Admittedly, now that I have been working in Blainders for 4 years as a Dutchman, I have to admit that the Flemish generally have their affairs better organized than the Dutch when it comes to borrowing money. In contrast to the Dutch, full debt is repaid in Blainders and then also at interest rates that are generally lower than in the Netherlands. This also makes the advice of a loan or mortgage clearer and more transparent than the northern neighbors. In short Money Borrowing is clearer for the consumer in Belgium.
There is, however, a small but not unimportant detail in the advice that you as a proud Fleming, born with a brick in your stomach, should consider and that is the duration of your loan. How often do I notice that it is precisely in the period that the costs of living, of energy, of telephony and of growing and also studying children are highest, that the costs of loans and mortgages are also highest. Often everything is repaid at the age of 55, for example, but then the children have just left home and your income is highest.
You might consider slightly extending the term of your loans.
You are not retiring with 55, are you? In this way you can NOW keep the expenses affordable and you will still be rid of all your debts before your retirement. By slightly extending the term of the loans and / or mortgages, you can reduce your expenses in the years that the children cost an enormous amount of money, for example.
You may pay a little longer, but those are the choices that can be made and your income is still there. How often do I notice that families can barely make ends meet just to be able to redeem everything. Sometimes people don’t go on vacation for years, no more fun things are taken, but they are 55 off their mortgage. And what if something bad happened when you were 54? No one has eternal life.
A little bit of balance should be allowed
What I mean is that, as far as I’m concerned. Pay a little longer, but always have affordable expenses and always keep doing fun things. Because do you work to live and not the other way around? I will always remain committed to that balance of NOW low costs, but also good advice for the future. Definitely!