Nobody wants to pay a debt for years, erodes any ability to save . Usually, what causes us to not deal with debts , is that we do not have a personal budget that allows us to square the way we spend the money we earn.
In this note I tell you what are the factors that influence so that you manage to cancel the debts that you have pending .
The amount of money you owe increases the time you have to pay it. There are mortgage loans, for example, that can be paid in up to twenty years.
It is important that when you go to take out a loan or a credit do not ask for high amounts, unless it is strictly necessary, as in the previous case.
The amount of money you pay for a debt, each month, is related to the time it will take you to cancel it. It is recommended that you never pay the minimum fee since you will only amortize a small part of the capital owed.
To take less time to pay your debts , it is best to pay, not only the minimum amount indicated on your receipt, but more.
Not all banks charge the same interest for a loan or credit. It is recommended that, before requesting a loan, you compare the interest you will pay and decide for the financial institution that has the lowest TCEA.
If you have already acquired a loan with a bank and notes that the interest is very high, you have two options. First, renegotiate interest and commissions and second, apply for a consolidation of debts in another entity that charges you less for the loan.
You do not comply with the schedule and payment amounts
If it is not possible for you to pay more than the statement indicates, the ideal is that you at least meet the minimum monthly fee required. That way, if you follow the timely payments, you can end your debt in the installments that you initially agreed to.
I know that paying a long debt can be difficult, but it is not impossible if you set your mind. There are also options, such as consolidating debts, that can help you lower interest or fees on loans and credits, if you have many at once. Tell us! Are you one of those who delay paying debts?