clear debts
It is important to clear debts. “Do an audit. Having the dimension of your debts helps you prioritize and be realistic”, He says. This task includes making it clear how much you owe, who you owe it to, the cost involved. This way you can discover where you should start paying.
why do we get into debt
It is necessary to understand why we get into debt. “Debts do not appear by spontaneous generation. You have to be critical to accept why you got to this point.” Macias warns. She is convinced that if we do not discover this cause, it is very likely that we will become repeat offenders.
We have to pay
Accept that you have to pay. “Any other solution than that will have future consequences,” he explains. The most obvious is that it will stain your credit history, and most likely you will not be able to access financing when you want to undertake a large project such as a house or a business.
Income and expenses
Honest your income and expenses. This way you can determine the real amount you have to pay your debts. “If the amount is less than what you would require to speed up the payment of your debt, first try to reduce expenses or find an alternative source of income,” explains the specialist.
pay off as soon as possible
If you have several debts, it is always better to pay off some before letting them all grow. Even if you have to renegotiate the amount owed, leave the removal (the offer to pay less than you owed with interest) as an extreme resource, as Macías warns that it will also damage your financial history.
pay and save
Not only does it pay off debt, it also saves. “It happens to many that they are paying well, but they get into a fight and, since they don’t have a mattress, they get into debt again.”
Click in the mind
Reprogram your mind. Macías says that we must have as a premise that everything can be achieved, but not at the same time. In addition, he points out that the only positive thing about having debts is that you gain experiences to be more careful later and have a better financial life later on.
Source: Ambito
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