How to get out of debt
How to get out of debt, find out what you should not do
In this text I list all those mistakes we make by not knowing how to get out of debt.
One of the biggest challenges in life is discipline. Maintaining good habits is usually a difficult task for most Mexicans. From having healthy food practices to the habit of arriving punctually wherever we go, it implies a constant effort that most of the time weighs us down, a lot.
The same happens when talking about our finances, not for nothing 63% of the people who have asked for advice on Resolves your Debt in the last year, recognized that the main reason for their indebtedness revolves around financial mismanagement.
They did not know how to use the credit that the bank granted them, or because they could not cover the payments of that crazy shopping in the departmental store that gave all the months without interests that exist ... their debt became a snowball that grew to the point unsustainable and now they wonder: how to get out of debt?
Well, it is true that there are "n" number of mistakes that we could make when we have everything, less money to pay for the pile of commitments that we have already made. But I gave myself the task of listing the 5 things that you definitely should not (or think) if you already have a problem of over-indebtedness. Here they go:
Acquire a debt to pay another.
Beware, you have to learn to differentiate between debt consolidation by acquiring a loan with a lower rate than the one you are paying, because it is very different to withdraw money from your credit card to pay the minimum balance of your other plastic.
Pay only the minimum.
If you are one of those who pay only the minimum balances of your credit card, you should change sides. I'm telling you because, if you continue to do so, over time the debt will continue to grow and you will end up spending much more than you should at the beginning.
Remember that, if you allocate the lowest possible amount to the monthly payment of your debt, for the following month you will have to pay the interest generated plus what corresponds to that period.
In addition, the amount you will allocate to the capital will be less, the period that will take to liquidate will be extended and, if you continue with that bad habit, you will be at risk of staining your "Bureau".
Believe that nothing happens.
If you have debts here and there, the ideal is to readjust your budget.
You can not make yourself like the Virgin speaks to you and let the debt keep growing. If you can not do any more and you already have arrears, it is likely that a credit repair is your alternative. In Solve your Debt we offer you up to 70% discount so you can settle and, best of all, with your own resources.
For example: if you earn $ 10,000 a month and after subtracting all the fixed expenses (housing, education, health and transportation) you always have $ 1,500 left to spend on outgoings and "gustitos" that are not absolutely necessary ... you will have to allocate them for the payment of those debts.
Pay attention to the neighbor.
Pay attention to the neighbor.
There is never the one who assures you that he owed a lot and so-and-so "took him out of the Bureau" with a wool. Remember that nobody has the power to "take you out" of the Bureau. If you agree to the neighbor's proposal, the only thing you will lose will be money and time that you can use to put your finances in order.
It is important to note that all of us who have used credit or departmental cards, requested financing from a bank. And it is not bad, on the contrary. It makes us subject to credit because it is a letter of introduction to any financial institution. The really bad thing is when our behavior as payers has not been the best.
Not having a strategy on how to get out of debt.
In the best case you have already decided to pay what you owe and "not to look bad" now every time the fortnight falls, everything (or most) goes away in payments and more payments. If you identify with this, surely you are already suffering one of the most obvious symptoms of over-indebtedness.
When you are in such a situation, what you should do without hesitation is to ask for advice from financial experts. At the moment you decide to speak with a Resolve Your Debt advisor, he will elaborate a list of expenses and establish a savings plan that does not affect your basic needs, but at the same time you will reach an agreement with the creditor to give you a discount that could go from 30 to 70% depending on the case.
Well, now you know. Those are just some of the mistakes we make when we try to get out of debt, but we have no idea how to do it. Do not risk it, do not water it (more) and better go with specialists in financial matters.