Your instalments are leaving your account. Check how much debt remains after September
A new month means more bills, instalments and card statements. Before you plan your October spending, check three things: how much you still have to repay, the interest rates on your obligations, and how much money you need for upcoming payments. You can start this review in GjeldsMonitor.
Regularly monitoring your debt can be beneficial.
MN
One instalment is deducted automatically. You pay another after receiving the invoice. On top of that, there is a credit card with more purchases added to it. When obligations are spread across several places, it is easy to remember transfer amounts while losing sight of how much debt actually remains. The beginning of October is a good time to gather this information. Especially since, following Norges Bank's September decision, the key policy rate is 4.50%. However, the interest rate on a specific loan and the date of any potential change should be checked in information from your own bank.
First figure: how much is left to repay
Start with the current balances of your consumer loans and cards. Then compare them with your previous statement or settlement. A payment alone does not show how much your debt has decreased. Part of the money may cover interest and fees, and new transactions may have appeared on your card.
Illustrative example: you pay NOK 2,000. If NOK 450 of this amount covers interest and NOK 50 covers fees, NOK 1,500 remains to repay the principal. You can check the exact breakdown in your loan statement. The Norwegian Consumer Council points out that a borrower should receive information about the principal portion, interest and fees.
Illustrative example: you pay NOK 2,000. If NOK 450 of this amount covers interest and NOK 50 covers fees, NOK 1,500 remains to repay the principal. You can check the exact breakdown in your loan statement. The Norwegian Consumer Council points out that a borrower should receive information about the principal portion, interest and fees.
Start by gathering your obligations in one place
GjeldsMonitor, or Debt Monitor, allows you to review your consumer loans and cards in Polish. The basic review is free, and you log in via BankID. Check your loans and cards in the Monitor
Second figure: what interest rate each obligation has
For each loan and card, check the interest rate and fees. In Norwegian documents, you will find, among other things:
- nominell rente — nominal interest rate;
- effektiv rente — effective interest rate, which also includes fees.
Third figure: how much you need for October payments
Open your current bills and schedules. Write down the amounts and due dates of your nearest instalments and card payments. Add them together to see what portion of your monthly budget is already allocated to obligations. At the same time, distinguish the card balance from the available limit. The granted limit does not mean you have to repay the full amount. On the other hand, available funds on the card are an option to take on further debt, so do not treat them as money set aside for spending.
Write down the result and return to it in a month
After the review, note down the date, the balance of each obligation and the upcoming payments. At the beginning of November, you can compare this data with your new statements. You will then see how your debt has changed and what caused the difference. For now, start by checking which loans and cards you have in your account. Do your October review in GjeldsMonitor Free basic review. In Polish. Log in via BankID.
How do you rate this article?
