Acquiring financing can be useful at different stages of life, because on certain occasions it allows us to face important events such as starting a business, acquiring a vehicle, applying for a university loan or covering hospital expenses, among others.
Credit is managed properly it is a tool that will allow you to reach the proposed goals
One of the most common problems identified is when consumers acquire several loans without considering prior indebtedness or their payment capabilities, directing their debts to a phase of over-indebtedness that exceeds their economic possibilities at the moment.
Indebtedness as such implies a series of payment obligations, which the person is able to meet according to their income, opportunity for savings and consumption. Overindebtedness, on the other hand, is an alert that arises when income and wealth do not allow responding to all acquired debts, putting personal, family or business assets at risk.
Knowing how to take advantage of a loan is essential in the financial area
You have to be aware that its use must have an objective and that at a certain moment it must be paid.
Before committing to a loan, it must be analyzed whether it is indeed possible to cover payments at the set times, considering punctuality, avoiding generating more interest than agreed.
Tips to implement
- Before applying for a new loan, current debts must be analyzed to avoid getting out of control. An alert signal that you are on the verge of an over-indebtedness is when the person feels frustrated when making their payments, avoids receiving calls from creditors and receives notices of overdue invoices.
- Make a monthly budget, write down even the smallest expense you make every day.
- Save a contingency fund for emergencies such as illnesses, accidents, losses etc.
- Define priorities in consumption and cut costs, avoiding impulse purchases, this being the most important part to save money and cover current debts as soon as possible.
- Buy only what is necessary, make a shopping list when you go to the supermarket.
- When purchasing a financial product, compare several market options, and only take them if they are truly necessary.
- Identify your most expensive debt for which you are paying high interest rate and associated cost, so you can make payments and get out of this debt faster.
- Debt consolidation can be a good option, if you get a good interest rate and longer time. Be careful to accumulate debts with cards!
- Find a way to increase income, starting a new venture, a project as a freelance or a weekend job to have an additional source of income.