that will affect your ability to repay. Therefore, think in advance of what you are planning and, conversely, what can happen without you wanting to. For example, mortgages are often the cause of the inability to repay the child’s birth. However, changes can also be negative, such as long-term illness or loss of employment.


Preparation is the way to financial stability

Preparation is the way to financial stability

Some of the changes are unpredictable with the greatest effort, but you can still prepare for them. Save a reserve for your current expenses or insure your ability to pay. If there is an unfavorable period, the insurance company will pay the installments for you. This will prevent unpleasant stress when you are least comfortable with it. This benefit is not a matter of course, so read the insurance terms in detail.

Tip: Try the calculator to calculate the financial reserve.

Changing the amount and number of installments or postponing the installment deadline is also a good way to avoid an unpleasant penalty payment. Ask for the advantage when signing the contract and after a few installments you will be able to adjust your obligations.


There are many effects on the ability to repay

There are many effects on the ability to repay

Some changes will please you, others will surprise you. But you should count on all of them.


Positive changes

  • child birth,
  • onset of child on 
  • high school / college,
  • internship abroad,
  • better apartment.


Negative changes

  • job loss,
  • family member care,
  • damage to the car, the house,
  • causing damage to 
  • foreign property,
  • illness or injury,
  • death.


337 000 Czechs have difficulty repaying

difficulty repaying

Every 10th debtor has difficulties repaying, and assistance is relatively easy. Think of your repayment before getting into trouble. Arrange the possibility of repayment or equal repayment insurance. This will give you a head start over financial difficulties.

Do you have your own way to avoid repayment problems? Share it in comments or on Facebook.

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